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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 III

Title: Amendments to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993

State: Central

Year: 2012

Chapter III AMENDMENTS TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993

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 15

Title: Amendment of Section 19

State: Central

Year: 2012

.....the Tribunal may grant adjournments if sufficient cause is shown, but no such adjournment shall be granted more than three times to a party and where there are three or more parties, the total number of such adjournments shall not exceed six: Provided further that, the Presiding Officer may grant such adjournments on imposing such costs as may be considered necessary."; (e) after sub-section (20), the following sub-section shall be inserted, namely:-- "(20A) Where it is proved to the satisfaction of the Tribunal that the claim of the applicant has been adjusted wholly or in part by any lawful agreement or compromise in writing and signed by the parties or where the defendant has repaid or agreed to repay the claim of the applicant, the Tribunal shall pass orders recording such agreement, compromise or satisfaction of the claim.".

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 16

Title: Amendment of Section 31

State: Central

Year: 2012

In section 31 of the principal Act, after the proviso, the following proviso shall be inserted, namely;-- "Provided further that any recovery proceedings in relation to the recovery of debts due to any multi-State co-operative bank pending before the date of commencement of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012(39 of 2002) under the Multi-State Co-operative Societies Act, 2002, shall be continued and nothing contained in this section shall apply to such proceedings.".

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 14

Title: Amendment of Section 18

State: Central

Year: 2012

In section 18 of the principal Act, the following proviso shall be inserted, namely:-- "Provided that any proceedings in relation to the recovery of debts due to any multi-State co-operative bank pending before the date of commencement of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 under the Multi-State Co-operative Societies Act, 2002(39 of 2002) shall be continued and nothing contained in this section shall, after such commencement, apply to such proceedings.".

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 4

Title: Amendment of Section 9

State: Central

Year: 2012

In section 9 of the principal Act, after clause (f), the following clause shall be inserted, namely:-- "(g) to convert any portion of debt into shares of a borrower company: Provided that conversion of any part of debt into shares of a borrower company shall be deemed always to have been valid, as if the provisions of this clause were in force at all material times.".

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 3

Title: Amendment of Section 5

State: Central

Year: 2012

In section 5 of the principal Act, after sub-section (4), the following sub-section shall be inserted, namely:-- "(5) On acquisition of financial assets under sub-section (1), the securitisation company or reconstruction company, may with the consent of the originator, file an application before the Debts Recovery Tribunal or the Appellate Tribunal or any court or other Authority for the purpose of substitution of its name in any pending suit, appeal or other proceedings and on receipt of such application, such Debts Recovery Tribunal or the Appellate Tribunal or court or Authority shall pass orders for the substitution of the securitisation company or reconstruction company in such pending suit, appeal or other proceedings.".