(1) This Act may be called the Recovery of Debts ¹[and Bankruptcy] Act, 1993.

(2) It extends to the whole of India except the State of Jammu and Kashmir^*.

(3) It shall be deemed to have come into force on the 24th day of June, 1993.

(4) ²[Save as otherwise provided, the provisions of this Code] Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.

1. Subs. by Act 31 of 2016, s. 249 and the Fifth Schedule, for "Due to Banks and Financial Institutions " (w.e.f. 1-12-2019) .

*. Vide notification No. S.O. 3912(E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh.

2.Subs, by s. 249 and the Fifth Schedule, ibid for "The provision of this Code " (w.e.f. 1-12-2019).