Bare Act Search Results

Enforcement 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 -.....

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, 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.....

Enforcement 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.....

Enforcement 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.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Chapter 4

Title: Amendments to the Companies Act, 1956

State: Central

Year: 2004

.....the principal Act), in sub-section (1), clause (vii) shall be omitted. Section 22 - Amendment of section 424A In section 424A of the principal Act, in sub-section (1), after the second proviso, the following provisos shall be inserted, namely:-- "Provided also that in case any reference had been made before the Tribunal and a scheme for revival and rehabilitation submitted before the commencement of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, such reference shall abate if the secured creditors, representing three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower, have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002): Provided also that no reference shall be made under this section if the secured creditors representing three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 22

Title: Amendment of Section 424a

State: Central

Year: 2004

In section 424A of the principal Act, in sub-section (1), after the second proviso, the following provisos shall be inserted, namely:-- "Provided also that in case any reference had been made before the Tribunal and a scheme for revival and rehabilitation submitted before the commencement of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, such reference shall abate if the secured creditors, representing three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower, have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002): Provided also that no reference shall be made under this section if the secured creditors representing three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002)."

Enforcement 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.".

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:--