The document summarizes key amendments to the Security Interest (Enforcement) Rules, 2002 and the Debt Recovery Tribunal (Procedure) Rules, 1993 in India that came into effect from November 4, 2016. Some of the major changes include:
1) Allowing delivery of notices by hand delivery in addition to other modes.
2) Reducing the notice period for subsequent auctions of secured assets from 30 days to 15 days.
3) Allowing service of notices via email in addition to other modes.
4) Providing for public auctions, including e-auctions of secured assets.
5) Reducing timelines for filing written statements and replies in DRT recovery applications.
Debts Recovery Tribunals and Appellate Tribunals(DRT & DART)Abinash Mandilwar
The document discusses the Debt Recovery Tribunal (DRT) process in India for recovering debts owed to banks and financial institutions. It provides details on the structure and jurisdiction of DRTs and Debt Recovery Appellate Tribunals (DRATs). The summary is:
[1] DRTs are special quasi-judicial forums established under the Recovery of Debts due to Banks and Financial Institution Act, 1993 to allow for the speedy recovery of loans owed to banks and financial institutions.
[2] The document outlines the procedures for banks to file recovery applications with the DRT, including prerequisites taken before filing and requirements for the application.
[3] It also describes the DRT procedures after an
Capital reduction is the process of decreasing a company's shareholder equity through share cancellations and repurchases. It is done for reasons like increasing shareholder value and improving capital structure efficiency. After capital reduction, the number of shares decreases by the reduction amount, though sometimes shareholders receive cash for cancelled shares and other times there is minimal impact. A company must pass a special resolution, provide solvency statements signed by directors, and register documents with the Registrar of Companies for the reduction to take effect. One example given was a company that reduced share face value through a scheme approved by shareholders and court.
Related Party Transaction as per Companies Act and SEBI(LODR)CS Bhuwan Taragi
This PPT is on Related Party Transaction as per companies Act, 2013 and SEBI(LODR) 2015. you will company know who are related parties and what are approval required for related parties transactions.
You can visit my you tube channel "CS Bhuwan Taragi- The Law Talks " for more clearity on this topic.
A garnishee order issued by a court suspends a banker's obligation to honor the checks of a customer. If a customer fails to repay a loan, the lender can request the court issue a garnishee order directing the bank not to make payments from the customer's account. The garnishee order is issued in two phases - first an order nisi is sent to the bank, then if the bank has no objections an order absolute is issued, allowing the debt to be paid to the lender from the customer's account and discharging the bank's obligation to the customer.
OBJECTIVE
Merger and Amalgamation (M&A) is one of the forms of Corporate Restructuring. M&A transactions are generally done to diversify the business, reduce competition, exercise increased scale of operations, to focus on core businesses to streamline costs and improve profit margins, etc. Provisions for merger and amalgamation under Companies Act, 2013 also includes demerger. The webinar deals with the provisions of merger and amalgamation enshrined in Companies Act, 2013 read with Rules made there under, legal formalities involved and judicial precedents.
This document discusses oppression and mismanagement under the Companies Act 2013 in India. It defines oppression as unjust exercise of power that harms shareholders' legitimate expectations. Mismanagement refers to incompetent or dishonest management, like serious conflicts, illegal boards, or asset diversion. The Act allows shareholders to apply to the tribunal for relief from oppression or mismanagement. The tribunal can order remedies like regulating company affairs, removing directors, or modifying agreements. The requirements to file such applications and the limitation period are also discussed. The document explains class action suits allow shareholders to seek compensation for fraudulent conduct.
This document provides an overview of bank guarantees. It defines what a bank guarantee is, noting that it is a written contract issued by a bank on behalf of a customer to take responsibility for payment if the customer does not pay. It discusses the key parties involved, types of bank guarantees, advantages and disadvantages, procedures for applying, and audit and disclosure requirements. The document aims to cover these topics at a high level for providing an overview of bank guarantees.
The document summarizes the Debt Recovery Tribunal Act of 1993 in India. Key points:
- It establishes Debt Recovery Tribunals and Appellate Tribunals to facilitate recovery of debts owed to banks and financial institutions exceeding 10 lakh rupees.
- The Tribunals have jurisdiction over cases where the debtor resides or operates within specified areas. Banks can apply to the Tribunals to recover debts.
- The Tribunals determine the amount owed and issue certificates to Recovery Officers to attach/sell debtor properties, arrest the debtor, or appoint receivers to recover the debt. Debtors can appeal amounts but must deposit 75% of the determined debt.
Debts Recovery Tribunals and Appellate Tribunals(DRT & DART)Abinash Mandilwar
The document discusses the Debt Recovery Tribunal (DRT) process in India for recovering debts owed to banks and financial institutions. It provides details on the structure and jurisdiction of DRTs and Debt Recovery Appellate Tribunals (DRATs). The summary is:
[1] DRTs are special quasi-judicial forums established under the Recovery of Debts due to Banks and Financial Institution Act, 1993 to allow for the speedy recovery of loans owed to banks and financial institutions.
[2] The document outlines the procedures for banks to file recovery applications with the DRT, including prerequisites taken before filing and requirements for the application.
[3] It also describes the DRT procedures after an
Capital reduction is the process of decreasing a company's shareholder equity through share cancellations and repurchases. It is done for reasons like increasing shareholder value and improving capital structure efficiency. After capital reduction, the number of shares decreases by the reduction amount, though sometimes shareholders receive cash for cancelled shares and other times there is minimal impact. A company must pass a special resolution, provide solvency statements signed by directors, and register documents with the Registrar of Companies for the reduction to take effect. One example given was a company that reduced share face value through a scheme approved by shareholders and court.
Related Party Transaction as per Companies Act and SEBI(LODR)CS Bhuwan Taragi
This PPT is on Related Party Transaction as per companies Act, 2013 and SEBI(LODR) 2015. you will company know who are related parties and what are approval required for related parties transactions.
You can visit my you tube channel "CS Bhuwan Taragi- The Law Talks " for more clearity on this topic.
A garnishee order issued by a court suspends a banker's obligation to honor the checks of a customer. If a customer fails to repay a loan, the lender can request the court issue a garnishee order directing the bank not to make payments from the customer's account. The garnishee order is issued in two phases - first an order nisi is sent to the bank, then if the bank has no objections an order absolute is issued, allowing the debt to be paid to the lender from the customer's account and discharging the bank's obligation to the customer.
OBJECTIVE
Merger and Amalgamation (M&A) is one of the forms of Corporate Restructuring. M&A transactions are generally done to diversify the business, reduce competition, exercise increased scale of operations, to focus on core businesses to streamline costs and improve profit margins, etc. Provisions for merger and amalgamation under Companies Act, 2013 also includes demerger. The webinar deals with the provisions of merger and amalgamation enshrined in Companies Act, 2013 read with Rules made there under, legal formalities involved and judicial precedents.
This document discusses oppression and mismanagement under the Companies Act 2013 in India. It defines oppression as unjust exercise of power that harms shareholders' legitimate expectations. Mismanagement refers to incompetent or dishonest management, like serious conflicts, illegal boards, or asset diversion. The Act allows shareholders to apply to the tribunal for relief from oppression or mismanagement. The tribunal can order remedies like regulating company affairs, removing directors, or modifying agreements. The requirements to file such applications and the limitation period are also discussed. The document explains class action suits allow shareholders to seek compensation for fraudulent conduct.
This document provides an overview of bank guarantees. It defines what a bank guarantee is, noting that it is a written contract issued by a bank on behalf of a customer to take responsibility for payment if the customer does not pay. It discusses the key parties involved, types of bank guarantees, advantages and disadvantages, procedures for applying, and audit and disclosure requirements. The document aims to cover these topics at a high level for providing an overview of bank guarantees.
The document summarizes the Debt Recovery Tribunal Act of 1993 in India. Key points:
- It establishes Debt Recovery Tribunals and Appellate Tribunals to facilitate recovery of debts owed to banks and financial institutions exceeding 10 lakh rupees.
- The Tribunals have jurisdiction over cases where the debtor resides or operates within specified areas. Banks can apply to the Tribunals to recover debts.
- The Tribunals determine the amount owed and issue certificates to Recovery Officers to attach/sell debtor properties, arrest the debtor, or appoint receivers to recover the debt. Debtors can appeal amounts but must deposit 75% of the determined debt.
The Specific Relief of Act 1877
The Law of Limitation Act, 1908
ARNAB KUMAR DAS
Port City International University,
Chittagong, Bangladesh.
SID: LLB 00305037
Bankers keep their accounts & its various details by maintaining various ledgers & journals . When any claim on the bank needs to be established or proved in court these books need to be produced in court.
These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
This document discusses rules and procedures related to dividends, accounts, audits, and related topics for companies. It outlines the key rules for declaring and paying dividends, maintaining proper accounts and books, appointing qualified auditors, and the duties and liabilities of auditors in examining a company's financial affairs and reporting to shareholders.
This document contains information about UCP 600, which are the latest revision of the Uniform Customs and Practice that govern letters of credit. Some key points:
- UCP 600 came into effect on July 1, 2007 and contain 39 comprehensive articles that apply to documentary credits.
- The articles define terms like applicant, beneficiary, issuing bank, confirming bank, nominated bank, and outline the undertakings and obligations of these parties.
- The articles also cover topics like the application and interpretation of credits, the relationship between credits and contracts, documents versus goods, credit requirements, amendments, advising and more.
- The goal of UCP 600 is to provide clear, practical rules for the operation
Appointment/Re-appointment of Auditors under the Companies Act, 2013Manoj Singh Bisht
The document discusses key provisions related to the appointment and re-appointment of auditors under the Companies Act 2013.
Some key points discussed include:
- The appointment of first auditors for government and non-government companies.
- Filling casual vacancies for auditors.
- Rotation of auditors and limits on consecutive terms for individuals and audit firms.
- Interpreting provisions around re-appointing retiring auditors and conditions for disqualification.
- Guidance on interpreting non-obstante clauses and provisos in the Act.
This document discusses bailment and pledge under Indian contract law. It defines bailment as the delivery of goods by one person to another for a specific purpose, with an obligation to return the goods. A bailor delivers the goods, while a bailee receives them. Bailments can be for the exclusive benefit of the bailor or bailee, or for mutual benefit. They can also be gratuitous or for reward. The document outlines the duties of bailors and bailees, as well as their rights. It also discusses how bailments can be terminated. Finally, it defines a pledge as a bailment where goods are delivered as security for a debt, with the pawner delivering and the p
Special type of customer of bank & principlesMitikaAnjel
The document discusses various types of entities that can open bank accounts and the considerations for bankers when doing so. For individuals, minors cannot enter valid contracts but bankers must be careful with overdrafts. For partnerships, the partnership letter and deed outline account instructions and internal disputes can stop operations. For companies, bankers require documents showing incorporation and authorized signatories. For trusts, the trust deed outlines account operations. For HUF, the karta can bind family members but others also sign documents. For joint accounts, all holders must sign and any can stop payments.
This document provides a summary of amendments made to the Insolvency and Bankruptcy Code of India. Some key changes include:
- Defining allottees under real estate projects as 'financial creditors'
- Reducing voting thresholds for Committee of Creditors decisions from 75% to 66%
- Allowing operational creditors to initiate insolvency proceedings even if the dispute is not pending in court
- Clarifying the role and powers of the interim resolution professional
This document provides an overview of bank guarantees, including:
1) It defines a bank guarantee as a contract where the bank guarantees to perform a third party's liability in case of default. The parties involved are the applicant, beneficiary, and guarantor bank.
2) Common purposes of bank guarantees include providing security deposits, mobilizing funds, and ensuring performance or payment on contracts.
3) Guidelines state banks should exercise caution with performance guarantees and generally limit guarantees to 18 months, taking security such as cash margins from applicants.
4) Proper appraisal of guarantees is required similar to loans, examining the applicant's financial strength and purpose of the guarantee.
The SARFAESI Act allows banks to auction residential and commercial property to recover loans from borrowers who have defaulted on repayments. It aims to help banks reduce non-performing assets. Banks can seize collateral like land for secured loans without court intervention. The Act provides three methods for asset recovery - securitization, asset reconstruction, and enforcement of security interests. It established regulations for securitization companies and allows borrowers to appeal repossession decisions in Debt Recovery Tribunals.
The document provides information on prospectuses under Pakistani law. It defines a prospectus as a document that invites the public to subscribe to shares or debentures in a company. It must include key details about the company's business, management, financials, and the offering. The summary also outlines the requirements for prospectus content, types of prospectuses including shelf and red herring prospectuses, parties responsible if misstatements are made, and liabilities that can arise from an inaccurate or misleading prospectus.
Pleadings in Civil Procedure Code.pptxRudra Pratap
This document discusses pleadings in civil court proceedings in India. It defines pleadings as the written statements filed by plaintiffs and defendants that outline their respective legal positions and contentions in a case. The objectives of pleadings are to ascertain the actual issues in dispute, state the issues to avoid surprises, narrow the areas of conflict, and identify the facts that need to be proven at trial. Pleadings must state only material facts in a concise manner, without including evidence. The court may allow amendments to pleadings to determine the real questions in controversy, as long as the amendment does not unduly prejudice the other party or change the nature of the case.
The document discusses various legal and documentation aspects related to banking. It explains that banking relationships are governed by contracts and customers must be legally capable of entering contracts. It also discusses the importance of proper documentation for creating charges, as evidence for legal proceedings, and for enforcing securities. The document covers various types of documents, their execution, stamping, registration requirements, and limitations.
This document discusses the duties and liabilities of directors according to the Companies Act of 2013 in India. It defines a director and outlines their key duties which include acting in good faith and the best interests of the company. It notes that directors can be punished with fines for contravening their duties. The document also discusses various liabilities directors may face such as for illegal acts, receiving bribes, or breaching their duties of care. It concludes that becoming a director is a serious responsibility.
Prevention of money laundering act, 2002 by Hetal Bhadra Hetal Bhadra
The document summarizes the Prevention of Money Laundering Act of 2002 in India. It defines money laundering as disguising illegally obtained money to make it appear legitimate. The act aims to prevent money laundering and confiscate illegally obtained assets. Money laundering generally involves three stages - placement of illegally gotten money into the financial system, layering by moving funds between accounts to obscure the trail, and integration by using the funds for legitimate purposes like real estate. The Enforcement Directorate has powers to investigate money laundering cases and attach properties. Penalties include 3-7 years imprisonment and fines.
The document summarizes provisions related to meetings under the Companies Act, including:
- Types of meetings like statutory meetings, annual general meetings, extraordinary general meetings, and meetings of creditors/debenture holders.
- Requirements for statutory meetings like approving a statutory report within 3-6 months of commencement of business.
- Requirements for annual general meetings like holding the first AGM within 18 months of incorporation and subsequent AGMs within 4 months of financial year end.
- Provisions for extraordinary general meetings, including who can call them and notice requirements.
- Other meeting provisions around quorum, voting, proxies, and maintenance of minutes.
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
This document discusses various topics related to housing finance in India including loan against property, the SARFAESI Act of 2002, non-performing assets (NPAs), and debt recovery tribunals (DRTs). It provides details on the meaning of loan against property, the steps involved in obtaining a home loan, associated fees and charges, and key aspects of mortgage agreements. It also summarizes the SARFAESI Act which allows banks to recover loans secured against property, defines NPAs and the role of DRTs in recovering bad loans. Finally, it discusses asset reconstruction companies (ARCs) and how they purchase NPAs from banks using security receipts.
This short document promotes creating presentations using Haiku Deck, a tool for making slideshows. It encourages the reader to get started making their own Haiku Deck presentation and sharing it on SlideShare. In a single sentence, it pitches the idea of using Haiku Deck to easily design presentations.
The Specific Relief of Act 1877
The Law of Limitation Act, 1908
ARNAB KUMAR DAS
Port City International University,
Chittagong, Bangladesh.
SID: LLB 00305037
Bankers keep their accounts & its various details by maintaining various ledgers & journals . When any claim on the bank needs to be established or proved in court these books need to be produced in court.
These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
This document discusses rules and procedures related to dividends, accounts, audits, and related topics for companies. It outlines the key rules for declaring and paying dividends, maintaining proper accounts and books, appointing qualified auditors, and the duties and liabilities of auditors in examining a company's financial affairs and reporting to shareholders.
This document contains information about UCP 600, which are the latest revision of the Uniform Customs and Practice that govern letters of credit. Some key points:
- UCP 600 came into effect on July 1, 2007 and contain 39 comprehensive articles that apply to documentary credits.
- The articles define terms like applicant, beneficiary, issuing bank, confirming bank, nominated bank, and outline the undertakings and obligations of these parties.
- The articles also cover topics like the application and interpretation of credits, the relationship between credits and contracts, documents versus goods, credit requirements, amendments, advising and more.
- The goal of UCP 600 is to provide clear, practical rules for the operation
Appointment/Re-appointment of Auditors under the Companies Act, 2013Manoj Singh Bisht
The document discusses key provisions related to the appointment and re-appointment of auditors under the Companies Act 2013.
Some key points discussed include:
- The appointment of first auditors for government and non-government companies.
- Filling casual vacancies for auditors.
- Rotation of auditors and limits on consecutive terms for individuals and audit firms.
- Interpreting provisions around re-appointing retiring auditors and conditions for disqualification.
- Guidance on interpreting non-obstante clauses and provisos in the Act.
This document discusses bailment and pledge under Indian contract law. It defines bailment as the delivery of goods by one person to another for a specific purpose, with an obligation to return the goods. A bailor delivers the goods, while a bailee receives them. Bailments can be for the exclusive benefit of the bailor or bailee, or for mutual benefit. They can also be gratuitous or for reward. The document outlines the duties of bailors and bailees, as well as their rights. It also discusses how bailments can be terminated. Finally, it defines a pledge as a bailment where goods are delivered as security for a debt, with the pawner delivering and the p
Special type of customer of bank & principlesMitikaAnjel
The document discusses various types of entities that can open bank accounts and the considerations for bankers when doing so. For individuals, minors cannot enter valid contracts but bankers must be careful with overdrafts. For partnerships, the partnership letter and deed outline account instructions and internal disputes can stop operations. For companies, bankers require documents showing incorporation and authorized signatories. For trusts, the trust deed outlines account operations. For HUF, the karta can bind family members but others also sign documents. For joint accounts, all holders must sign and any can stop payments.
This document provides a summary of amendments made to the Insolvency and Bankruptcy Code of India. Some key changes include:
- Defining allottees under real estate projects as 'financial creditors'
- Reducing voting thresholds for Committee of Creditors decisions from 75% to 66%
- Allowing operational creditors to initiate insolvency proceedings even if the dispute is not pending in court
- Clarifying the role and powers of the interim resolution professional
This document provides an overview of bank guarantees, including:
1) It defines a bank guarantee as a contract where the bank guarantees to perform a third party's liability in case of default. The parties involved are the applicant, beneficiary, and guarantor bank.
2) Common purposes of bank guarantees include providing security deposits, mobilizing funds, and ensuring performance or payment on contracts.
3) Guidelines state banks should exercise caution with performance guarantees and generally limit guarantees to 18 months, taking security such as cash margins from applicants.
4) Proper appraisal of guarantees is required similar to loans, examining the applicant's financial strength and purpose of the guarantee.
The SARFAESI Act allows banks to auction residential and commercial property to recover loans from borrowers who have defaulted on repayments. It aims to help banks reduce non-performing assets. Banks can seize collateral like land for secured loans without court intervention. The Act provides three methods for asset recovery - securitization, asset reconstruction, and enforcement of security interests. It established regulations for securitization companies and allows borrowers to appeal repossession decisions in Debt Recovery Tribunals.
The document provides information on prospectuses under Pakistani law. It defines a prospectus as a document that invites the public to subscribe to shares or debentures in a company. It must include key details about the company's business, management, financials, and the offering. The summary also outlines the requirements for prospectus content, types of prospectuses including shelf and red herring prospectuses, parties responsible if misstatements are made, and liabilities that can arise from an inaccurate or misleading prospectus.
Pleadings in Civil Procedure Code.pptxRudra Pratap
This document discusses pleadings in civil court proceedings in India. It defines pleadings as the written statements filed by plaintiffs and defendants that outline their respective legal positions and contentions in a case. The objectives of pleadings are to ascertain the actual issues in dispute, state the issues to avoid surprises, narrow the areas of conflict, and identify the facts that need to be proven at trial. Pleadings must state only material facts in a concise manner, without including evidence. The court may allow amendments to pleadings to determine the real questions in controversy, as long as the amendment does not unduly prejudice the other party or change the nature of the case.
The document discusses various legal and documentation aspects related to banking. It explains that banking relationships are governed by contracts and customers must be legally capable of entering contracts. It also discusses the importance of proper documentation for creating charges, as evidence for legal proceedings, and for enforcing securities. The document covers various types of documents, their execution, stamping, registration requirements, and limitations.
This document discusses the duties and liabilities of directors according to the Companies Act of 2013 in India. It defines a director and outlines their key duties which include acting in good faith and the best interests of the company. It notes that directors can be punished with fines for contravening their duties. The document also discusses various liabilities directors may face such as for illegal acts, receiving bribes, or breaching their duties of care. It concludes that becoming a director is a serious responsibility.
Prevention of money laundering act, 2002 by Hetal Bhadra Hetal Bhadra
The document summarizes the Prevention of Money Laundering Act of 2002 in India. It defines money laundering as disguising illegally obtained money to make it appear legitimate. The act aims to prevent money laundering and confiscate illegally obtained assets. Money laundering generally involves three stages - placement of illegally gotten money into the financial system, layering by moving funds between accounts to obscure the trail, and integration by using the funds for legitimate purposes like real estate. The Enforcement Directorate has powers to investigate money laundering cases and attach properties. Penalties include 3-7 years imprisonment and fines.
The document summarizes provisions related to meetings under the Companies Act, including:
- Types of meetings like statutory meetings, annual general meetings, extraordinary general meetings, and meetings of creditors/debenture holders.
- Requirements for statutory meetings like approving a statutory report within 3-6 months of commencement of business.
- Requirements for annual general meetings like holding the first AGM within 18 months of incorporation and subsequent AGMs within 4 months of financial year end.
- Provisions for extraordinary general meetings, including who can call them and notice requirements.
- Other meeting provisions around quorum, voting, proxies, and maintenance of minutes.
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
This document discusses various topics related to housing finance in India including loan against property, the SARFAESI Act of 2002, non-performing assets (NPAs), and debt recovery tribunals (DRTs). It provides details on the meaning of loan against property, the steps involved in obtaining a home loan, associated fees and charges, and key aspects of mortgage agreements. It also summarizes the SARFAESI Act which allows banks to recover loans secured against property, defines NPAs and the role of DRTs in recovering bad loans. Finally, it discusses asset reconstruction companies (ARCs) and how they purchase NPAs from banks using security receipts.
This short document promotes creating presentations using Haiku Deck, a tool for making slideshows. It encourages the reader to get started making their own Haiku Deck presentation and sharing it on SlideShare. In a single sentence, it pitches the idea of using Haiku Deck to easily design presentations.
The SARFAESI Act allows banks and financial institutions to recover non-performing assets (NPAs) through securitization or asset reconstruction. It established provisions for registration and regulation of securitization companies and asset reconstruction companies. These companies can acquire financial assets from banks, issue security receipts to qualified institutional buyers, and employ measures to resolve NPAs such as debt restructuring, taking possession of collateral, and changing borrower management. However, issues with the SARFAESI Act include a thin investor base limited to qualified buyers and investor appetite focused only on short-term, highly-rated securities.
Securitisation and reconstruction of financial assets and enforcement of secu...ACS Shalu Saraf
The SARFAESI Act enables secured creditors like banks and financial institutions to enforce their security without court intervention. It allows creditors to take possession of secured assets, sell them, or assign rights over them to recover loans in case of default. The Act established mechanisms for asset reconstruction companies to acquire financial assets from banks and issue security receipts to investors. It defines terms like borrower, financial asset, and non-performing asset. The constitutional validity of the Act was upheld by the Supreme Court. Methods of recovery include securitization, asset reconstruction, and direct enforcement of security. Amendments allowed debt to equity conversion and banks to purchase auctioned properties under certain conditions.
The document discusses the Debt Recovery Tribunal (DRT) established by the Government of India through the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Act created a separate tribunal system to ensure speedy resolution of loan recovery matters. The DRT handles cases involving debts owed to banks and financial institutions over Rs. 10 lakh. Appeals from DRT decisions can be made to Debts Recovery Appellate Tribunals (DRAT). DRTs have been set up in various cities to help banks and financial institutions recover debts through this legal framework.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) allows banks and financial institutions to seize assets like property from borrowers who have defaulted on loans above Rs. 1 lakh. Under this Act, banks can take possession of secured assets without court intervention and auction them to recover unpaid debts. It aims to reduce non-performing assets of banks by expediting the recovery process. The Act also establishes Asset Reconstruction Companies that can acquire NPAs from banks to help resolve bad loans.
The document contains proposed amendments to the Personal Insolvency (Amendment) Bill 2014 in Ireland. Key points:
- It proposes adding provisions for court review of proposed Personal Insolvency Arrangements if not approved by creditors, in certain circumstances.
- It also proposes amending eligibility criteria for Debt Relief Notices and further regulating personal insolvency practitioners.
- The amendments include allowing personal insolvency practitioners to apply to court for approval of an arrangement not approved by creditors, if one class of creditors voted in favor.
The document summarizes the key recommendations from a report on reforming security of payment laws in Australia. Some of the main recommendations include:
- Adopting nationally consistent security of payment laws based on legislation in New South Wales.
- Defining key terms simply and broadly.
- Requiring timely payment, adjudication processes, and enforcement mechanisms.
- Establishing consistent timelines and procedures for payment claims, responses, adjudication applications and decisions.
- Providing adjudication as a dispute resolution mechanism to ensure prompt payment in the construction industry.
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The Body Corporate and Community Management and Other Legislation Amendment Act 2010 introduces important changes for agents involved in the sale of community title lots. Key changes include requiring a Community Management Scheme Statement to accompany disclosure statements and introducing new information that must be disclosed. Agents should review and supplement existing disclosure statements to comply with the new requirements, which take effect upon the Act's assent. The Real Estate Institute of Queensland will also be releasing revised disclosure statement forms.
The Body Corporate and Community Management and Other Legislation Amendment Act 2010 introduces important changes for agents involved in the sale of community title lots. Key changes include requiring a Community Management Scheme Statement to accompany disclosure statements and introducing new information that must be disclosed. Agents should review and supplement existing disclosure statements to comply with the new requirements, which take effect upon the Act's assent. The Real Estate Institute of Queensland will also be releasing revised disclosure statement forms.
This document proposes amendments to certain mortgage rules issued by the Bureau of Consumer Financial Protection in January 2013. The proposed amendments focus on clarifying or revising provisions related to loss mitigation procedures, amounts counted as loan originator compensation, exemptions available to creditors operating in rural or underserved areas, application of loan originator compensation rules, and the prohibition on creditor-financed credit insurance. The Bureau is also proposing adjustments to effective dates and technical corrections to Regulations B, X, and Z. Comments on the proposals are due by July 22, 2013.
The CFPB is currently seeking public comment on several proposed amendments to its final rules issued in 2013, which went into effect in January 2014. The comment period is open through March 16, 2015, so mortgage servicers, or any interested parties, still have about a month to chime in on the proposed amendments.
By now, servicers are all familiar with the final CFPB Rules promulgated in 2013 that modified the impact of the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). In November 2014, the Bureau proposed amendments to those Rules. Several proposed amendments are noteworthy to those in the mortgage servicing industry:
An expansion of "borrower" to include successors in interest to collateral property. Specifically, for the purposes of Regulation X, the Bureau is proposing to define "successor in interest" in § 1024.31 as "a member of any of the categories of successors in interest who acquired an ownership interest in the property securing a mortgage loan in a transfer protected by the Garn-St Germain Act." (See 12 U.S.C. § 1701j-3(d).) The expansion would include situations where the collateral property is transferred as a result of divorce. The effect of this would be that, for all intents and purposes of Regulation X, any successor in interest would now be considered a borrower.
The document provides an overview of key amendments made to Section 138 of the Negotiable Instruments Act 1881 regarding dishonored checks. Key points include:
- Section 138 defines the dishonoring of a check as a criminal offense, with punishment of up to 2 years imprisonment or a fine up to twice the check amount.
- Later amendments increased the notice period for payment from 15 to 30 days and the maximum imprisonment from 1 to 2 years.
- Inserted sections aim to expedite trials for dishonored check cases within 6 months.
Mantenimiento y refaccion casa de justicia de riberalta (cubierta) benialbertoescobar52
This document provides the base contracting guidelines for construction works contracts for the Judicial Branch in Bolivia. It outlines the applicable regulations, eligible proponents, pre-proposal administrative activities like inspections and clarification meetings, required guarantees like performance bonds, criteria for proposal rejection and errors, declaration of desertion, cancellation and suspension reasons, appealable resolutions, proposal preparation and required documents, submission process, opening of proposals, evaluation methodology, contract awarding or desertion declaration, contract signing, modifications, subcontracting, work delivery, contract closure and payment. It also includes details of the specific contracting process like dates and location.
The document summarizes the process for recovering commercial debts in the UK, including pre-litigation steps like sending a letter before action, and litigation steps such as issuing a claim form and particulars of claim. It discusses the Late Payment of Commercial Debts (Interest) Act 1998, which implies terms into contracts for statutory interest and compensation on late payments. It also provides guidance on properly pleading claims for interest and statutory compensation to ensure they can be recovered.
Licença Lotter Pro - Conheça o Certificado Oficial da Licença Lotter Pro.pdfLotter Pro Brasil
Licença Lotter Pro - Conheça o Certificado Oficial da Licença Lotter Pro, a 1ª Loteria Alternativa Internacional Online.
Então, se você está pronto para embarcar em uma jornada emocionante de apostas internacionais e oportunidades de crescimento, junte-se à Lotter Pro hoje mesmo. Não perca a chance de se tornar parte de uma comunidade global de jogadores e consultores lotéricos afiliados. O sucesso espera por você na Lotter Pro.
Nossa empresa está comprometida em fornecer uma plataforma segura, transparente e emocionante para todos os amantes de loteria ao redor do mundo. Com nosso amplo portfólio de loterias internacionais, você terá acesso a algumas das maiores e mais emocionantes oportunidades de prêmios do mundo.
Além disso, nosso programa de afiliados oferece uma maneira única de ganhar dinheiro ao mesmo tempo em que ajuda a promover a Lotter Pro para novos jogadores. Com comissões generosas e oportunidades de ganhos em vários níveis, você pode transformar sua paixão por loterias em uma fonte de renda estável e lucrativa.
Aqui está o Link para você se Cadastrar na Lotter Pro ➤ https://bo.thelotter.pro/thelotterbrasil
O ID do Indicante da Maior Equipe Lotter pro Brasil é o ➤ TheLotterBrasil
Página de Cadastro Lotter Pro ➤ http://lotterpro.com.br
Artigos e Tutoriais Lotter Pro ➤
/ lotterpro
Site Lotter Pro Brasil ➤ https://thelotterbrasil.com
Mais informações e contato ➤ https://linktr.ee/lotterpro
Mas lembre-se, a responsabilidade é fundamental. Certifique-se sempre de jogar de forma consciente, definindo limites para suas apostas e garantindo que o jogo permaneça uma atividade divertida e emocionante, sem comprometer sua saúde financeira.
Então, o que você está esperando? Junte-se à Lotter Pro hoje mesmo e comece sua jornada rumo a prêmios emocionantes, oportunidades de crescimento e sucesso duradouro. Estamos ansiosos para recebê-lo em nossa comunidade e ajudá-lo a alcançar seus objetivos de jogo e financeiros. Vamos jogar e ganhar juntos na Lotter Pro!
A apresentação do Plano de Negócios Lotter Pro é uma oportunidade única para os participantes entenderem todos os detalhes sobre os ganhos, bônus e premiações disponíveis ao se tornarem parte da nossa comunidade. Durante a apresentação, são abordados os seguintes aspectos:
Ganhos como Apostador: Os participantes aprenderão sobre os ganhos potenciais ao participar das loterias internacionais disponíveis na Lotter Pro. Eles entenderão como podem aumentar suas chances de ganhar e as diferentes opções de apostas disponíveis.
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Bônus de Recarga: Os participantes aprenderão sobre os benefícios de recarregar suas contas na Lotter Pro e como podem ganhar até 15% de comissão em cada recarga feita por seus indicados.
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This document is the Realty Installment Buyer Protection Act, which aims to protect buyers of real estate purchased through installment payments. It declares protecting buyers from oppressive conditions as public policy. The key provisions are that buyers who have paid at least two years of installments have the right to a grace period of one month for every year paid if they default, and are entitled to a 50-80% cash refund of payments if the contract is cancelled. Sellers must give buyers under two years of payments at least 60 days to become current before cancellation.
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This document summarizes amendments made to the Code of Civil Procedure of India through the Code of Civil Procedure (Amendment) Act of 2002. It amends sections 39, 64, 100A and 102 of the original Code to clarify the limits of a court's jurisdiction in executing decrees and restricts further appeals in certain cases. It also amends Orders V, VI and VII regarding service of summons, amendment of pleadings and procedures on admitting plaints.
5. international standard contract for constructionHyoyoung Kim
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AMENDMENTS TO SARFAESI ACT/RULES/DRT ACT AND RULES WHICH HAVE BEEN ENFORCED
1. Some of the Amendments to Security Interest (Enforcement) (Amendment)
Rules, 2002 which came into effect from November 04, 2016
Rule Changes Effect
3(1) after the word “delivering”, the words,
“including hand delivery,” shall be
inserted
Delivery of notice can be effected by hand delivery.
3(5) New Insertion: New para to be added
in demand notice
New Para to the added in Demand Notice inviting
attention of the borrower to provisions of sub-section
(8) of section 13 of the Act, in respect of time available
to the borrower, to redeem the secured assets.
3A Reply to representation of the
Borrower
Words seven days replaced with the words “fifteen
days” .
4 New sub rule 2A inserted: for effective
service of Panchnama and Inventory on
Borrower
After taking over of possession of movables the
authorized officer to intimate the same by way of notice
to the Borrower along with Panchnama in Appendix I
and inventory made in Appendix II.
New Sub Rule 2B – email service All notices under these rules may also be served upon
the borrower through electronic mode of service, in
addition to the modes specified under rule 3.
6 Public auction through e-auction mode. Public auction by E-auction mode added
“(c) holding public auction including through e-auction
mode.
New proviso inserted to deal with
Notice period in subsequent sale
thereby reducing the notice period in
subsequent sale to 15 days
“Provided further that if sale of movable property by any
one of the methods specified under sub-rule (1) fails and
the sale is required to be conducted again, the
authorised officer shall serve, affix and publish notice of
sale of not less than fifteen days to the borrower for any
subsequent sale.
6(3) Parties defined in sub rule 8 to include
only creditor and proposed purchaser
thus, Consent of Borrower may be
required for sale other than by auction
sale or public tender
In sub-rule (3), for the words “between the parties in
writing”, the words “between the secured creditors and
the proposed purchaser”, have been substituted.
8 New sub rule 2A inserted for service of
notice through email.
All notices under these rules may also be served upon
the borrower through electronic mode of service, in
addition to the modes prescribed under sub-rule (1) and
sub-rule (2) of rule 8.
Provision for e auction inserted Clause ‘c’in Sub rule 5 provisions inserted to hold
auction through e-auction mode.
Parties defined in sub rule 8 to include
only creditor and proposed purchaser.
In sub-rule (8), for the words “between the parties in
writing”, the words “between the secured creditors and
the proposed purchaser”, have been substituted.
9 Sub rule 1 substituted for changes in
Period of sale notice
For first sale notice period would 30 days and for
subsequent sale 15 days notice is to be served on the
Borrower
Sub
rule 3
Payment terms for sale of security 25%
immediate (or by next working day and
balance maximum three months.
(3) On every sale of immovable property, the purchaser
shall immediately, i.e. on the same day or not later than
next working day, as the case may be, pay a deposit of
2. twenty five per cent. of the amount of the sale price,
which is inclusive of earnest money deposited, if any, to
the authorised officer conducting the sale and in default
of such deposit, the property shall be sold again.
Balance amount to be paid as may be agreed upon in
writing between the purchaser and the secured creditor,
in any case not exceeding three months.
13A New rule inserted for
Format of application by
lessee or tenant and fee
to be paid.
Every application under sub-section (1) of section 17 filed by lessee
or tenant of the secured assets shall be accompanied by a fee
specified in sub-clause (c) and sub-clause (d) of sub-rule (2) of rule
13, as the case may be. (2) The application to be made by the lessee
or the tenant under sub-section (1) of section 17, shall be in the
form specified in Appendix X annexed to these rules.
Appendix I New para after first para
to be inserted in the
format of Panchnama
The borrower’s attention is invited to provisions of sub-section (8)
of section 13 of the Act, in respect of time available, to redeem the
secured assets.
Appendix III Minor changes in the
format of certificate of
sale
In the opening paragraph, for the word and figure “rule 9”, the
word and figure “rule 3” shall be substituted.
Appendix
IV
Possession Notice for
immovable property
first para substituted
For the first paragraph, the following paragraph shall be
substituted, namely:- “The borrower having failed to repay the
amount, notice is hereby given to the borrower and the public in
general that the undersigned has taken possession of the property
described herein below in exercise of powers conferred on him
under sub-section (4) of section 13 of Act read with rule 8 of the
Security Interest Enforcement) Rules, 2002 on this the .......day of
….. of the year……”;
New Para after the
second para
After the second paragraph, the following paragraph shall be
inserted, namely:– “The borrower’s attention is invited to
provisions of sub-section (8) of section 13 of the Act, in respect of
time available, to redeem the secured assets.”
Appendix V Minor correction
consequent to change in
numbering of rules ub
the format of Sale
Certificate for
immovable.
For the word and figure “rule 12” the words and figures “rules 8
and 9”, shall be substituted.
Appendix X New Format of applications by lessee or tenant under section 17(4) read
with rule 14.
NEW CHANGES IN DRT ACT / RULES COMING INTO EFFECT FROM NOVEMBER 04, 2016
DRT (Procedure) Rules, 1993
Provision Amendment Change
Rule 5,
after
sub-rule
New Provisions
Format of summons
provided
After registration of the application under sub-rule (2), the Tribunal
shall issue summons to the defendants in Form IV
3. (2)
5A Limitation period for
application for review
Reduced to 30 days from existing 60 days.
6 Jurisdiction provided
where Branch office of
Bank is located and in
case of redemption of
debentures where DT is
has its principal place of
business
the branch or any other office of the applicant is functioning as a
bank or financial institution and maintaining an account in which
debt claimed is outstanding for the time being: Provided that a
Debenture Trustee having a claim against any company for
redemption of secured debt securities, shall file an application at the
place within whose jurisdiction the Debenture Trustee has its
principal place of business or at the place where secured asset is
located.”
12 New time limit for WS
and Counter claim and
reply
Written Statement /counter claim to be filed within 30 days of
service of summons.
Bank to file reply to counter claim within 30 days of filing of claim.
DRT can extend it only in exception circumstance by maximum 15
days.
12(8) Certificate based on
admission
Where a defendant makes an admission of the full or part of the
amount of debt due to a bank or financial institution, the Tribunal
shall order such defendant, to pay such amount, to the extent of the
admission, by the applicant within a period of thirty days from the
date of such order, failing which the Tribunal may issue a certificate
in accordance with section 19 of the Act, to the extent of amount of
debt due admitted by the defendant
12(9) Proving of facts By affidavit. Cross examination to be allowed only if there are
sufficient reasons to be recorded. If after order the witness failed to
appear in DRT, affidavit will not be taken into evidence and no oral
evidence be permitted.
12 (10) Denial of liability by
borrower
DRT to proceed as per the affidavit of applicant acquainted with
facts of the case.
12 (11) Provisions of BB of
Evidence Act
To apply to statement of account
8 Modification in the
format of DRT application
Details of Debt and asset and value to be mentioned as per the
format.
Interim applications To be specifically mentioned along with reasons (at serial number 7
of the format)
Details of Documents to
be given
At serial number 19 of the format of application details of
documents to be mentioned
4. AMENDMENTS IN SARFAESI ACT GIVEN EFFECT TO
SECTION PROVISONS CHANGES EFFECTIVE
FROM
2 Changes in definitions of
ARC, Company, Debt,
Debt securities, Default,
Financial Leas,
Negotiable documents,
Secured Creditor,
Security Interest,
Changes in the definitions September 01,
2016
2(l)(v) Definition of the term
“financial assets”
expanded
The term financial assets expanded to include beneficial
interest in tangible assets given on hire/lease/conditional
sale and in intangible assets or license or assignment of
such intangible assets.
November 04,
2016
3(f) It prohibits sponsor of
ARC from being its
holding company or
holding a controlling
interest.
New amendment paves the way for a sponsor of an ARC
to hold up to a 100% stake in the ARC if the sponsor of
ARC is a fit and proper person in accordance with the
criteria as may be specified in the guidelines issued by the
Reserve Bank for such persons.
September 01,
2016
5 New clause IA inserted in
Section 5
Exemption from payment of stamp duty on assignment of
financial assets in favour of ARC
September 01,
2016
9 Measure for
reconstruction
Additional measures for assets reconstruction provided September 01,
2016
12 New Provisions in the
form of 12 B
Power of RBI to carry out audit of ARCs September 01,
2016
13 Debt Securities (new
provisions) condition of
NPA not to apply
Requirement of classification of secured debt as NPA not
applicable to debt securities; and to debenture trustee.
September 01,
2016
13 (8) Tender of amount by
borrower
Amount can be tender up to sale of assets September 01,
2016
14 Time limit for DM to pass
order
Section 14 amended for passing of order by DM on the
application of secured creditor for assistance, within 30
days of filing of application + another 30 days
September 01,
2016
15 Restoration of
Management
Not to be done where secured creditor acquired
controlling stake on account of conversion of debt into
equity
September 01,
2016
17 (IA) Place for filing of Appeal For application against action under SARFAESI Act: a)
where cause of action has arisen, (b) where secured
assets is located, or the branch where account is
maintained is located.
September 01
2016
17 New provisions for
restoration of possession
of assets to aggrieved
person
The existing section 17 contains provisions only for
restoration of possession of secured assets to borrower
where action of secured creditor under section 13 is held
by DRT to be invalid. Now specific provisions have been
added to include restoration of possession to borrower or
other aggrieved person.
September 01,
2016
17 New Provisions 4A
Powers to DRT to deal
New provisions have been incorporated for conferring
powers on DRTs to pass appropriate order where it is
September 01,
2016
5. with issue of
lease/tenancy over
secured assets
satisfied that tenancy right or leasehold rights claimed in
secured asset (a) has expired or stood determined; or (b)
is contrary to section 65A of the Transfer of Property Act,
1882; or (c) is contrary to terms of mortgage; or (d) is
created after the issuance of notice of default and
demand by the Bank under sub-section (2) of section 13
of the Act.
20A New Provisions : For
establishment of Central
Registry
Central Registry: Power to Central Govt to
extend/integrate provisions for registration of charges
with various registering authorities
September 01,
2016
23 New Provisions
Time limit for filing of
charge to go (as filing
date is now being
recognized as the
effective date of the
charge)
After amendment come into effect, the time limit of 30
days prescribed under section 23 as also the power of the
Central Registry to extend the time for filing of charge will
be removed as the charges will be effective from the date
of registeration with the Central Registry. Further, the
Central Government by notification require registeration
of transaction relating to different types of security
interest created on different kinds of properties (at
present such transactions are limited to mortgages).
YET TO BE
IMPLEMENTED
CHAPTER
IV A
New chapter has been
inserted for registeration
of charges and priority of
charges
Registration of transaction of creation, modification,
satisfaction of charge of security interest by secured
creditor or other creditor or filing of attachment orders to
constitute a Public Notice.
Secured creditors will not be able to take over
possession the securities unless it is registered with the
central registry. Further, these creditors, after
registration of security interest, will have priority over
others in repayment of dues. However, after the
commencement of the Insolvency and Bankruptcy Code,
2016, in cases where insolvency and bankruptcy
proceedings are pending in respect of secured assets of
the borrower, the distribution of proceeds from sale of
secured assets shall be subject to the order of priority as
provided in that Code.
Govt dues/Tax Dues to
be registered with the
Central Registry and will
not have priority
Unless such default /demand is registered with Central
Registry prior to creation of charge in favour of the
Bank/FIs, tax dues will not have priority over the dues of
Banks/FIs. {Now every tax authority of Central
/State/Local Government/authority entitled to issue
attachment order on the defaulter property is required to
file with the Central Registry such attachment orders with
particulars of assessee and details of tax or other
Government Dues.
Attachment orders to be
filed with the Central
Registry
If any person obtains any order for attachment of
property from any court or other authority empowered
to issue attachment order, such person may file
particulars of such attachment order with the Central
Registry on payment of fee
19 Additional New
Provisions:
Application to include the following additional details:
1. True copies of all documents relied upon;
6. Filing of recovery
application before
DRT/DRATs
2. Statement of account duly certified under
Bankers Books of Evidence Act, 1891
3. Particulars of the assets/securities
4. Estimated Value of such securities
5. If the estimated value of the assets is not
sufficient to satisfy the debt claimed, then it
should state the particulars of other properties or
assets owned by any of the defendants and
6. Also seek an order directing the defendants to
disclose to the Tribunal particulars of other
properties or assets owned by defendants
November 04,
2016
19(10A) Pleadings to be
supported by an affidavit
Every application, written statement, claim of set off,
counter claim, reply to the counter claim or any other
pleadings shall need to be supported by an affidavit
sworn by the applicant or defendant verifying the facts
and pleadings, statement, documents and other
documentary evidence.
19(10A) Evidence to be filed
simultaneously along with
application
Any evidence of witnesses to be led by any party,
affidavit of such witness shall be filed simultaneously by
the party with the application or written statement or
replies.
Written statement to be
filed within 30 days &
Declaration of assets
Defendants to file written statement within 30 days of
service of summons and also declare assets;
19(13)A Restraining Orders DRT can also pass order restraining defendants from
transferring or disposing of such assets pending disposal
of application for attachment of assets.
19((4)(v) Interim Order of
attachment and
Prohibition
For interim orders particulars and estimated value of the
property sought to be attached is required to be given.
Defendants cannot sell or transfer their assets after service
of notice, except in the ordinary course of business.
Arrest/Detention in civil
prison
If defendant fails to declare assets after passing of such
an order by DRT, he can be put in civil prison for a term
not exceeding three months.
Certificate on admission DRT can pass order for recovery based on admission of
the party and also order sale of assets.
Appointment of Receiver DRT can now order appointment of Receiver for
attachment and sale of assets of defendants
Company in Liquidation DRT to deal with disposal of assets of a company under
liquidation as per section 326 of the Companies Act
DRT to pass final order
within 30 days of date of
conclusion of hearing
DRT, may after giving the applicant and the defendant, an
opportunity of being heard, in respect of all claims etc,
within thirty days of conclusion of the hearing, pass
interim or final orders as it deem fit which may include
order for payment of interest upto the date of actual
payment/realisation.
DRT to specify the assets In passing order under sub section 20, DRT shall specify
7. the assets of the borrower over which security interest is
created and direct the Recovery Officer to distribute the
sale proceed of such assets as provided in sub section
20AB
20AB PRIORITY OF DUES
Utilisation of sale
proceed of the assets
Sale proceeds from sale of secured assets shall be
distributed in the following orders of priority, namely:—
(i) the costs incurred for preservation and protection of
secured assets, the costs of valuation, public notice for
possession and auction and other expenses for sale of
assets shall be paid in full;
(ii) debts owed to the bank or financial institution.
But after IB Code for the cases covered under the code
the proceed with be utilised as per the IB Code
19(22) PO to issue certificate of
recovery along with final
order
DRT is now required to issue RC along with the final order
specifying the amount of recovery.
19(24) Time limit for conclusion
of proceedings before
DRT
At present DRT is required to make endeavour to dispose
of the applications finally within 180 days from the date
of receipt of the application. Now the section is amended
to lay down that every effort shall be made by it to
complete the proceedings in two hearings.
19 (22A) RC to be deemed to be
decree of court
Any recovery certificate issued by the Presiding Officer
under sub-section (22) shall be deemed to be decree or
order of the Court for the purposes of initiation of
winding up proceedings against a company registered
under the Companies Act, 2013 or Limited Liability
Partnership registered under the Limited Liability
Partnership Act, 2008 or insolvency proceedings against
any individual or partnership firm under any law for the
time eing in force, as the case may be.
19A Digital filing of
applications and
documents
New provisions have been inserted for enabling filing of
recovery applications, documents and written statements
in electronic form by using digital signature.
DRT to maintain a common website for this purpose.
Electronic form of documents will be as defined under
clause (p) of section 2 of IT Act, 2000. September 01,
2016Passing of order and
service through online
system
Any summons, notice or communication or intimation as
may be required to be served or delivered under this Act,
may be served or delivered by transmission of pleadings
and documents by electronic form and authenticated in
such manner as may be prescribed.
(2) Any interim or final order passed by the Tribunal or
Appellate Tribunal displayed on the website of such
Tribunal or Appellate Tribunal shall be deemed to be a
public notice of such order and transmission of such
order by electronic mail to the registered address of the
parties to the proceeding shall be deemed to be served
on such party.
8. 20 Limitation for filing of
Appeal in normal cases
Appeals to be filed within 30 days instead of 45 days.
27 DRT to have powers to
grant time to repay dues
Notwithstanding that a certificate has been issued to the
Recovery Officer for the recovery of any amount, the
Presiding Officer, may by an order, grant time for payment
of the amount, provided the defendant makes a down
payment of not less than twenty-five per cent. of the
amount specified in the recovery certificate and gives an
unconditional undertaking to pay the balance within a
reasonable time, which is acceptable to the applicant bank
or financial institution holding recovery certificate.
No Appeal: In case defendant agrees to pay the amount and
is allowed time by DRT under the above provisions, he would
forfeit right to file appeal against the order of Tribunal.
In default by the defendant in payment of dues as per above,
stay of proceeding shall be withdrawn and the RO shall take
steps for recovery of remaining amount of debt due and
payable.
31A Minimum Deposit of
50% of the amount of
debt dues as determined
by the Tribunal for filing
of appeal
Where an appeal is preferred against any order of the
Recovery Officer, under section 30, by any person from
whom the amount of debt is due to a bank or financial
institution or consortium of banks or financial
institutions, such appeal shall not be entertained by the
Tribunal unless such person has deposited with the
Tribunal fifty per cent of the amount of debt due as
determined by the Tribunal. DRT can not waive this.
However, could be reduced to 25%.
31B Priority to Secured
Creditors
New provisions in the form of section 31B is being
inserted to provide for priority of rights of secured
creditors to realise the secured debt by sale of assets
over which security interest is created, in priority over all
other debts and Government dues including revenue,
taxes, cesses, and rates due to the Central Government,
State Government or local authority. (But after
implementation of IB code the priority will be as per the
said Act)
September 01,
2016
25 Modes of Recovery At present following modes of recoveries are provided
under section 25 (a) attachment and sale of movable or
immovable properties of the defendant; (b) arrest of the
defendant and his detention in prison (c) appointing
receiver for the management of the movable or
immovable properties of defendant.
Now a new clause (aa) has been inserted providing for
“taking possession of property over which security
interest is created or any other property of the defendant
and appointing receiver for such property and to sell the
same”. Additional clause inserted for the Central
Government to provide for any other mode of recovery.
September 01,
2016