Recovery of Debts Due to Banks and Financial Institutions Act, 1993
34. Act to have overriding effect
(1) Save as provided under sub-section (2), the provisions of
this Act shall have effect notwithstanding anything inconsistent therewith
contained in any other law for the time being in force or in any instrument
having effect by virtue of any law other than this Act.
(2) The provisions of this Act or the rules made thereunder
shall be in addition to and not in derogation of, the Industrial Finance
Corporation Act, 1948 (15 of 1948), the State Financial Corporations Act, 1951
(63 of 1951), the Unit Trust of India Act, 1963 (52 of 1963), the Industrial
Reconstruction Bank of India Act, 1984 (62 of 1984), and 18[the Sick
Industrial Companies (Special Provisions) Act, 1985 and the Small Industries
Development Bank of India Act, 1989.]