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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 sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Chapter 3
Title: Amendments to the Recovery of Debts Due to Banks Andfinancial Institutions Act, 1993
State: Central
Year: 2004
.....shall be inserted, namely:-- "(ia) the securitisation company or reconstruction company which has obtained a certificate of registration under sub-section (4) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);". Section 20 - Amendment of section 19 In section 19 of the principal Act, after sub-section (1), the following provisos shall be inserted, namely:-- "Provided that the bank or financial institution may, with the permission of the Debts Recovery Tribunal, on an application made by it, withdraw the application, whether made before or after the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 for the purpose of taking action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), if no such action had been taken earlier under that Act: Provided further that any application made under the first proviso for seeking permission from the Debts Recovery Tribunal to withdraw the application made under sub-section (1) shall be dealt with by it as expeditiously as possible and disposed of.....
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Preamble 1
Title: Enforcement of Security Interestand Recovery of Debts Laws (Amendment) Act, 2004
State: Central
Year: 2004
The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 [Act No. 30 of 2004] An Act To amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and further to amend the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the Companies Act, 1956. Be it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows :-
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Chapter 2
Title: Amendments to the Securitisation and Reconstructionof Financial Assets and Enforcement of Security Interest Act, 2002
State: Central
Year: 2004
.....section 18 or section 18A, holds that the possession of secured assets by the secured creditor is not in accordance with the provisions of this Act and rules made thereunder and directs the secured creditors to return such secured assets to the concerned borrowers, such borrower shall be entitled to the payment of such compensation and costs as may be determined by such Tribunal or Court of District Judge or Appellate Tribunal or the High Court referred to in section 18B.". Section 15 - Amendment of section 25 In section 25 of the principal Act,-- (a) after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register." (b) in sub-section (2), for the words "The Central Registrar shall, on receipt of such intimation", the words, brackets and figures "If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation" shall be substituted. Section 16 -.....
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 10
Title: Amendment of Section 17
State: Central
Year: 2004
.....security are in accordance with the provisions of this Act and the rules made thereunder. (3) If, the Debts Recovery Tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management of the business to the borrower or restoration of possession of the secured assets to the borrower, it may by order, declare the recourse to any one or more measures referred to in sub-section (4) of section 13 taken by the secured creditors as invalid and restore the possession of the secured assets to the borrower or restore the management of the business to the borrower, as the case may be, and pass such order as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub-section (4) of section 13. (4) If, the Debts Recovery Tribunal declares the recourse taken by a secured creditor under sub-section (4) of section 13, is in accordance with the.....
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 5
Title: Insertion of New Section 5a
State: Central
Year: 2004
.....in the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), any order passed by the Appellate Tribunal under sub-section (2) shall be binding on all the Debts Recovery Tribunals referred to in sub-section (1) as if such order had been passed by the Appellate Tribunal having jurisdiction on each such Debts Recovery Tribunal. (4) Any recovery certificate, issued by the Debts Recovery Tribunal to which all the pending applications are transferred under sub-section (2), shall be executed in accordance with the provisions contained in sub-section (23) of section 19 and other provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) shall, accordingly, apply to such execution.".
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 13
Title: Insertion of New Sections 18a and 18b
State: Central
Year: 2004
.....an appeal to the Debts Recovery Tribunal or the Appellate Tribunal under this Act, shall be deemed always to have been levied and collected in accordance with law as if the amendments made to sections 17 and 18 of this Act by sections 11 and 12 of the said Act were in force at all material times. 18B. Appeal to High Court in certain cases.--Any borrower residing in the State of Jammu and Kashmir and aggrieved by any order made by the Court of District Judge under section 17A may prefer an appeal, to the High Court having jurisdiction over such Court, within thirty days from the date of receipt of the order of the Court of District Judge: Provided that no appeal shall be preferred unless the borrower has deposited, with the Jammu and Kashmir High Court, fifty per cent, of the amount of the debt due from him as claimed by the secured creditor or determined by the Court of District Judge, whichever is less: Provided further that the High Court may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent, of the debt referred to in the first proviso.".
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 20
Title: Amendment of Section 19
State: Central
Year: 2004
In section 19 of the principal Act, after sub-section (1), the following provisos shall be inserted, namely:-- "Provided that the bank or financial institution may, with the permission of the Debts Recovery Tribunal, on an application made by it, withdraw the application, whether made before or after the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 for the purpose of taking action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), if no such action had been taken earlier under that Act: Provided further that any application made under the first proviso for seeking permission from the Debts Recovery Tribunal to withdraw the application made under sub-section (1) shall be dealt with by it as expeditiously as possible and disposed of within thirty days from the date of such application: Provided also that in case the Debts Recovery Tribunal refuses to grant permission for withdrawal of the application filed under this sub-section, it shall pass such orders after recording the reasons therefore."
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 8
Title: Amendment of Section 13
State: Central
Year: 2004
In section 13 of the principal Act (i) after sub-section (3), the following sub-section shall be inserted, namely:-- "(3A) If, on receipt of the notice under sub-section (2), the borrower makes any representation or raises any objection, the secured creditor shall consider such representation or objection and if the secured creditor comes to the conclusion that such representation or objection is not acceptable or tenable, he shall communicate within one week of receipt of such representation or objection the reasons for non-acceptance of the representation or objection to the borrower: Provided that the reasons so communicated or the likely action of the secured creditor at the stage of communication of reasons shall not confer any right upon the borrower to prefer an application to the Debts Recovery Tribunal under section 17 or the Court of District Judge under section 17A"; (ii) in sub-section (4), for clause (b), the following clause shall be substituted, namely:-- "(b) take over the management of the business of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset: Provided that the right to transfer.....
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 12
Title: Amendment of Section 18
State: Central
Year: 2004
In section 18 of the principal Act,-- (a) in sub-section (1),-- (i) for the words and figures "under section 17, may prefer an appeal", the words and figures "under section 17, may prefer an appeal alongwith such fee, as may be prescribed" shall be substituted and shall be deemed to have been substituted with effect from the 21stday of June, 2002; (ii) after sub-section (1), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 21stday of June, 2002, namely:--- "Provided that different fees may be prescribed for filing an appeal by the borrower or by the person other than the borrower:"; (iii) after the proviso as so inserted, the following provisos shall be inserted, namely:-- "Provided further that no appeal shall be entertained unless the borrower has deposited with the Appellate Tribunal fifty per cent, of the amount of debt due from him, as claimed by the secured creditors or determined by the Debts Recovery Tribunal, whichever is less: Provided also that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent, of debt referred to in the.....
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