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Section 19 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 View Chapter 3

Right of borrower to receive compensation and costs in certain cases.

1[19. Right of borrower to receive compensation and costs in certain cases.-- If the Debts Recovery Tribunal or the Court of District Judge, on an application made under section 17 or section 17A or the Appellate Tribunal or the High Court on an appeal preferred under section 18 or section 18A, holds that the possession of secured assets by the secured creditor is not in accordance with the provisions of this Act and rules made thereunder and directs the secured creditors to return such secured assets to the 2[concerned borrowers or any other aggrieved person, who has filed the application under section 17 or section 17A or appeal under section 18 or section 18A, as the case may be, the borrower or such other person shall be entitled to the payment of such compensation and costs as may be determined by such Tribunal or Court of District Judge or Appellate Tribunal or the High Court referred to in section 18B.]

STATE AMENDMENTS

Union Territory of Jammu and Kashmir.--

Amendment of section 19.--(i) Omit "or the Court of District Judge", occurring at both the places;

(ii) Omit "or section 17A" occurring at both the places;

(iii) Omit "or the High Court;

(iv) Omit "or section 18A" occurring at both the places; and

(v) Omit "or the High Court referred to in section 18B" occurring at the end.

Insertion of new section:--After section 19, insert--

19A. Transfer of Pending Applications.--All the pending applications before the court of District Judge and the High Court under sections 17A and 18B respectively, shall stand transferred to the Tribunal and the Appellate Tribunal, as the case may be.

[Vide Order No. 3807(E) dated 26th October, 2020, the Union Territory of Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Third Order, 2020 (w.e.f. 26-10-2020)].

Union Territory of Ladakh--

Section 19.--In section 19,--

(i) omit "or the court of District Judge", "or the High Court" and "or the High Court referred to in section 18B";

(ii) omit "or section 17A" and "or section 18A".

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Footnote :

  1. Subs. by Act 30 of 2004, s. 14, for section 19 (w.e.f. 11-11-2004).
  2. Subs. by Act 44 of 2016, s. 15, for "concerned borrowers, such borrower" (w.e.f. 1-9-2016).

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