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Union of India - Section
Section 19 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
19. [ Right of borrower to receive compensation and costs in certain cases. [Section 19 substituted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004), Section 14, (w.e.f. 11-11-2004). ]
- 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 or any other aggrieved person, who has filed the application under section 17 or section 17A or appeal under section 18 or section 18A, 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 or the High Court referred to in section 18-B.]| Prior to its substitution, Section 19 read as under:-"19. Right of borrower to receive compensation and costs in certain cases.- If the Debts Recovery Tribunal or the Appellate Tribunal, as the case may be, on an appeal filed under Section 17 or section 18 holds the possession of secured assets by assets to the concerned borrower, such borrower shall be entitled to payment of such compensation and costs as may be determined by such Tribunal or Appellate Tribunal." |