(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 the Sick Industrial Companies (Special Provisions) Act, 1985 and the Small Industries Development Bank of India Act, 1989.
Legal Commentary & Landmark Judgments: Section 34
Section 34 establishes the statutory overriding supremacy of the RDDBFI Act over any inconsistent provisions in other laws.
Section 34 protects the DRT from jurisdictional interference by ordinary civil or company legislation, ensuring that the legislative intent of expeditious banking recovery is never thwarted.