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INDIAN BARE ACTS

THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST (REMOVAL OF DIFFICULTIES) ORDER, 2004

Transmutation (Mutatis Mutandis)

Transmutation (Mutatis Mutandis) (Photo credit: Wikipedia)

 

 

 

 

     
   
 

 

 

 

 

THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST (REMOVAL OF DIFFICULTIES) ORDER, 2004

In exercise of the powers conferred by sub-section (1) of section 40 of the said Act, the Central Government hereby makes the following order to make the provisions for levying of the fee for filing of appeals under sections 17 and 18 of the said Act, being not inconsistent with the provisions of the Act, to remove the difficulty, namely:–

1. Short title and commencement

(1) This order may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Removal of Difficulties) Order, 2004.

(2) It shall come into force at once.

2. Definition

Debts Recovery Tribunal (Procedure) Rules, 1993 means the Debts Recovery Tribunal (Procedure) Rules, 1993 made under section 9 read with clause (e) of sub-section (2) of section 36 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.

3. Fee for filing of an appeal to Debts Recovery Tribunal

The fee for filing of an appeal to the Debts Recovery Tribunal under sub-section (1) of section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be mutatis mutandis as provided for filing of an application to the Debts Recovery Tribunal under rule 7 of the Debts Recovery Tribunal (Procedure) Rules, 1993.

4. Fee for filing of an appeal to Debts Recovery Appellate Tribunal

The fee for filing of an appeal to the Debts Recovery Appellate Tribunal under sub-section (1) of section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be mutatis mutandis as provided for filing of an appeal to the Debts Recovery Appellate Tribunal under Rule 8 of the Debts Recovery Appellate Tribunal (Procedure) Rules, 1994.

 

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