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Start Free TrialEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Complete Act
Title: Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004
State: Central
Year: 2004
Preamble1 - ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2004 Chapter 1 Section1 - Short title and commencement Chapter 2 Section2 - Amendment of section 2 Section3 - Amendment of section 3 Section4 - Amendment of section 4 Section5 - Insertion of new section 5A Section6 - Amendment of section 7 Section7 - Insertion of new section 12A Section8 - Amendment of section 13 Section9 - Amendment of section 15 Section10 - Amendment of section 17 Section11 - Insertion of new section 17A Section12 - Amendment of section 18 Section13 - Insertion of new sections 18A and 18B Section14 - Substitution of new section for section 19 Section15 - Amendment of section 25 Section16 - Amendment of section 28 Section17 - Amendment of section 31 Section18 - Amendment of section 38 Chapter 3 Section19 - Amendment of section 2 Section20 - Amendment of section 19 Chapter 4 Section21 - Amendment of section 4A Section22 - Amendment of section 424A Chapter 5 Section23 - Repeal and saving
List Judgments citing this sectionSpecial Tax on Entry of Certain Goods Act, 2004 Section 6
Title: Tax Authorities, Returns, Assessments, Payments, Recovery, Etc.
State: Karnataka
Year: 2004
.....collect and enforce payment of tax including any interest or penalty as if the tax or interest or penalty payable by an importer under this Act, is a tax or interest or penalty payable under the Karnataka Sales Tax Act and for this purpose they may exercise all or any of the powers they have under the Karnataka Sales Tax Act and all the provisions of that law including provisions relating to returns, provisional assessment, advance payment of tax, imposition of the tax liability of a person carrying on business on the transfer of, or successor to, any business transferred, transfer of liability of any firm or Hindu undivided family to pay tax in the event of the dissolution of such firm or partition of such family, recovery of tax from third parties, appeals, reviews, revisions, references, rebates, penalties, charging or payment of interest, inspection of the premises of transporters, goods vehicles, business premises, search of residential accommodation, seizure of unaccounted notified goods, seizure of documents, offences and compounding of offences (excluding the provisions relating to matters provided in sections 10 and 11) and treatment of document furnished by an.....
View Complete Act List Judgments citing this sectionKarnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 7
Title: Assessment of Assets and Deposit Liabilities
State: Karnataka
Year: 2004
.....proper proof of establish the same. (3) Every notice under sub-section (2) sent to or deemed to have been effected to claimants shall slate that if the statement or claim is not sent to the Competent Authority before the expiry of the period of one month from the date of notice, the claims shall not be treated as claim entitle to be paid under the provision of this Act. (4) Every notice sent to a secured creditor shall require him to value the security before the expiry of the period of one month from the dale of the notice and such notice shall also stale that if the statement of the claim together with the valuation of the security is not sent to the Competent Authority, the Competent Authority itself shall value the security and its valuation shall be binding on such secured creditors. (5) If the claimant fails to comply with the notice as per sub-section (4), such security shall be valued by the Competent Authority to the best of its judgment.
View Complete Act List Judgments citing this sectionKarnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Chapter IV
Title: Chapter Iv
State: Karnataka
Year: 2004
.....for such area or areas or for such class or classes of cases. (2) No Court including the Court constituted under the Presidency Towns Insolvency Act, 1909 (Act 3 of 1909) and the Provincial Insolvency Act, 1920 (Act 5 of 1920) other than the Special Court shall have jurisdiction in respect of any mailer to which the provisions of this Act is invoked. (3) Any pending case in any other Court in respect of which the provisions of this Act invoked, shall stand transferred to the Designated Courts from the date of notification issued under sub-section (1). Section 11 - Powers of the Special Court regarding realisation of assets and payment to depositors (1) The Special Court shall have all the powers for giving effect to the provisions of this Act. (2) Without prejudice to the generality of sub-section (1), the Special Court may.-- (a) give any direction to the Competent Authority as it deems fit, for effective implementation of the provisions of this Act; (b) approve the statement of dues of the financial establishment due from various debtors, assessment of the value of the assets of the financial establishment, finalise the list of the depositors and their.....
View Complete Act List Judgments citing this sectionKarnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 11
Title: Powers of the Special Court Regarding Realisation of Assets and Payment to Depositors
State: Karnataka
Year: 2004
.....as it deems fit or depending upon the nature of assets and credit the sale proceeds thereof to the bank accounts; (d) approve the necessary expenditure to be incurred by the Competent Authority for taking possession and realisation of the assets of the financial establishment; (e) on receipt of an application under Section 8, order for payment to the depositors by the Competent Authority or order for proportionate payment to the depositors in the events of the money so realised is not sufficient to meet the entire deposit liability; and (f) pass any order which the Special Court deems fit for realisation of the assets of the company and repayment to the depositors of the financial establishment or on any matter or issue incidental thereto. Explanation.--For the purpose of this section, the expression "financial establishment" includes the directors, partners, promoters, managers or member of said establishment or any other person whose property or assets have been attached under Section 3.
View Complete Act List Judgments citing this sectionKarnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 12
Title: Powers of Special Court Regarding Attachment
State: Karnataka
Year: 2004
.....unless it is also satisfied that there will remain under attachment an amount or property of value not less than the value that is required for repayment to the depositors of such financial establishment. (7) Where the Special Court passes an order under sub-section (6), making the order of attachment absolute or varying the order of attachment by releasing a portion of the property from attachment it may, issue such direction as may be necessary for realisation of the assets attached and for the equitable distribution amongst the depositors of the money realised from and out of the assets so attached. (8) Where an application is made by any person duly authorised or constituted or specified by any other State Government under similar enactment empowering him to exercise control over any money or property or assets attached by that State Government, the Special Court shall exercise all its powers, as if, such an application were made under this Act and pass appropriate order or direction on such application so as to give effect to the provisions of such enactment.
View Complete Act List Judgments citing this sectionKarnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 13
Title: Attachment of Property of Mala Fide Transferees
State: Karnataka
Year: 2004
.....Court may, by notice, require any transferee of such property (whether or not he received the properly directly from the said financial establishment) to appear on a date to be specified in the notice and show cause why so much of the transferee's property as is equivalent to the proper value of the property transferred should not be attached. (2) Where the said transferee docs not appear and show cause on the specified date, or where after investigation in the manner provided in sub-section (5) of Section 12, the Special Court is satisfied that the transfer of the property to the said transferee was not in good faith or for proper consideration, the Special Court shall order attachment of so much of the said transferee's property as is in the opinion of the Special Court equivalent to the proper value of the properly transferred.
View Complete Act List Judgments citing this sectionKarnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 14
Title: Security in Lieu of Attachment
State: Karnataka
Year: 2004
Any financial establishment or person whose properly has been or is about to be attached under this Act may, at any lime, apply to the Special Court for permission to give security in lieu of such attachment and where the security offered and given is, in the opinion of the Special Court, satisfactory and sufficient, it may cancel the ad interim order of attachment or as the case may be, refrain from passing the order of attachment.
View Complete Act List Judgments citing this sectionKarnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 15
Title: Administration of Property Attached
State: Karnataka
Year: 2004
The Special Court may, on the application of any person interested in any properly attached and vested in the Competent Authority under this Act, and after giving the Competent Authority an opportunity of being heard, make such orders as the Special Court considers just and reasonable for: (a) providing from such of the property attached and vested in the Competent Authority as the applicant claims an interest, in such sums as may be reasonably necessary for the maintenance of the applicant and of his family, and for expenses connected with the defence of the applicant where criminal proceedings have been instituted against him in the Special Court; (b) safeguarding so far as may be practicable the interest of any business affected by the attachment and in particular, the interest of any partners in such business; (c) discharging in the prescribed manner, out of the properly so attached, any liability, statutory or otherwise, accruing to a financial establishment or a person emanating out of the proceeding before the Special Court.
View Complete Act List Judgments citing this sectionSpecial Tax on Entry of Certain Goods Act, 2004 Chapter I
Title: Preliminary
State: Karnataka
Year: 2004
.....come into force on such date as the Government may, by notification, appoint and different dates may be appointed for different provisions of this Act. Section 2 - Definitions (1) In this Act, unless the context otherwise requires: (a) Assessee means a person by whom tax is payable; (b) Assessing authority means.- (i) in the case of an importer, who is a dealer, the authority as specified under the Karnataka Sales Tax Act; (ii) in the case of an importer, other than a dealer, the officer-in charge of the check post, established under the Karnataka Sales Tax Act through which the notified goods are brought into the State or the Officer who intercepts the goods vehicles while transporting the notified goods if it is intercepted in places other than Check Post, or the Assistant Commissioner of Commercial Tax appointed under the Karnataka Sales Tax Act having jurisdiction over the area, in which such importer ordinarily resides; (c) Dealer means a dealer as defined under the Karnataka Sales Tax Act; (d) Entry of goods into a local area with all its grammatical variations and cognate expressions, means entry of notified goods into a local area from any place outside.....
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