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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 II

Title: Amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

State: Central

Year: 2012

Chapter II AMENDMENTS TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002

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 6

Title: Amendment of Section 14

State: Central

Year: 2012

.....secured assets under the provisions of sub-section (4) of section 13 read with section 14 of the principal Act; (ix) that the provisions of this Act and the rules made thereunder had been complied with: Provided further that on receipt of the affidavit from the Authorised Officer, the District Magistrate or the Chief Metropolitan Magistrate, as the case may be, shall after satisfying the contents of the affidavit pass suitable orders for the purpose of taking possession of the secured assets: Provided also that the requirement of filing affidavit stated in the first proviso shall not apply to proceeding pending before any District Magistrate or the Chief Metropolitan Magistrate, as the case may be, on the date of commencement of this Act."; (b) after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) The District Magistrate or the Chief Metropolitan Magistrate may authorise any officer subordinate to him,-- (i) to take possession of such assets and documents relating thereto; and (ii) to forward such assets and documents to the secured creditor."; (c) in sub-section (3), after the words "the District Magistrate", the words "any officer.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 9

Title: Insertion of New Section 26a

State: Central

Year: 2012

.....the following section shall be inserted, namely:-- "26A. Rectification by Central Government in matters of registration, modification and satisfaction, etc.-- (1) The Central Government, on being satisfied-- (a) that the omission to file with the Registrar the particulars of any transaction of securitisation, asset reconstruction or security interest or modification or satisfaction of such transaction or; the omission or mis-statement of any particular with respect to any such transaction or modification or with respect to any satisfaction or other entry made in pursuance of section 23 or section 24 or section 25 of the principal Act was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors; or (b) that on other grounds, it is just and equitable to grant relief, may, on the application of a secured creditor or securitisation company or reconstruction company or any other person interested on such terms and conditions as it may seem to the Central Government just and expedient, direct that the time for filing of the particulars of the transaction for registration or modification or satisfaction.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 1

Title: Short Title and Commencement

State: Central

Year: 2012

.....come into force on such 1date2 as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. ______________________ 1. Effective from 15.01.2013 vide Notification No. SO171(E) dated 15.01.2013. 2. Effective from 15.05.2013 vide Notification No. SO1223(E) dated 15.05.2013 (1) This Act may be called the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012. (2) It shall come into force on such 1[date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. ______________________ 1. Effective from 15.01.2013 vide Notification No. SO171(E) dated 15.01.2013.

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 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 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.".