Company : Sol Infotech Pvt. Ltd. Website : www.courtkutchehry.com Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Removel of Difficulties) Order, 2004 CONTENTS 1. Short title and commencement 2. Definition 3. Fee for filing of an appeal to Debts Recovery Tribunal 4. Fee for fifing of an appeal to Debts Recovery Appellate Tribunal Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Removel of Difficulties) Order, 2004 Whereas the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the said Act came into force on the 18th day of December, 2002. And whereas any person (including borrwer), aggrieved by any of the measures referred to in sub-section (4) of Section 13 of the said Act taken by the secured creditor or his authorised officer under Chapter III of the said Act, may prefer an appeal under sub-Section (1) of Section 17 of the said Act to the Debts Recovery Tribunal established under sub-section (1) of Section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 having jurisdiction in the matter; And whereas the provisions contained in sub-section (3) of Section 17 of the said Act provides that the Debts Recovery Tribunal shall, as far as may be, dispose of an appeal arising with the said Act in accordance with the provisions of dispose of an appeal arising with the said Act in accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) and rules made therunder; And whereas Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act,1993, read with Rule 7 of the Debts Recovery Tribunal (Procedure) Rules, 1993 made under that Act, specifies the fee for the purpose of filing an application to the Debts Recovery Tribunal under the Act; And whereas any person (including borrower), aggrieved by any order made by the Debts Recovery Tribunal under sub-section (3) of Section 17 of the said Act may prefer an appeal under sub-section (1) of Section 18 of the said Act to the Debts Recovery Appellate Tribunal referrd to under sub-section (1) of the Appellate Tribunal having jurisdiction in the matter. And whereas the provisions contained in sub-section (2) of Section 18 of the said Act provides that the Appellate Tribunal shall, as far as may be,dispose of an appeal arising with the said Act in accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions, Act, 1993 and rules made thereunder; And whereas Section 20 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, read with Rule 8 of the Debts Recovery Appellate Tribunal (Procedure) Rules, 1995 made under that Act, specifies the fee for the purpose of filing of an appeal to the Appellate Tribunal : Now, therefore, in exercise of the powers conferred by sub-section (1) of Section 40 of the said Act, the Central Governement hereby makes the following Order to make the provisions for levying of the fee for filing of appeals under Section 17 and 18 of the said Act, being not inconsistent with provisions of theAct, to remove the difficulty, namely 1. Short title and commencement :- (i) This order may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Removel of Difficulties) Order, 2004 (ii) It shall come into force at once. 2. Definition :- Debts Recovery Tribunal (Procedure) Rules, 1993 means the Debts Recovry Tribunal (Procedure) Rules, 1993 made under Section 9 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 read with clasue (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 R.7 of the Debts Recovery Tribunal (Procedure) Rules, 1993. 4. Fee for fifing 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 R.8 of the Debts Recovery Appellate Tribunal (Procedure) Rules, 1994