Section 11 in The Energy Conservation (Partial Risk Guarantee Fund for Energy Efficiency) Rules, 2016
11. Subrogation of rights and recoveries on account of claim paid.
(1)The participating financial institution shall furnish to the Partial Risk Guarantee Fund for Energy Efficiency, the details of its efforts for recovery, realisation and such other information as may be demanded or required from time to time.(2)The participating financial institution shall hold lien on assets created out of the credit facility extended to the borrower on its own behalf and on behalf of Partial Risk Guarantee Fund for Energy Efficiency.(3)The Partial Risk Guarantee Fund for Energy Efficiency shall not exercise any right of subrogation and that the responsibility of the recovery of dues including takeover of assets sale of assets and such other acts shall be with the participating financial institution.(4)Every amount recovered and due to be paid to the Partial Risk Guarantee Fund for Energy Efficiency shall be paid without delay and if any amount due to the Partial Risk Guarantee Fund for Energy Efficiency remains unpaid beyond a period of thirty days from the date on which it was first recovered, interest shall be payable to the Partial Risk Guarantee Fund for Energy Efficiency by the participating financial institution at the rate which is four percent above base rate of State Bank of India for the period for which payment remains outstanding after the expiry of the said period of thirty days.
