📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Under Section 27(1), for the Presiding Officer to grant

      time for payment of recovery certificate amount, the mandatory minimum down payment by the defendant is:
      A 10% with an undertaking to pay balance Correct Answer Incorrect Answer
      B 15% with an undertaking to pay balance Correct Answer Incorrect Answer
      C 20% with an undertaking to pay balance Correct Answer Incorrect Answer
      D 50% upfront with no further undertaking required Correct Answer Incorrect Answer
      E 25% as down payment with an unconditional Correct Answer Incorrect Answer

      Solution

      Section 27(1) (substituted by the 2016 Amendment) provides that the Presiding Officer may grant time for payment provided the defendant: (i) makes a down payment of not less than twenty-five per cent. of the certified amount; AND (ii) gives an unconditional undertaking to pay the balance within a reasonable time acceptable to the applicant bank. Section 27(1B) adds that where the defendant agrees to pay and proceedings are stayed, the defendant forfeits the right to file an appeal against the Tribunal's orders. This important consequence prevents defendants from simultaneously seeking stay of recovery AND challenging the order in appeal as a delaying strategy.

      Practice Next
      More Banking Related Laws Questions
      ask-question