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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 sectionFinance Act, 2011, (Central) Schedule I
Title: First Schedule
State: Central
Year: 2011
.....any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (C) any security of the Central or State Government (vi) on any other income 10 per cent.; (b) where the person is not resident in India-- (i) in the case of a non-resident Indian-- (A) on any investment income 20 per cent.; (B) on income by way of long-term capital gains referred to in section 115E 10 per cent.; (C) on income by way of short-term capital gains referred to in section 111A 15 per cent.; (D) on other income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of section 10] 20 per cent.; (E) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB) 20 per cent.; (F) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the.....
View Complete Act List Judgments citing this sectionFinance Act, 2011, (Central) Section 19
Title: Insertion of New Chapter Xii
State: Central
Year: 2011
.....have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of filing of return under sub-section (1) of section 139. 115JD. Tax credit for alternate minimum tax.--(1) The credit for tax paid by a limited liability partnership under section 115JC shall be allowed to it in accordance with the provisions of this section. (2) The tax credit of an assessment year to be allowed under sub-section (1) shall be the excess of alternate minimum tax paid over the regular income-tax payable of that year. (3) No interest shall be payable on tax credit allowed under sub-section (1). (4) The amount of tax credit determined under sub-section (2) shall be carried forward and set off in accordance with the provisions of sub-sections (5) and (6) but such carry forward shall not be allowed beyond the tenth assessment year immediately succeeding the assessment year for which tax credit becomes allowable under sub-section (1). (5) In any assessment year in which the regular income-tax exceeds the alternate minimum tax, the tax credit shall be allowed to be set off to the extent of the excess of regular income-tax over the alternate.....
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 7
Title: Assignment of Receivables
State: Central
Year: 2011
.....to the assignee any defences and right of set off that may be available to the debtor: Provided that if the debtor liable to pay the receivable or the business of factor is situated or established outside India, any assignment of receivable shall be subject to the provisions of the Foreign Exchange Management Act, 1999 (42 of 1999). (2) On execution of agreement in writing for assignment of receivables, all the rights, remedies and any security interest created over any property exclusively to secure the due payment of receivable shall vest in the assignee and the assignee shall have an absolute right to recover such receivable and exercise all the rights arid remedies of the assignor whether by way of damages or otherwise, or whether notice of assignment as provided in section 8 is given or not. (3) Any assignment of receivables which constitute security for repayment of any loan advanced by any Bank or other creditor and if the assignor has given notice of such encumbrance to the assignee, then on accepting assignment of such receivable, the assignee shall pay the consideration for such assignment to the Bank or the creditor, as the case may be.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 2
Title: Definitions
State: Central
Year: 2011
.....in clause (f) of section 45-I of the Reserve Bank of India Act, 1934, (2 of 1934) which has been granted a certificate of registration under sub-section (1) of section 3 or anybody corporate established under an Act of Parliament or any State Legislature or any Bank or any company registered under the Companies Act, 1956 (1 of 1956) engaged in the factoring business; (j) "factoring business" means the business of acquisition of receivables of assignor by accepting assignment of such receivables or financing, whether by way of making loans or advances or otherwise against the security interest over any receivables but does not include-. (i) credit facilities provided by a bank in its ordinary course of business against security of receivables; (ii) any activity as commission agent or otherwise for sale of agricultural produce or goods of any kind what so ever or any activity relating to the production, storage, supply, distribution, acquisition or control of such produce or goods or provision of any services. Explanation. -For the purposes of this clause- (i) the expression "agricultural produce" shall have the meaning assigned to it under clause (a) of section 2 of.....
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
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