Government today introduced a Bill in the Lok Sabha which provides for expeditious disposal of debt recovery applications pending before tribunals.<br/><br/>The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 introduced by Finance Minister Arun Jaitley, was immediately referred to a Parliamentary Joint Committee.<br/><br/>The Bill seeks to amend provisions in as many as four legislations, including the Recovery of Debts due to Banks and Financial Institutions Act, 1993. <br/><br/>The legislation proposes to give RBI powers to regulate asset reconstruction companies, prioritise secured creditors in repayment of debts and provide stamp duty exemption on loans assigned by banks and financial institutions to asset reconstruction firms.<br/><br/>Around 70,000 cases are pending in Debt Recovery Tribunals and the proposed amendments are being aimed to facilitate expeditious disposal of recovery applications.