ema 30. DL —isenurne ot JIN = TSA The Gazette of Gudia [EXTRAORDINARY wn wert PART — Soetia 1 aiken 8 reife PUBLISHED BY AUTHORITY ¥a ad ere, pH Wa 0g OUI HS, 1924 CT Bo.3]___ NEWELL BRUDAY, JANUARY 04 2OLVPAUSA 14198 (SAKA) [Be err fer ps sear et Pre few acon aT we A care ‘Separate ging | ent this PAPC der MAL my be ed aa separate com MINISTRY OP LAW AND JUSTICE (agislave Departmen) ‘ew Deis tt omsery, 201 I, 1934 (Sain) Ihe following. Act of Pacizwent resivo the seen! of the President on che 5rd nua, 2073, ands heey peblishod fr gona inurmation ‘THB ENFORCEMONT OF SECURITY INTERFSTAND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2012 (No. Lor 2013) Btdemary 203) ‘An Act futherto amend ihe Securitisation and Reconstrustionaf Finacial Assets sand Enforocmant of Security Imcrest Act, 2002 und the Revavery af Dehts Due to Ranksand Financial Insitutions et, 1995, Beitenareby PaTiamentin be Sity-third Yeu ofthe Rept india fiw: CHAPTER | Pasi 1.) Ts Act maybe called he Enforcement of Sevury Lneest ond Recovery oY Sr ie na Debs Vas (Antendment) Act 2092, Enero (hls comein freon suede the Cental Goverment may hy wotcaion inthe Otic Gneo ppait Provided Ur ent dates way appoled for diferent provisions ofthis Ack aad guy reference aay such provision ae commencetent ofthis Atha be cant ea refrence ote cing ino free of x proviso, 2 THE GAZETTE OF INDIA EXTRAORDINARY Part CHAPTER AMONG 0" Sec UTES Ao RESTON oF FS [Emoretamer cr Seca Ios Ax, 2002 Ager 80 srentnent 2 inset 2 ofthe Sceuiliston and Recansicucios. nf Finacial Assets and Trahan’? Raforcement of Seewiy Interest Act, 2002 (herafs ia this Chapar refered lo the 54 oF incpal Act) io clnos(), er sub-clause 7), the following sub-class be sere, ely “inn State co-operative bank” mendnent 13. section 5 of te princinal Ac, afer sb-section (4). he follwing sutton foci. call be lsened, namely — “(39 On aquisition of fnmcil aot under vib-setion (the securitisation company vt revestracton compen, ay withthe vonsat fe originator Fe an “palcatin before the Debts Recovery Tituoal or the Appetite Tribal a any hurt or other Authoriy fa the purpose ofsebttution of Rs ame in ny pending Stig spre! er otber proeedings and on eveipt of such application, such Debs ecovars Tbona r tse AppeliateTrbucal or ear or Autry shal pass orders forthe sobatttion of he setatiaton compar ar reeaasueio cospany x such pending si, appeal or eer proceedings.” smendnent 4 scton 3 ofthe principal Ak, afer clene fhe flowing chuse shall be F000 get gamely “(gto convert any potion af db Lat shares oa borrower company Provided that caovetson ofany par of eb int shares of heeroner company shat he doomed alvays 1 have boo ll a the provisions of tis luse wer ib fore a mara ws." Ament S. In suction 13 ofthe rincips Act cesimns (a9 in sueseotion (54), fo he sards “within one eck ‘itoan day" sal be sobstned ey ler sub-section 5) the flowing sub-section hall ested, nam: the words “within (34) Where the sl of en inmovable groper for hich aroserve price tshemn apie, as ban postponed fo War ofa bid ofan amon! no fess Ahan such eserve pc, stallbe lle any aficer ofthe scoured rein ifapauihoriad hy te secure reder is behal ea bid for fhe inmownbie property ical ft sured credo a ay subsequent al (Ga) Where ne secre reo, refed tin ubseton (54, Sade to bo the pitaser ofthe itnovable propery at any subsequst sal. the Srount of The chan rice salle adjusted towards the amount ofthe ee tthe secured cred for wish the aucion of eafveoment of weit iteret ietakonby the s2oted err under sub-seton (4 of section 13. {5C) The peovsins of section ofthe Laing Regulation Act, 1949.1 of $8 shal esas wy a, apply to the imunovable property acquired by secured ‘sroditorundareb-sction 34)" {e in the openang pinion of sb-edion (9), ad inte Explanation orto forthe oe thee fur ceuring bok the place! he words "sy per so.” bull be saksinted Amendowst nection [ofthe priclpal Act — reein 0) in subsection (2). the following provisos shal be insti, nay “vided that any application by the sevured creditor shall 9é sccompaniad by an afdavit dy firmed by the auheriod offer ofthe sel THE GAZE OF INDIA EXTRAGRINARY secured eroding, lrg that (9 the agregste amowal of nil asistince pried and the ‘tl laa of Se Bak sen he date of ing the apinton Ute bocier ie reed seewig/ iets versanou proptiet nd thatthe tank oe Focal tiation isboldingavakc and ulntng seni iteestcver such epee andthe elim ofthe Rank Franca {nsintion thin the Knittog pee Qu) the barter has eroated suri interest over varius ropenias sing the dete of props refered tn ab cause LU) hebarcower haere etal tsp he fined ‘since granted segregating toe specified trun (6) xasequent upon soc deft in repayent ofthe Financia ssistunce the account ofthe Merer Eas Boch ified 1 errning anset (ating hase perod wnt days nice 35 siced by the provisions of sub-set (2) of secon 13. damandiug pment ofthe Uetautedfeancsl sestane hasbeen served he horrowes, {1 e abjoction or epresentatin in reply ete aotice recived Frome Boromer has bee cnsitedy the sete cer and eons for nomacceprance of such ebjeetion or representation had been commonicaed the borrower (i th bore has nol mae ay repayment of Ue Gaga sasisunee ic spe of the shove antiee and the Authoring” Ofer i thereore, tiled to he pvseson of the eeced ast wader tbe provisions of sub-section (/ uf secon 13 read with Seton 14 ofthe principal Act, fn) tat te peeans of this Act andthe rules mae herunder bud teen complied wi Provided Surat hat or rceipt ofthe affidavit a he Authored Oe the Dincet Magitrat or he Chief Menopolian Magna, a the came may hi shal sir satisfying the comets ofthe afd pase citable ndes for the pure of faking pocicsion ofthe secured asic ‘rover that the requirement of ling aid sated nthe ist ove shall nat apply lo proceeding pzoding before any Divret Magitate ot the Chief “Mesopolian Magi tie cre be oh Hef cmencenro eh At", (@yatersub.seean( {the Fllowing sobetetion shill enced ane “UA) The Distet Mayne of Cait Mecopotian agit ay sauherse ay afer sudan ) to ke posession of such aisets and dacoivenlsreiog theses ae (aye Sorwarasuch se and dacument toe aru creditor eyn stesso (3), aer te words "te District Magistrate the words any fice autos by Une Chet Metropolitan Magiseats or Dict Maleate” shall be ined, 7. Aft mton 1BB ofthe principal Act, the following sxe shal be inte, ron sal — Sen stan ARE, 17) \er an appliaton ora appeal eect be nade on hex buen ig ge rage desub section (ofan Terscebot ITA oruibarcien D)oFaedign 8 # ‘THE GAZETTE OF INDIA EXTRAORDINARY Part ‘orsection TAB, te vvur zeae orany person cling aight to appr before dhs ‘Trbanal ut Cour of Dist Judge or the Appt Tiana] othe High Cour a ‘he ene may be, un te beng of such applica ur appeal, may Ege vest in respect (2) where cava sb Jodged under sub seein (2) (4) the ssured eee by whom the caveat hasbeen lodged (heer Sn this sectio refed toa the ever) shal sarve mice f he eavet by repistered poe ahaa legen du, an he pers be whore application hasten ari expected o be made uode: subsection (3 any pers by whom the caveat hasbeen lege (hereaie in his section fered ow the eaveaor sal yee tetie af ecuven by regered Tess acknewedgerent du, on the perm By who the application has haa for expec tobe mide wader subsetion (9. (5) Where ater acu s boa lodged under subsetion (7), any application cer agpel s led beore the Tribunal ur he court of Dist Judge or che Appeine ‘Foun or hs High Cour, w the are maybe, the Tiboaal che District udge ot tae Appellet Tint or the High Cert, he case oxy be shell serve a matics of ‘pplication or appeal Filed hy the applica ors appellant ci the cea (4 Where a notice of any caveat has beea S604 on the upplica a the Appelt sal peioicy osih th eavester ws copy af dreappiclvn et the oppeol made by im and leo will copies of aby pope or acurert which has hoch or mny be ld by he in sippor othe application or ihe appeal () Where a cavat bas been Jog wir sub-section (7, such seven shu sot reatn in cee te expiry oft period fines 2ays rom he den beh ima ledgod une the aplication appeal refered ta in sub-section () has hon rade bi he expiry ef the sd pried" {& In secn 23 ete pris Aether the prvi, the folowing povico shall be inser. mel evel farther thatthe Catal Goverument ms, Dy notation, require teviteatiog ofall mensions of section, or axel reconstruction or ation of cunt interest which are sabaiting hor Refre the date of etabisazen ofthe Gentil Repiny der bso PpoPseeon 20 wit sik pei and on payment lof eh ve me ty be prescribe” 9. Atter section 26 ofthe prinsipa At the fllowicg estnn hall be inserted, vas *26A. (The Conta Government us ing sated (@) tha the omision to Ge with the Registrar he puticolas of any transaction of eeoitiaron, ast eeeonsrution or secuclyinerest ot ‘nodifeaion orate tin of rich raaeiob6F fe orisson oasis ment (of ary parca vt expecta any sh rezaction ar diene with fecpoetco any salifestion on oor entzy case in posuzoce of sein 22 ot tedion 2 orseion 5 of he egal At wasaeeidentl a dueto uence trsume other afientcaus orient of rn capejudie the postion of dos: or (iy that on eter groans, tis just und eae rar elle, roy of the application of x secuted erodior ut sccutisation company of ‘Reumtoction coh ar any ater preson interested on suet nd coitions ‘sem soem o the Cots Goveroment jut a expedient, Sic ha the ime for Belt ‘THE GAZUIE OF INDIA EXTRAORDINARY 5 ‘ling ofthe arouse trananction fr regis or aadission or satiafcion sal be emende or. the caze may require, omsion ur nl-staeren hl be tested 2) Whore he Ceuta] Goveramen extends the te forthe megteation af transition of sevury inert or securstion or assetrecansmucion or modification or sasTaton here, the ede shall ot prejudice ny right acquied in eapet of property concerned er ancl used bere the wanecton is actly eters” 10, Fer section 30 ofthe prininal Act, de folowing seri shall be sbi, rey — 30. {F) Na cour shall tke cognioane of any offence punishable under section 27 in relaion to non-compknoe wile provisions ofceton 23, zston 24 fr seton 7 or under setun 2 oration 29 ox any ether onions ofthe Ac, ‘xcup pen 2 complain i writing made by a afer ofthe Conal Regis or an ice othe Reseeve Bark, generar specially auborised in wring inthis ball bythe Centra: ester or, the ease oa, to Reerve Bank. {2)Nocourtntitirtothatata Morepolian Magia or adil Mage of the fr tsa shalt my any offence punshale andar this Ae" 11 Afr setion 3¢ ofthe principal Ae tke following vetion sball be inser, sane “ILA. (1) The Contest Gocerinaut nay, by woul nthe pubic ler, ies shat any of eovisins Us Ae, (shell oats sch has las ok tr Gane ations, (0) shal appy tthe elas or elases of tanks ue fina famttons ‘wih such exceptions, maications amd adiptarions, cma be syctfed n the acictlen (2) Acupy uf eves notification propose to be issued under su>-sectian (1) shall be aid in ral before ch House of Parkament, wile tea aston tata peru uf my dye which muy be comprised in one resin of in two or ore uccessive seus, and if blore he angry of re seeionimmaeinely following the session or le stecesive cession aforesaid both House sgoe in daapproving te ioue ofthe noificeion a bth House age in making any modifeaion inthe notation, the aatifiato hall nr be isu oath caso Way be, shale ced ‘nly in aoe nhdified frm ae maybe agro upon by bh che Howson cure Asincviso nae Reconens or Dans 1 Bans 8 Financ Tbe A, 83 1a. Inthe Recovery of Debts Due to Bans and Finmcilfatiutons Act, 1985 Aeneas ints Chupter refered o a5 he pacpul Act) in section 2, chase (er sub luse¢), the folowing sub-clause sal be inserted, cue — “(yi amut-Stae coepeetve bank” 15, In setin 15 of principal Actin sub-section 2) he folowing proviso shall beinserted namely — "Provided ht the Central Govemtoent,doiog the pendency ee inquicy aginst he Presiding Ofer er & Churpersen asthe coat mney be, 8. tee consuiag the ‘Chaleptson ofthe Solecion Commitee eonstued for selena af Presiding Oticer ot barn a ote one 6 (DHE GAZETTE OF INDIA EXTRAORDINARY (Psat CChanpeson,pyssan order aupeling the Pesiding OMe oe the Chatperson if x ‘lisa tha be should conse fo dtcharge hi funetions as a Presiding Otfce? ot ‘Shaiperson, a tne ease ay be. 14 Te section 18 of th principal Act, the fotlwing pravise shal be inserted, aml “Provided bat ny preening in rebtion ta he eoavers of dats due w any nna co-operative bank pening belo dhe date of wemmenoraest uf the Enforcement of Secary Interest and Kecovery of Debis Laws (Amendote) [Ao 2012 under he Mule Sate Co-operalve Soci Act, 2002 shal be corned End nothing cariaioeé bike sexta shal, afer soch commencement, app (0 ich procedinga” 15, taro 19 ofthe pincpat A — {ahaftervub-sstign (2), the folowing sob sections shal be inserted, nam — "(La) Beary bank being, MVk-ate co-operative bark referred ca in sub-clause (of cltze (uh ef scton 2 ma, at option, opt 1 iiire Sroccetns under te Sill Sate Co-operative SoceieAcl 2002.0 recover ‘Feber whetker due before or after te date of commencement of the Enforccment of the Scourity Interest and Resovers af Debts Laws fAmendveet) Act, 2007 trem any person insieed of ming wn aplication tnder tis Capea. (139 Incase, abank being, mali-Se co-operative bank referred ta 1 ut-slaoae (of elntee (4) of section ? bas ed un appkation under this Chepter and sybeequentiy pis 19 withdraw die eppleasion for che purpose of mivating proceeding under tae Multi-State Co-operative ‘Societies Act 2002 fo recover debts, it may do so with the permission af Zhe Tribunal and every such appicaven seeking permission from the ‘Tibunal to withdsew the spplieation otade edo sb-gection (24) shall be dont with hy it's expeatinusly us possible and disposed of within ‘hit Ways frm ee duly of £ach application Provide thst in cae the Teibuoal rafoges 10 giant permission for viral of he applention led nde his subset, shall pas mich oedere afer wcotding the reasons therefor"; (ei ater sub-section (33, dh following sub-section shall be inserted, panely— 28) 1 ay application Ae! before the Hibupe for recovery of ay Ae is sted prior athe commencement fie heting bear tha Tiburat tr et any stage af the proceedings before the final order i petted te Sppplcan eye ante fund DF te fos pl by iru cht as my be preserined (6) for sub-seeion (5), the following sub-section shall be substituie, analy +8) The defen sal, within 3 period of hint ay om the Ste of servie of summer present a len tatreat of ths defence Provided th whore be defendant fils le the wien starement within te soe perod of ty ay, the Presiding Oise inaxesptiona| ‘Goes and in apecal sisamusaces tbe recorded i wetang, allow aut more Than to extensions tothe deft f Fle de wren arement, (dj afer eub-setlon (5), the folowing subssection shal be inserteé, sane “5A Afr braving of the application has commenced, it stall be sotinucd om day--4a unl We Rering i orele do ‘Provided hi the Tribune ny rat adjourn f uit cane fs sown bot eo auch adjirent sil be panied more than tre ies to a fy and vinete tere are three o¢ more partes, the toal nber of such Sjouraments shal ne exceed se st] THE GAZH:TTE OF TNDTA EXTRAORDINARY 2 Provided fater thar he Presiding Ofc may erantsuch ujournments ‘on Imposing ich costs as may be ensidered mossy", (gah su action (20), de Flowing sb section shal be eed, nae 204) Were iia proved tothe suiafaction of the Tribunal hal the kim oftheapoicent ha ben afte wholly or pt by any tl econ Dreumpeomise writing arsine by the patios r wee the defendant a Pepsi or agreod to repay the ela ofthe splice Tribunal shall pes ‘onde reconding such agseement, compromise ue wifation of he Chim 16, nsoeion 1 ofthe principal Act, alr te provi, the fellow provsn shall be insened gamely — “Veuve far thac ay reevery proceedage in ean te seeosey of Mlebis due to any rv!d-Siate oo-aperative baak pending befor the date of onumeacementof te nfrcement of Scour nlret and Recs vry of Debs ans (mendes) At, 201? der the Mal Stat Coapermtive Soest Ack, 2002 shal be connie and thing carusincd inthis seston abel apply ta suvh proceeding 17 Insetion tof he principal Act, a wubeetion (2), afte lass clase salle seed, nae — "ou the ate of fe oe refunded othe applica under subsection (34) of section Taf he Act 2 ileing PK, MALHOTRA, Soot tothe Gove. of ata a PGE TRE FRR SERVE DR EE RTOS crarO—asctes oF 012018,