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Section 19 – 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 19. Right of borrower to receive compensation and costs in certain cases

1[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 17-A or the Appellate Tribunal or the High Court on an appeal preferred under Section 18 or Section 18-A, 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 concerned borrowers, such borrower 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 18-B.

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1. Subs. 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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