The Sarfaesi Act 18A, introduced through the Enforcement of Security Interest and Healing of Debts Laws (Amendment) Act, 2004, plays a pivotal role in reshaping the landscape of fees associated with appeals under the Sarfaesi Act. This amendment addresses a historical context where fees for appeals with the Debts Recovery Tribunal or the Appellate Tribunal were not clearly defined. Section 18A retroactively validates these fees, deeming them legal and seamlessly incorporating them into the regulatory framework established by the 2004 amendment. This article delves into the significance of Section 18A, shedding light on the deemed legality of previously collected fees and its broader impact on the Sarfaesi Act.
Background on Amendment
Before the Enforcement of Security Interest and Healing of Debts Laws (Amendment) Act, 2004, positive fees were charged for filing appeals with the money owed Recuperation Tribunal or the Appellate Tribunal beneath the Sarfaesi Act, 2002. Section 18A validates these expenses, making them retroactively valid.
Retroactive Validation
Any fee amassed earlier than the graduation of the 2004 amendment Act for filing an attraction is now taken into consideration to have always been legal. This applies as though the amendments made to section 17 and section 18 of the Sarfaesi Act with the aid of sections 10 and section 12 of the stated modification Act were in force from the beginning.
Deemed Legality
Thanks to Section 18A, those fees previously levied and collected are now officially recognized as lawful. The validation ensures that the amendments introduced in 2004 have a retroactive effect, creating a seamless legal framework for fees related to appeals under the Sarfaesi Act
