Amendment of Section 1 of the Principal Act

(1) In section 1, the heading shall be substituted by “SHORT TITLE, EXTENT, COMMENCEMENT AND APPLICATION”. (2) After Section 1(3), the following sub-section shall be added, namely :- “(4) The provisions of this Act shall apply subject to the provisions of the Recovery of Debts Due to Banks and Financial Institution Act, 1993, wherever so applicable”.