Rule, 2007

Text

Reproduced from the document India Code holds for this instrument. The Gazette prints Hindi and English side by side and this is the English; the Department's own PDF remains the authority.

RED. ro.D.L-330W9 Che Gazette of •tidia No. 97] (iii PART (i) ft€r, 2 2007 (yaåq) I fizrq, 2002

THEGA7ET2EC,H INDIA

aren, dfi 31Ta-Äq fÄ3 08, -G;

QATIT" I VII füq [ 3(ii)]

VIII

(1) 17 (1) 18$r

(1) 3#ra (2) aft zrr (u) THE GAZETIEOF INDIA : Y

I 125

(iii) VI "qRmz- VII ZIT aft (il)

(iii) fäg (ii) (iii) fib fi*a (zrgt a, Fit 13Ä 31Té•v

(1) (34T*)

EXTRAORDINARY

(3) 31Tév(3*) aft e, aft 1 1 eft 3.tq -e "qRRTZ- VIII (i) NEGAZEVIEOF INBiA

(iii) W:

(ii) (iii) fax t g fri a-fi 7Tg) , (vaM).

?ÅiåG'ö qåtl IX I.

II (ii) (iii) Ill.

IV.

V.

VI.

(ii) :

(iil) • fig (zrR a),

VII.

VIII

(1) (wéqt)

(3) (311éQ) X.

XI.

XI.

(3) (31Téü) .

(xqr 16 THE : EMRAORDINARY II—sm.

æi. 1/10/2005-ü-l]

MINISTRY OF FINANCE.

(Department of Economic Affairs)

NOTIFICATION

New Delhi. the 2nd February,

S.O. 103(E).— In exercise of the powers conferred by sub-section (1) and clauses sub sections (4), (10) and (12) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), the Central Government hereby makes the following rules to amend the Security Interest (Enforcement) Rules, 2002,namely:- These rules may be called the Security Interest (Enforcement) Amendment Rules, 2007 They shall come into force on the date of their publication in the Official Gazette In the Security Interest (Enforcement) Rules, 2002 (herein after referred to as "the said rules") for the word "Ordinance", wherever they occur, the word " Act" shall be substituted.

In the said rules, in rule 2, for clause (c), the following clause shall be substituted, namely:- 'Act' means the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002)" ;

In the said rules, after rule 3, the following rule shall be inserted, namely:- "3A. Reply to Representation of the borrower (a) (b) (c) After issue of demand notice under sub-section (2) of section 13, if the borrower makes any representation or raises any objectionto thenoåce,dieAuthorizedOfficershallconsider suchrepresentationor objectionand examinewhetherthe same is acceptable or tenable.

If on examiningthe representationmadeor objectionraised bytheborrower,thesecuredcreditoris satisfiedthatthereis aneed to make any changesor modifications in Hiedernand noüce,he shall modify the notice accordingly and servea revisednoticeorpasssuchothersuitableordersasdeemed necessary,within sevendaysfromffe dateof receiptof the representationor objection.

If onexaminingtherepresentationmadeordbjectionraised, the Authorized Officer comes to ffe conclusion ülat such representationor objectionis not acceptableor tenable,he shall communicate within one week of receipt of such therepresentationor objection,to theborrower".

1) Anyapplicationto theDebtRecoveryTribunalunder theformgivenin AppendixVII to therules.

Act shall be, as nearly as possible,in the form given in AppendixIX to ffle saidrules.

"13. Feesfor applicationsandappealsundersection17and18of the Act- oranappealto theAppellateTribunalundersub-section(1) of secåon18shallbeaccompaniedby feepr.ovidedin the demanddraft drawn on a bank or Indian PostalOrder in casemaybe,payableattheplacewheretheTribunalor the Court is situated.

INDIA : EXTRAORDINARY 2 The amount of fee avable shall be as follows:

No. Nature of A lication Amount of Fee a able (a) (b) (c) (d) (e) Application to a Debt Recovery Tribunal under sub-section (1) of section 17 against any of the measures referred to in sub- section 4) of section 13 Where the applicant IS a Rs.500for every Rs.l lakh or part thereof borrower and the amount of debt due is less than Rs.10 lakhs Where the applicant is a • borrower and the amount of debt due is Rs.10 lakhs and above Where the applicant IS an aggrieved party other than the borrower and where the amount of debt due is less than Rs.10 lakhs Where the applicant is an aggrieved party other than the borrower and where the amount of debt due is Rs.10 lakhs and above Any other application by any erson Appeal to the Appellate Authority against any order passed by the Debt Recovery Tribunal under section 17 In the said rules, - Rs.5000+ Rs.250 for every Rs.l lakh or part thereof in excess of Rs.10 lakhs subject to a maxirnum of Rs.1,00,000 Rs.125for every RupeesOne lakh or part thereof Rs.1250 + Rs.125 for every Rs.l lakh or part thereof in excess of Rs.10 lakhs subject to amaximum of Rs.50,000/ Rs.200/- Same feesasprovided at clauses (a) to (e) of serial number 1 of this rule (i) ,(ii) (Ili) in Appendix-111,for the words "receipt of the sale price", the words and letters "of Rs. (Rupees shall be inserted;.

only" in Appendix V, after the words "receipt of the sale price", the words and letters "of Rs. (Rupees only" shall be inserted, after Appendix VI, the following shall be inserted,namely:- ii ] "APPENDIX-VII [Seerule For use in Tribunal's Date of filing Dateof receipt by post Or Regis&abn No.

Deb Recovq Tribunal (Nameof place) c D Signature Regisbar 'Delete whichever is not applicable.

of appUcaHon :

of ete applicant

(i) Nameof applicant:

Pardculars of defendant Jurisdiction of the Tribunal The applicant declares that the subject matter of this application falls within the jurisdiction of the Tribunal.

Limitation : — The applicant further declares that this application is filed within the limitation prescribed in sub-section (1) of Section 17 of üle Securiüsation and Reconsbuction of the Financial Assets and Enforcement of Security Interest Act, 2002 .

Face of the case Thefactsbf the casearegivenbelow:-- (Give here a concise statement of facts in a each paragraphchronological order, as nearly as possible a separate issue, fact or otherwise as to how the applicant is aggrieved).

In view of ute facts mendoned in paragraph 5 above, the applicant prays for the following [Specify below the relief(s) sought explaining üle grotmd for relief(s) and the legal provisions (if any) relied upon] Interim order, if prayed for Pending final decision on the application, the applicant seeks issue of the following Interim Order:- (Give here the nature of the interim order prayed for with reasons).

Matter not pending with any other court, etc. :

The applicant further declares that the matter regarding which this application has been made is not pending before any court of law or any other authority or any other Benchof the Tribunal.

Particulars of Bank Draft/ Postal Order in respectof ere application fee in terms of rules 13 of utese rules:-

(1) Name of the Bank on which drawn :

(2) Demand Draft No.:

II.

(1) of IndianPostalOrder(s):

(2) Nameof theissuingPostOffice

(3) Date of Issueof PostalOrder (s) :

(4) PostOfficeat payable:

Details of Index :- An index in duplicate containing üle debils of the documenb to be reliéd upon is enclosed.

List of enclosures :— Verification (Name in full and block letters) ..son/ daughter/ wife of Shri . üle applicant /for and on behalf of the applicant hereby solemnly veri.fy etat emecontenb of paras1 to 11areYue to my personal knowledge and belief and åat I havenot suppressedany material facts.

Signatureof theap#ant Date :

To The Registrar.

2 THE INDIA : EX'IRAORDINARY

APPENDIX-VIII

[See rule 12(2)] Reconstrucüon of Financial Assets and Enforcement of Security Interest Act, 2002 For usein Appellate Tribunal's Office Date of filing Date of receipt by post Or Registration No.

In the Recovery Appellate Tribunal (Name of üte place) Between And c 'Delete whichever is not applicable.

Details of application :

Signature Registrar Parüculars of the applicant

(i) Name of the applicant :

(ii) Address of RegisteredOffice :

(iii) Address for service of all notices :

Particulars of åe defendant (i) (ii) (iii) Name of the defendant :

Office address of the defendant :

Address for service of all notices :

Theapplicantdeclareselat thesuyectmatter of å.isapplicationfallswidiin jurisdiction of ti,e Appellate Tribunal.

Facb of case :- The of dte caseare given below The applicant submits that die applicant/defendanthad filed an application undersub-section(1)of Section17of theof the Securitisation and Reconstrucüon of Financial Asseb and Enforcement of Security Interest Act, before the Hon'ble Recovery (Place) on (date), which was and isregistered as pending. Theaforesaidapplicationought to have beat disposed off on or before

(s) sought :- In view of die face malüoned in para 5 above, theapplicantpraysfor die following relief(s):- • Direct Nie Hon'ble Debt Recovery Tribunal (Place) to dispose of dte said•application at die earliest and/orNo...

passany order in interestof jusüceand equity.

INDIA : EXTRAORDINARY Matter not pending with any other court, etc.:- The applicant further declares that the matter regarding which this application has been made is not pending before any court of law or any other authority or any other Benchof the Tribunal.

Details of Index :- An index in duplicate containing the details of the documents to be relied upon is enclosed.

List of enclosures :- Verification .son/ daughter/ wife (Name in full and block letters) II—sæ.

of Shri . . the applicant hereby solemnly verify that the contentsof paras1 to 7 are true to my personal knowledge and belief and that I havenot suppressedany material facts. Place :

Date:

To The Registrar.

Signature of the applicant

APPENDIX-IX

Appeal under Section 18 of the Securitisation and Reconstruction of Financial Assetsand Enforcementof Security Interest Act, 2002 For use of Tribunal's office Date of filing Date of receipt by post Registration No.

Signature Registrar

IN THE DEBTS RECOVERY APPELLATE TRIBUNAL

of place) Between Details of appeal:

L II.

Ill.

IV.

V.

VI.

VII.

VIII.

Particulars of the Appellant(s)

(i) Name of the Appellant:

(iii) Address for serviceof all notices:

Particulars of the respondent(s)

(i) Name(s) of respondent:

(iii) Address for serviceof all notices:

Jurisdicåon of üie Appellate Tribunal:

Th?appellantdeclareseutåesubjectmatterofüleappealfallswitlin the jurisdiction of ere Appellate Tribunal.

Limitation:

Finandal Asseb and Enforcement of Security Interest Act, 2002. Facts of the case:

(givehereaconcisestatementof facbandgroundsof appealagainstthe

Section 18 of the SecuriHsation and Reconstruction of Financial Assets and Relief(s) sought:

In view of the factsmentioned in paragraph V above, the appellant prays for the following relief(s) fraelegal provisions (if any) relied upon).

Interim order, if prayed fov- Pendingfinal decisionon the appealthe appellantseeksissueof the following interim order:

(Givehere natureof interimorderprayedfor with reasons) Matter not pending wiå any other court, etc.:

hasbeenmade iS not pendingbeforeany.court of law or any other authority or any oumerTribunal(s).

Particularsof Bankdraft/PostalOrder respectof the depositof debts due in terms of sub-secäon(1) of Section18of the Act:

(1) Name of ute bank on which drawn

(2) Demand Draft number

(1) Number of PostalOrder(s)

(2) Name of Issuing PostOffice

(3) Date of Issueof PostalOrder(s)

(4) PostOfficeatwhich payable X.

XI.

Particulars of bank draft, postal order in respectof the fee paid in terms of rule 13 of these rules:

(1) Name of the bank on which drawn

(2) Demand Draft number or

(1) Number of PostalOrder(s)

(2) Name of Issuing PostOffice

(3) Date of Issueof PostalOrder(s)

(4) PostOfficeatwhich payable Details of index-An index in duplicate containing the details of the documents to be relied upon is enclosed.

List of enclosures:

Verification the(namein full block letters)son/daughter/wife of appellantdo herebyverify &tatthecontentsof paragraphsI to IX aretrueto my Signature of the Appellant Place:

Date:

To Registrar Delete whichever is not applicable AMITABH VERMA, Jt. secy.

dated 20-9-2002.

Printed by the Mauger, Govt. of India Press,Ring Road, Ebyapuri. New Deüli-110064 and Published by the Controller of Publications, Delhi-110054.

Provisions this rule answers to

Read out of the instrument itself: an enabling provision is one it says it was made under, which is the power it rests on. The rest it names without resting on.

Other instruments under the same Act

All of the The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002