Section 38 SARFAESI Act, 2044 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Power of Central Government to make rules.

Section 38 SARFAESI Act, 2044 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Power of Central Government to make rules.

Power of Central Government to make rules.—
(1) The Central Government may, by notification and in the Electronic Gazette as defined in clause (s) of section 2 of the Information Technology Act, 2000 (21 of 2000), make rules for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—
(a) the form and manner in which an application may be filed under sub-section (10) of section 13;
(b) the manner in which the rights of a secured creditor may be exercised by one or more of his officers under sub-section (12) of section 13;
9 [(ba) the fee for making an application to the Debts Recovery Tribunal under sub‑section (1) of section 17;
(bb) the form of making an application to the Appellate Tribunal under sub‑section (6) of section 17;
(bc) the fee for preferring an appeal to the Appellate Tribunal under sub‑section (1) of section 18;]
(c) the safeguards subject to which the records may be kept under sub-section (2) of section 22;
(d) the manner in which the particulars of every transaction of securitisation shall be filed under section 23 and fee for filing such transaction;
(e) the fee for inspecting the particulars of transactions kept under section 22 and entered in the Central Register under sub-section (1) of section 26;
(f) the fees for inspecting the Central Register maintained in electronic form under sub-section (2) of section 26;
(g) any other matter which is required to be, or may be, prescribed, in respect of which provision is to be, or may be, made by rules.
(3) Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

 

About us:

Verma Law Associates is an offspring of Advocate Anoop Verma and other experienced Advocates/Lawyers.

Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.

After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.

During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.

We at Verma Law Associates handles all the cases pertaining to:

  • Criminal Law
  • Banking Law/DRT (Debt Recovery Tribunal)
  • Civil Law
  • Family Disputes
  • Consumer Laws
  • Service Law/Service Matters
  • Company Law/NCLT (National Company Law Tribunal)
  • Motor Accident Claims
  • Property Law

Have a Question about your banking DRT Case? Schedule a Consultation with DRT Advocate.

We offer initial consultations over the telephone and in person at no cost.

Talk to Advocate Anoop Verma directly
tel:+919463742964

Advocate Anoop Verma

Punjab & Haryana High Court Chandigarh, DRT Chandigarh

Email: advanoopverma@gmail.com

 

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