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Start Free TrialFactoring Regulation Act, 2011, (Central) Section 16
Title: Defences and Right of Set off of Debtor
State: Central
Year: 2011
In a claim by the assignee against the debtor for payment of the assigned receivable, the debtor may raise against the assignee,- (a) all defences and right of set off arising from the original contract, entered into between the assignor and debtor or any other contract that was part of the same transaction, of which the debtor could avail himself as if the assignment had not been made and such claim were made by the assignor instead of assignee: Provided that the assignee shall, unless otherwise agreed between the parties, be entitled to recover from the assignor, any loss suffered by it as a result of any such defences and right of set off being exercised by the debtor; (b) any other right of set off if it was available to the debtor at the time notice, under section 8, of the assignment was received by the debtor.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 15
Title: Principle of Debtor Protection
State: Central
Year: 2011
(1) Save as otherwise provided in this Act, any assignment of the receivable shall not, without the express consent of the debtor in writing, affect the rights and obligations of the debtor (including the terms and conditions of the contract). (2) Consequent upon the assignment of receivables, the payment instruction under the contract entered into between assignor and debtor may modify the name of person, address or account to which the debtor is required to make payment, but such instructions shall not modify: (a) the amount of debt specified in the original contract; or (b) the place specified in the original contract at which payment is to be made or in case no such place is mentioned in the contract, the place of payment to a place other than where the debtor is situated; or (c) the date on which payment is to be made or other terms of the original contract relating to payment.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 8
Title: Notice to Debtor and Discharge of Obligation of Such Debtor
State: Central
Year: 2011
Any assignee of a receivable shall not be entitled to demand payment of the receivable from the debtor in respect of such receivables unless notice of such assignment is given to the debtor by the assignor or the assignee along with express authority in its favour granted by the assignor.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 9
Title: Discharge of Liability of Debtor on Payment to Assignee
State: Central
Year: 2011
Where a notice of assignment of receivable is given by the assignor or the assignee, as the case may be, under section 8 the debtor on receipt of such notice, shall make payment to the assignee and payment made to such assignee in discharge of any obligation in relation to the receivables specified in the notice shall fully discharge the debtor making the payment, from corresponding liability in respect of such payment.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 14
Title: Liability of Debtor in Case of an Assignor Being Micro or Small Enterprises
State: Central
Year: 2011
(1) If the assignor of receivables is a micro or small enterprise, the liability of the debtor to make payment due on assigned receivables shall be subject to the provisions contained in sections 15 to 17 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) with regards to the delayed payments of the receivables. (2) 1n the event of delay in payment on the part of the debtor to pay the receivable of any micro or small enterprise, the assignee shall be entitled to receive interest for the delayed period and shall take steps under the provisions of the Micro; Small and Medium Enterprises Development Act, 2006 (27 of 2006), for the purpose of the recovery of the interest and shall pay such interest to the micro or small enterprise.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 10
Title: Payment Made by Debtor to Assignor to Be Held in Trust for Benefit of Assignee in Certain Cases
State: Central
Year: 2011
Where no notice of assignment of receivables is given by the assignor or under his authority by the assignee, any payment made by the debtor in respect of such receivables to the assignor shall be held in trust for the benefit of the assignee which shall be forthwith be paid over to such assignee, as the case may be, or its agent duly authorised in this behalf.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 12
Title: Liability of Debtor
State: Central
Year: 2011
Where a notice of assignment as referred to in section 8 is served, the debtor shall,- (a) intimate the assignee the details of the deposits or advance or payment on account made to the assignor before the receipt of notice of assignment and also provide any other information to the assignee relating to 'the receivable as and when called upon by the assignee to do so; (b) not be entitled to a valid discharge of his liability in respect of assigned receivables, unless he makes the payment due on an assigned receivables to the assignee.
View Complete Act List Judgments citing this sectionCoinage Act, 2011, (Central) Section 14
Title: Prohibition and Penalty for Unlawful Making, Issue or Possession of Pieces of Metal to Be Used as Money
State: Central
Year: 2011
(1) No person shall-- (a) make or issue or attempt to issue any metal piece except as provided under section 4 for the purpose of coin; (b) possess, custody or control of any metal piece with the intent to issue the piece for use as money for a medium of exchange. (2) Whoever contravenes the provisions of sub-section (1) shall be punishable with imprisonment which may extend to one year or with fine or with both: Provided that if any person convicted under this section is again convicted, he shall be punishable with imprisonment which may extend to three years or with fine or with both.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Complete Act
Title: the Factoring Regulation Act, 2011
State: Central
Year: 2011
.....14 - Liability of debtor in case of an assignor being micro or small enterprises Section 15 - Principle of debtor protection Section 16 - Defences and right of set off of debtor Section 17 - Modification of original contract Section 18 - Breach of contract Chapter V - REGISTRATION OF ASSIGNMENTS Section 19 - Registration of certain assignments of receivables transactions Section 20 - Public inspection Chapter VI - OFFENCES AND PENALTIES Section 21 - Penalties Section 22 - Penalties for non Section 23 - Offences Section 24 - Cognizance of offences Section 25 - Offences by factors Chapter VII - MISCELLANEOUS Section 26 - Provisions of this Act to override other laws Section 27 - Application of other laws not barred Section 28 - Limitation Section 29 - Confidentiality of information Section 30 - Power to exempt Section 31 - Provisions of this Act not to apply or affect in certain cases Section 32 - Power of Central Government to make rules Section 33 - Laying of rules Section 34 - Power to remove difficulties Section 35 - Amendments to certain enactments Schedule - THE SCHEDULE
List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 11
Title: Rights and Obligations of Parties to Contract for Assignment of Receivables
State: Central
Year: 2011
Without prejudice to the provisions contained in any other law for the time being in force, the debtor shall have the right to notice of assignment under section 8 before any demand is made on it by the assignee and until notice is served on the debtor, the debtor shall be entitled to make payments to the assignor in respect of assigned receivables in accordance with the original contract and such payment shall fully discharge the debtor from corresponding liability under the original contract. Explanation : For the removal of doubts, it is hereby clarified that nothing contained in this section shall affect the rights of debtor to make payment to the assignee under section 9.
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