Act: The Recovery of Debts and Bankruptcy Act, 1993 (Act No. 51 of 1993)
Chapter IV – Procedure of Tribunals
21. Deposit of amount of debt due, on filing appeal
Where an appeal is preferred by any person from whom the amount of debt is due to a bank or a financial institution or a consortium of banks or financial institutions, such appeal shall not be entertained by the Appellate Tribunal unless such person has deposited with the Appellate Tribunal fifty per cent. of the amount of debt so due from him as determined by the Tribunal under section 19:
Provided that the Appellate Tribunal may, for reasons to be recorded in writing, reduce the amount to be deposited by such amount which shall not be less than twenty-five per cent. of the amount of such debt so due to be deposited under this section.
Amendment: Deposit requirement reduced from seventy-five per cent. to fifty per cent., and the proviso amended to allow reduction (not waiver) down to twenty-five per cent., by Act 44 of 2016, s. 35 (w.e.f. 1-9-2016).
