(1) Notwithstanding anything to the contrary contained in any contract or in any other law for the time being in force, no managing director or any other director or a manager or any person in charge of management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower.
(2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager or any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation.
Section 16 No compensation to directors for loss of office
Section 17 Application against measures to recover secured debts
Section 17A Making of application to Court of District Judge in certain cases
Section 18 Appeal to Appellate Tribunal
Section 18A Validation of fees levied
Section 18B Appeal to High Court in certain cases
Section 18C Right to lodge a caveat
Section 19 Right of borrower to receive compensation and costs in certain cases
Section 20A Integration of registration systems with Central Registry
Section 20B Delegation of powers, Section 21 Central Registrar
Section 22 Register of securitisation, reconstruction and security interest transactions
Section 24 Modification of security interest registered under this Act
Section 26B Registration by secured creditors and other creditors
Section 26C Effect of the registration of transactions, etc
Section 26D Right of enforcement of securities, Section 26 E Priority to secured creditors