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

Chapter-III Enforcement of Security Interest

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

¹[19. If the Debts Recovery Tribunal ³[***], on an application made under section 17 ⁶[***] or the Appellate Tribunal ⁴[***] on an appeal preferred under section 18 ⁷[***], 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 ⁶[***] or appeal under section 18 ⁷[***], 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 ⁵[***].]

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Reference

1. Substituted by Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, (w.e.f. 11.11.2004).

2. Substituted by Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (w.e.f. 01.09.2016 vide N. No. S.O. 2831(E) dated 01.09.2016), for the words “concerned borrowers, such borrower”.

3. Omitted by Jammu and Kashmir Reorganisation Act, 2019, the words “or the court of District Judge“.

4. Omitted by Jammu and Kashmir Reorganisation Act, 2019, the words “or the High Court“.

5. Omitted by Jammu and Kashmir Reorganisation Act, 2019, the words “or the High Court referred to in section 18B“.

6. Omitted by Jammu and Kashmir Reorganisation Act, 2019, the words “or section 17A“.

7. Omitted by Jammu and Kashmir Reorganisation Act, 2019, the words “or section 18A“.