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Section 18: Appeal to Appellate Tribunal.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002Central Act · Act 54 of 2002

(1) Any person aggrieved, by any order made by the Debts Recovery Tribunal [under section 17, may prefer an appeal along with such fee, as may be prescribed]to the Appellate Tribunal within thirty days from the date of receipt of the order of Debts Recovery Tribunal.

[Provided that different fees may be prescribed for filing an appeal by the borrower or by the person other than the borrower:]

[Provided further that no appeal shall be entertained unless the borrower has deposited with the Appellate Tribunal fifty per cent. of the amount of debt due from him, as claimed by the secured creditors or determined by the Debts Recovery Tribunal, whichever is less:

Provided also that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent. of debt referred to in the second proviso.]

(2) Save as otherwise provided in this Act, the Appellate Tribunal shall, as far as may be, dispose of the appeal in accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) and rules made thereunder.

Where this provision sits

ActThe Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Section18
Marginal noteAppeal to Appellate Tribunal.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it12

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 30 of 2004. . Subs. by Act 30 of 2004, s. 12, for "under section 17, may prefer an appeal" (w.e.f. 21-6-2002).
  • inserted. . Ins. by s. 12, ibid. (w.e.f. 21-6-2002).
  • inserted. . Ins. by s. 12, ibid. (w.e.f. 11-11-2004).

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