Rule, 2007

Text

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EXTRAORDINARY

PUBLISHED BY AUTHORITY

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MINISTRY OF FINANCE

NOTIFICATION

New Delhi, the 26th October, 2007

SO. 1837(E).~—In exercise of the powers conferred by Sub-section (1) and clause (b) of Sub-section (2) of

Section 38 read with Sub-sections (4) and (12) of Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 20020, the Central Government hereby makes the following amend- ments further to amend the Security Interest (Enforcement) Rules, 2002. namely :— l . (I) These rules may be called the Security Interest (Enforcement) Amendment Rules, 2007. _(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Security Interest (Enforcement) Rules, 2002.

(i) in rule 2, for clause (d), the following clause shall be substituted, namely 2—— ‘(d) “approved valuer" means a person registered as a valuer under Section 34 AB ofWealth Tax Act, 1957 and approved by the Board of Directors or Board of Trustees of the secured creditor, as the case may be';

(ii) in rule 8, in sub-rule (2) for the words, brackets and figure “The possession notice as referred to in sub- rule (1) shall also be published in two leading newspapers”, the words, brackets and figure “The posses- sion notice as referred to in sub-rule (1) shall also be published, as soon as possible but in any case not later than seVen‘days from the date of taking possession, in two leading newspapers”, shall be substi— tuted;

(iii) in rule 9, in sub-rule (7), the following proviso shall be inserted, namely :77 “Provided that if after meeting the cost of removing encumbrances and contingencies there is any surplus available out of the money deposited by the purchaser such surplus shall be paid to die purchaser within fifteen days from the date of finalisation of the sale”;

(iv) in rule 9, in sub-rule (8) for the word “may" the word “shall" shall be substituted;

(v) in nile 10, in subvrule (1), the following proviso sahll be inserted, namely 2—— “Provided that the Manager so appointed shall not be a person who is, or has been, adjudicated insolvent, or has suspended payment or has compounded with his creditors, or who is, or has been, convicted by a criminal court of an offence involving moral turpimde." [Ii No. l6/7/2003—B.O. I] AMITABH VERMA, It, Secyi Printed by the Manager, Govt, of India Press, Ring Road, Mayapuri, New Delbi7110064 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