The Small Industries Development Bank of India Act, 1989 (SIDBI Act) - Complete Bare Act with All 38 Sections | Law on Tips | Law on Tips
The Small Industries Development Bank of India Act, 1989 (SIDBI Act) is an Indian legislation passed by the Parliament of India. An Act to establish the Small Industries Development Bank of India. It contains 38 sections organized across 8 chapters.
The Small Industries Development Bank of India Act, 1989
The Small Industries Development Bank of India Act, 1989
"An Act to establish the Small Industries Development Bank of India."
Overview
What is The Small Industries Development Bank of India Act, 1989 (SIDBI Act)?
The The Small Industries Development Bank of India Act, 1989 (SIDBI Act) is an Indian legislation containing 38 sections across 8 chapters. An Act to establish the Small Industries Development Bank of India.
Sections38 across 8 chapters
JurisdictionRepublic of India
Passed byParliament of India
AbbreviationSIDBI Act
Verified by Law on Tips Editorial Team · Browse the complete table of contents below
Rights of Small Industries Bank in case of default .-(1) Where any industrial concern in the small-scale sector, which is under a liability to the Small Industries Bank under an agreement, makes any default in repayment of any loan or advance or any instalment thereof or in meeting its obligations in relation to any guarantee given by the Small Industries Bank or otherwise fails to comply with the terms of its agreement, with the Small Industries Bank, the Small Industries Bank shall have the right to take over the management, or possession, or both of such industrial concern in the small-scale sector, as well as the right to transfer by way of lease or sale and realise the property pledged, mortgaged, hypothecated or assigned to the Small Industries Bank