Section 18A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
1[18A. Validation of fees levied.--Any fee levied and collected for preferring, before the commencement of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, an appeal to the Debts Recovery Tribunal or the Appellate Tribunal under this Act, shall be deemed always to have been levied and collected in accordance with law as if the amendments made to sections 17 and 18 of this Act by sections 10 and 12 of the said Act were in force at all material times.]
Summary
- Section 18A validates fees that were charged and collected for appeals made to the Debts Recovery Tribunal or the Appellate Tribunal.
- It specifically applies to fees collected before the 2004 Amendment Act came into force.
- It treats those past fees as if they were perfectly legal from the beginning, acting as though the 2004 rule changes to Sections 17 and 18 were already in effect when the fees were collected.
Practical examples
FAQ
1. What is the main purpose of Section 18A?
It makes sure that any fees collected for tribunal appeals before the 2004 amendment are considered legally valid.
2. Does this apply to fees collected by the High Court?
No, it specifically mentions fees for appeals to the Debts Recovery Tribunal or the Appellate Tribunal.
Test yourself
Q1.Section 18A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 validates fees collected before the commencement of which specific amending Act?
Q2.What exactly does Section 18A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 validate?
Q3.According to Section 18A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the validated fees are treated as if amendments made to two specific sections of the principal Act were already in force. Which two sections are they?
Q4.Section 18A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 states the fees are deemed valid as if amendments made by which sections of the 2004 amending Act were in force?