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Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Complete Act

Title: the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012

State: Central

Year: 2012

Preamble - THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2012 Chapter I - PRELIMINARY Section 1 - Short title and commencement Chapter II - AMENDMENTS TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 Section 2 - Amendment of section 2 Section 3 - Amendment of section 5 Section 4 - Amendment of section 9 Section 5 - Amendment of section 13 Section 6 - Amendment of section 14 Section 7 - Insertion of new section 18C Section 8 - Amendment of section 23 Section 9 - Insertion of new section 26A Section 10 - Substitution of new section for section 30 Section 11 - Insertion of new section 31A Chapter III - AMENDMENTS TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 Section 12 - Amendment of section 2 Section 13 - Amendment of section 15 Section 14 - Amendment of section 18 Section 15 - Amendment of section 19 Section 16 - Amendment of section 31 Section 17 - Amendment of section 36

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Preamble

Title: the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012

State: Central

Year: 2012

THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2012 [Act No. 1 of 2013] [3rd January, 2013] PREAMBLE An Act further to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:--

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Chapter II

Title: Amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

State: Central

Year: 2012

Chapter II AMENDMENTS TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002

The Chhattisgarh Food Security Act, 2012 Complete Act

State: Chattisgarh

Year: 2012

THE CHHATTISGARH FOOD SECURITY ACT, 2012 THE CHHATTISGARH FOOD SECURITY ACT, 2012 [Act No. 5 of 2013] ( Published in the Chhattisgarh Rajpatra (Asadharan) dated 18-1-2013 Pages 36(20-33).) [18th January, 2013] PREAMBLE An Act to provide for food and nutritional security by ensuring access to adequate quantity of food and other requirements of good nutrition for people of the State, at affordable prices, at all times to live a life with dignity and for matters connected therewith or incidental thereto. Be it enacted by the Chhattisgarh Legislature in the Sixty-third Year of the Republic of India, as follows:-- Chapter I - PRELIMINARY THE CHHATTISGARH FOOD SECURITY ACT, 2012 [Act No. 5 of 2013] ( Published in the Chhattisgarh Rajpatra (Asadharan) dated 18-1-2013 Pages 36(20-33).) [18th January, 2013] PREAMBLE An Act to provide for food and nutritional security by ensuring access to adequate quantity of food and other requirements of good nutrition for people of the State, at affordable prices, at all times to live a life with dignity and for matters connected therewith or incidental thereto. Be it enacted by the Chhattisgarh Legislature in the.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

.....or satisfaction thereof, the order shall not prejudice any rights acquired in respect of the property concerned or financial asset before the transaction is actually registered.". 10. Substitution of new Section for Section 30." For Section 30 of the principal Act, the following Section shall be substituted, namely" "30. Cognizance of offences."( 1 ) No court shall take cognizance of any offence punishable under Section 27 in relation to non-compliance with the provisions of Section 23, Section 24 or Section 25 or under Section 28 or Section 29 or any other provisions of the Act, except upon a complaint in writing made by an officer of the Central Registry or an officer of the Reserve Bank, generally or specially authorised in writing in this behalf by the Central Registrar or, as the case may be, the Reserve Bank. ( 2 ) No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act.". 11. Insertion of new Section 31-A." After Section 31.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 6

Title: Amendment of Section 14

State: Central

Year: 2012

.....secured assets under the provisions of sub-section (4) of section 13 read with section 14 of the principal Act; (ix) that the provisions of this Act and the rules made thereunder had been complied with: Provided further that on receipt of the affidavit from the Authorised Officer, the District Magistrate or the Chief Metropolitan Magistrate, as the case may be, shall after satisfying the contents of the affidavit pass suitable orders for the purpose of taking possession of the secured assets: Provided also that the requirement of filing affidavit stated in the first proviso shall not apply to proceeding pending before any District Magistrate or the Chief Metropolitan Magistrate, as the case may be, on the date of commencement of this Act."; (b) after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) The District Magistrate or the Chief Metropolitan Magistrate may authorise any officer subordinate to him,-- (i) to take possession of such assets and documents relating thereto; and (ii) to forward such assets and documents to the secured creditor."; (c) in sub-section (3), after the words "the District Magistrate", the words "any officer.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 5

Title: Amendment of Section 13

State: Central

Year: 2012

.....in this behalf, to bid for the immovable property on behalf of the secured creditor at any subsequent sale. (5B) Where the secured creditor, referred to in sub-section (5A) is declared to be the purchaser of the immovable property at any subsequent sale, the amount of the purchase price shall be adjusted towards the amount of the claim of the secured creditor for which the auction of enforcement of security interest is taken by the secured creditor, under sub-section (4) of section 13. (5C) The provisions of section 9 of the Banking Regulation Act, 1949(10 of 1949) shall, as far as may be, apply to the immovable property acquired by secured creditor under sub-section (5A).". (c) in the opening portion of sub-section (9), and in the Explanation thereto, for the word "three-fourth", occurring at both the places, the words "sixty per cent." shall be substituted.

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 9

Title: Insertion of New Section 26a

State: Central

Year: 2012

.....the following section shall be inserted, namely:-- "26A. Rectification by Central Government in matters of registration, modification and satisfaction, etc.-- (1) The Central Government, on being satisfied-- (a) that the omission to file with the Registrar the particulars of any transaction of securitisation, asset reconstruction or security interest or modification or satisfaction of such transaction or; the omission or mis-statement of any particular with respect to any such transaction or modification or with respect to any satisfaction or other entry made in pursuance of section 23 or section 24 or section 25 of the principal Act was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors; or (b) that on other grounds, it is just and equitable to grant relief, may, on the application of a secured creditor or securitisation company or reconstruction company or any other person interested on such terms and conditions as it may seem to the Central Government just and expedient, direct that the time for filing of the particulars of the transaction for registration or modification or satisfaction.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 1

Title: Short Title and Commencement

State: Central

Year: 2012

.....come into force on such 1date2 as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. ______________________ 1. Effective from 15.01.2013 vide Notification No. SO171(E) dated 15.01.2013. 2. Effective from 15.05.2013 vide Notification No. SO1223(E) dated 15.05.2013 (1) This Act may be called the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012. (2) It shall come into force on such 1[date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. ______________________ 1. Effective from 15.01.2013 vide Notification No. SO171(E) dated 15.01.2013.

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 7

Title: Insertion of New Section 18c

State: Central

Year: 2012

..... "18C. Right to lodge a caveat.-- (1) Where an application or an appeal is expected to be made or has been made under sub-section (1) of section 17 or section 17A or sub-section (1) of section 18 or section 18B, the secured creditor or any person claiming a right to appear before the Tribunal or the Court of District Judge or the Appellate Tribunal or the High Court, as the case may be, on the hearing of such application or appeal, may lodge a caveat in respect thereof. (2) Where a caveat has been lodged under sub-section (1),-- (a) the secured creditor by whom the caveat has been lodged (hereafter in this section referred to as the caveator) shall serve notice of the caveat by registered post, acknowledgement due, on the person by whom the application has been or is expected to be made under sub-section (1); (b) any person by whom the caveat has been lodged (hereafter in this section referred to as the caveator) shall serve notice of the caveat by registered post, acknowledgement due, on the person by whom the application has been or is expected to be made under sub-section (1). (3) Where after a caveat has been lodged under sub-section (1), any application.....