Explore the recourse available under Sarfaesi Act Section 18 when dissatisfied with a Debts Recovery Tribunal decision. This guide unpacks the appeal process, detailing crucial aspects such as filing procedures, fee considerations based on borrower status, and the conditions necessary for an appeal's validity. As a go-to resource, Section 18 ensures adherence to legal frameworks, promoting fairness in the debt recovery process through the Appellate Tribunal. Discover the essential insights for those navigating this pivotal aspect of the Sarfaesi Act, 2002.
Ever found yourself disagreeing with an order from the Debts Recovery Tribunal under section 17 of the Sarfaesi Act? Good news – you can appeal! Let's break down Section 18 to help you understand the process better.
if you're the aggrieved celebration, you may file an attraction with the Appellate Tribunal. Simply make certain to do this within thirty days of getting the order from the debt recovery Tribunal. Don't forget to include the required fee when you submit your appeal.
Now, about that fee – it might differ based on whether you're the borrower or someone else. Yep, there's a bit of a distinction there.
Before your appeal gets the green light, a couple of conditions need to be met:
- You, as the borrower, have to cough up fifty percent of the debt claimed by secured creditors or determined by the Debts Recovery Tribunal. However, the total amount can't exceed what the Tribunal decides.
- There's a chance the Appellate Tribunal might cut you some slack and reduce that amount to as low as twenty-five percent, but they'll have to jot down their reasons for doing so.
As soon as you've filed your appeal, the Appellate Tribunal will manage it. But right here's the deal – they want to observe the guidelines laid out within the restoration of debts because of the Banks and Economic Institutions Act, 1993 (51 of 1993), and the accompanying rules.
In a nutshell, Section 18 of the Sarfaesi Act is your go-to guide if you're not vibing with a Debts Recovery Tribunal decision. It's all about ensuring a fair process while keeping within the legal frameworks for debt recovery