1. Right to Appeal (Section 17):
Any aggrieved person, inclusive of the borrower, has the right to enchantment in opposition to measures taken with the aid of the secured creditor below subsection (four) of section 13. This enchantment includes submitting software, accompanied with the aid of the prescribed fee, to the debts healing Tribunal within 40 to five days from the date of such measures.
1.1 Fee Distinction:
Different fees may be applicable based on whether the application is made by the borrower or another party.
1.2 Explanation:
Communication of reasons by the secured creditor to the borrower for not accepting representations or objections does not automatically entitle the person (including the borrower) to make an application to the Debts Recovery Tribunal.
2. Tribunal Assessment (Section 17):
The Debts Recovery Tribunal is tasked with evaluating the measures taken by the secured creditor for the enforcement of security, as outlined in subsection (4) of section 13, to ensure compliance with the Act and its rules.
2.1 Tribunal Decision:
If the Tribunal concludes that the measures are not in accordance with the Act and rules, it has the authority to declare them invalid and may order the restoration of The borrower has management or possession of the secured assets.
2.2 Valid Recourse:
Conversely, if the Tribunal deems the recourse taken by the secured creditor to be in accordance with the Act, the secured creditor is entitled to utilize specified measures to recover the secured debt.
3. Application Processing (Section 17):
Applications made under subsection (1) are to be expeditiously processed by the Debts Recovery Tribunal and should be disposed of within sixty days from the date of application.
3.1 Time Extension:
The Debts Recovery Tribunal may extend the processing period, with reasons recorded in writing, ensuring the total pendency does not exceed four months from the application date.
4. Appellate Tribunal Intervention (Section 17):
If a utility stays unresolved in the precise four-month duration, any birthday party concerned may additionally make a software to the Appellate Tribunal. The Appellate Tribunal can problem an order directing the debts Restoration Tribunal to expedite the decision of the pending application.
5. Adherence to Other Laws (Section 17):
Except as otherwise provided in this Act, the Debts Recovery Tribunal is expected to dispose of applications in accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), and the rules established under it
