FAQ About the Power of Presiding Officers After Issuing a Recovery Certificate
Answer: The Presiding Officer has the power to correct any clerical or arithmetical mistake in the recovery certificate even after certificate has been issued to the recovery officer.
(See Section 26(2) of RDB Act, 1993)
Answer: The Presiding Officer of Debts Recovery Tribunal, subject to certain conditions, has the power to grant time for payment of the certificate amount after certificate has been issued to the recovery officer. However, he can grant time for payment of the certificate amount provided the defendant makes a down payment of not less than twenty-five per cent of the amount specified in the recovery certificate and gives an unconditional undertaking to pay the balance within a reasonable time, which is acceptable to the applicant bank or financial institution holding recovery certificate.
(See Section 27(1) of RDB Act, 1993)
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