Section 18 of Sarfaesi Act - Appeal to Appellate Tribunal

Section 18 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 : Appeal to Appellate Tribunal

(1) Any person aggrieved, by any order made by the Debts Recovery Tribunal1[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.

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

3[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.

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

2. Ins. by s. 12, ibid. (w.e.f. 21-6-2002).

3. Ins. by s. 12, ibid. (w.e.f. 11-11-2004)