Question

    Under Section 18 of the SARFAESI Act, the amount to be

    deposited for appeal can be reduced to a minimum of …….
    A 50 percent of debt Correct Answer Incorrect Answer
    B 25 percent of debt Correct Answer Incorrect Answer
    C 30 percent of debt Correct Answer Incorrect Answer
    D 20 percent of debt Correct Answer Incorrect Answer
    E 15 percent of debt Correct Answer Incorrect Answer

    Solution

    Section 18 - Appeal to Appellate Tribunal—(1) Any person aggrieved, by any order made by the Debts Recovery Tribunal under section 17, may prefer an appeal along with such fee, as may be prescribed to the Appellate Tribunal within thirty days from the date of receipt of the order of Debts Recovery Tribunal. Provided that different fees may be prescribed for filing an appeal by the borrower or by the person other than the borrower Provided further that no appeal shall be entertained unless the borrower has deposited with the Appellate Tribunal fifty per cent. of the amount of debt due from him, as claimed by the secured creditors or determined by the Debts Recovery Tribunal, whichever is less: Provided also that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent. of debt referred to in the second proviso.

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