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Section 18 B – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Section 18 B. Appeal to High Court in certain cases

1[Appeal to High Court in certain cases. Any borrower residing in the State of Jamrnu and Kashmir and aggrieved by any order made by the Court of District Judge under Section 17-A may prefer an appeal, to the High Court having jurisdiction over such Court, within thirty days from the date of receipt of the order of the Court of District Judge :

Provided that no appeal shall be preferred unless the borrower has deposited, with the Jammu and Kashmir High Court, fifty per cent of the amount of the debt due from him as claimed by the secured creditor or determined by the Court of District Judge, whichever is less :

Provided further that the High Court may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent of the debt referred to in the first proviso].

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1. Inserted by Act No. 30 of 2004 w.e.f. 29-12-2004.

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

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