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The Draft Bill of the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990, which includes the amendments to facilitate legal provisions for the suspension of Parate Execution Law was presented to Parliament yesterday. This Bill amends the Act by inserting a new Section 4A, which temporarily suspends the seizing and auctioning of property mortgaged to banks as security for loans if default occurs. The new Section 4A begins on the date of its commencement and ends on December 15, 2024. The debate on this Bill will be held in Parliament soon.
The Government recently issued a gazette notice suspending the Parate Law until December 31 and it was approved by the Cabinet.
Irangika Range