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Goa Gazette · Government of Goa

Goa Gazette, No. 1617-51, 23 March 2017

Published 23 March 2017

Type
OG
Gazette no.
1617-51
Num
0
Series
SI
Identifier
in.goa.egaz.1617-51.SI/1617-51-SI-OG-0
Languages
English, Portuguese
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RNI No. GOAENG/2002/6410

Reg. No. G-2/RNP/GOA/32/2015-2017

Panaji, 23rd March, 2017 (Chaitra 2, 1939) SERIES I No. 51 PUBLISHED BY AUTHORITY

INDEX

Department Notification Subject Pages

1. Education, Art & Culture DE/PLG/Counselling/ Scheme for providing Counseling to the students in 2035 Director Miscellaneous/2010-11/ the Government and Government Aided Institutions

/2569 (Secondary/Higher Secondary).

2. Law & Judiciary Not.-10/4/2016-LA The Enforcement of Security Interest and Recovery 2038 Under Secretary

of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.

3. a. Personnel Not.-1/5/2016-PER/712 RR— The Goa Institute of Public Administration 2061 Director General (GIPARD) and Rural Development.

b. — do — Not.-1/3/2015-PER/760 RR— Department of Handicrafts, Textile & Coir. 2069 Additional Secretary

4. Printing and Stationery

Subscription Rates.

2071

GOVERNMENT OF GOA

Department of Education, Art & Culture

Directorate of Education ___

fallen victims to career burnout syndrome. The basic reason is that ever y profession is susceptible to exhaustion and mental strain.

Notification

DE/PLG/Counselling/Miscellaneous/

/2010-11/2569

The following scheme is approved by the Government of Goa and is hereby published for general information of the public and shall come into force from the date of publication in the Official Gazette.

_____

The diverse socio-economic and cultural levels of the students and the increased competition at school for achieving higher academic grading plays havoc with the young minds more so with the vulnerable sections of the society thereby falling prey to addictions of alcohol, tobacco, drugs and at times gambling. The fear of failure also makes the mind lose self confidence and leads to psychological imbalances and leading to incidents of suicides amongst the susceptible youth.

"Scheme for providing Counseling to the

students in the Government and

Government Aided Institutions

(Secondary/Higher Secondary)"

1. Introduction.— Career burnout has turned into a common phenomenon in recent times. Blame it on hectic lifestyles, tough deadlines, multitasking, rat race or cut-throat competition. Many bright prospects have As today's youth is the future of the country, the Government of Goa therefore with thoughtful concern endeavors to take due care, and as an immediate response desires to engage expert counselors in schools to help the young students cope up with the emotional and psychological stress related to education and also socio-economic and cultural environment.

2035 Suggestions are welcomed on e-mail: dir–[email protected] OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

2. Short title and commencement.— (I) This

scheme shall be called "The Scheme for

providing Counseling to the Secondary &

Higher Secondary School Students.

(II) This scheme will be implemented

through GEDC wherein financial assistance to

provide remuneration to eligible Counselors

and Supervisors will be provided by the

Government.

3. Objectives.— The objective of the scheme

is to spot the students undergoing mental,

physical related stress and provide solace,

safe vent to release their stress, anguish,

grievances, guilt or feeling of unrest/complain

of neglect, confidential space through

specialized Counselors in a supportive and

purposeful manner and assist the distressed

student to think more clearly and positively

and develop the skills to find their way

forward.

The main objective of this project is to provide youth friendly counseling services in Higher Secondary and Secondary schools,

delivered by appointed school Counselors.

(1) Stress Management.

(2) Adjusting to school environment.

(3) Life transition and changes.

(4) Difficulties in family relationship.

(5) Depression.

(6) Anxiety, Anger.

(7) Physical, Sexual, Emotional abuse.

(8) Thoughts of suicide.

(9) Trauma

(10) Other feelings that cause discomfort.

5. Eligibility Criteria.—

A. Counselor Profile:—

Nature of Employment:— Contract basis for

11 months.

Essential:—

(1) Regular Masters degree in Clinical/

/Counseling Psychology

OR

MSW (Masters in Social Work) with specialization in medical and psychiatric

OR

The specific objectives of this project are:—

! To recruit school Counselors with specific

skills.

! To recruit Supervisors to provide super-

vision to the Counselors.

! To train the appointed Counselors on

counseling skills.

! To implement a model of continuing supervision and support of the trained school Counselors in the schools through supervision and mentoring of Supervisors.

4. Scope.— The scheme shall cover the

students studying in Government and

Government aided Secondary and Higher

Secondary Institutions in the State of Goa.

The Counselors shall discuss and assist the

students in various arrays of concerns and

provide guidance with regards to the issues

related to:—

Regular Graduation in Psychology (6 units), Social Work, Home Science (HR) from UGC recognized College and Diploma in Guidance and Counseling from recognized Institution.

(2) Minimum 1 yr. experience in working

with adolescents.

(3) Knowledge of Konkani.

Desirable:—

(1) Knowledge of Marathi.

(2) Experience of working as a Counselor.

Age Limit:— 45

B. Supervisor Profile:—

Nature of Employment:— Contract basis for

11 months.

Essential:—

(1) Regular Masters Degree in Clinical/ /Counseling Psychology or MSW (Masters in Social Work) with specialization in medical and psychiatric.

(2) Diploma in Guidance and Counseling

from recognized institution.

2036 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(3) Minimum 2 yrs experience in working

with adolescents.

(4) Experience of conducting trainings and

workshops.

(5) Knowledge of Konkani.

Desirable:—

(1) Knowledge of Marathi.

(2) M. Phil/Ph. D in Psychology.

(3) Experience of being a counselor in a

school.

As this is a profession of dealing with individuals and their emotions, persons with the above mentioned qualification will be selected.

Age Limit:— 45

6. Appointment Pattern.— The appointment of Counselors and Supervisors will be on contract basis for a period of 11 months. The appointment of the 02 Clerk cum Data entry operators shall be for 11 months. GEDC may renew the contract strictly based on the performance of the counselor/supervisor/data entry operators which will be assessed by the committee constituted for the same.

The Board shall constitute a Committee for the purpose for selection of Counselors and Supervisors. The Committee shall conduct walk-in interviews and allot 85 marks to the essential Qualification and 15 marks for the interviews.

7. Funding Pattern.— The Goa Education Development Corporation will pay the remuneration of the Counselors, Supervisors and Clerk cum Data Entry Operator from the funds provided by Directorate of Education to the tune of Rs. 22,000/-, 30,000/- and 12,000/- respectively.

The school is a system where the focus is on holistic development of a child, as opposed to a narrower focus only on academic outcomes. To integrate this initiative within the school system, we plan to optimize existing resources in the following ways:—

Structural: The Super School Complex will serve as the main office for the Counselor. These institutions provide ideal conditions for achieving the purpose of counseling as they are specifically equipped to cater to this need.

Human Resources: The Counselor is a important human resource within the school setting to cater to the needs of emotional well being of students. Through training and supervision, the Counselors capacities will be enhanced to provide efficient and effective counseling for the students.

Stakeholders: This program will simultaneously work with consultation with the various stakeholders such as teachers, students, parents & school officials etc. to generate awareness about the program.

Secondary Referral centers: The Counselors will work with the Principals and ADEI officers of all talukas to network with Secondary referral centres for counseling within the region. These secondary referral centers will need to be recognized by the GEDC. This will lead to the sustainability of this programme.

9. Relaxation.— (a) The Government shall be empowered to relax any or all clauses or conditions of the scheme in genuine cases for which the reasons shall recorded in writing.

(b) If any question arises regarding interpretation of any clause, word, expression, the decision about the interpretation shall lie with the Government which shall be final and binding on all concerned.

Goa Education Development Corporation,

will be reimbursed at five (5%) cost towards

overhead and other expenses.

8. Monitoring & Evaluation.—

By order and in the name of the Governor

of Goa.

G. P. Bhat, Director (Education).

" Plan for Integrating the Initiative within

Porvorim, 29th December, 2016.

the School System

2037 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

Department of Law & Judiciary

Legal Affairs Division

___

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:

Notification

10/4/2016-LA

The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous provisions (Amendment) Act, 2016 (Central Act No. 44 of 2016), which has been passed by Parliament and assented to by the President on 12-08-2016 and published in the Gazette of India, Extraordinar y, Par t II, Section 1, dated 16-08-2016, is hereby published for the general information of the public.

Julio Barbosa Noronha, Under Secretary (Law).

Porvorim, 4th November, 2016.

______

THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS AND MISCELLANEOUS PROVISIONS (AMENDMENT) ACT, 2016

AN

ACT

Provided that different dates may be appointed for different provisions of this Act, and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

CHAPTER II

Amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

54 of 2002.

2. Amendment of long title.— In the Securitisation and Recons- truction of Financial Assets and Enforcement of Security Interest Act, 2002, (hereinafter referred to in this Chapter as the principal Act), for the long title, the following shall be substituted, namely:—

"An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.".

3. Substitution of references to certain expressions by other expressions.— Throughout the principal Act,—

further to amend the Securitisation and

Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002,

the Recovery of Debts due to Banks and

Financial Institutions Act, 1993, the Indian

Stamp Act, 1899, and the Depositories Act,

1996, and for matters connected therewith

or incidental thereto.

Be it enacted by Parliament in the Sixty- -seventh Year of the Republic of India as follows:—

CHAPTER I

Preliminary

1. Short title and commencement.— (1) This Act may be called the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.

(i) for the words "securitisation company ", "reconstruction company ", "securitisation or reconstruction company", "securitisation company or the reconstruction company" or "securitisation company or a reconstruction company", wherever they occur, the words "asset reconstruction company" shall be substituted;

(ii) for the words "securitisation companies or reconstruction companies", wherever they occur, the words "asset reconstruction companies" shall be substituted;

2038 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(iii) for the words "qualified institutional buyer", wherever they occur, the words "qualified buyer" shall be substituted.

(iv) for the words "qualified institutional buyers", wherever they occur, the words "qualified buyers" shall be substituted.

4. Amendment of section 2.— In the principal Act, in section 2, in sub-section (1),—

(i) after clause (b), the following clause

shall be inserted, namely:—

'(ba) "asset reconstruction company" means a company registered with Reserve Bank under section 3 for the purposes of carrying on the business of asset reconstruction or securitisation, or both;';

(ii) in clause (f), after the words "financial institution in relation to such financial assistance", the words "or who has raised funds through issue of debt securities" shall be inserted;

(iii) after clause (g), the following clause

shall be inserted namely:—

18 of 2013.

'(ga) "company " means a company as defined in clause (20) of section 2 of the Companies Act, 2013;';

(iv) for clause (ha), the following clause

shall be substituted, namely:—

51 of 1993.

'(ha) "debt" shall have the meaning assigned to it in clause (g) of section 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and includes—

(i) unpaid portion of the purchase price of any tangible asset given on hire or financial lease or conditional sale or under any other contract;

(ii) any right, title or interest on any intangible asset or licence or assignment of such intangible asset, which secures the obligation to pay any unpaid portion of the purchase price of such intangible asset or an obligation incurred or credit otherwise extended to enable any borrower to acquire the intangible asset or obtain licence of such asset;';

(v) after clause (i), the following clause

shall be inserted, namely:—

15 of 1992.

'(ia) "debt securities" means debt securities listed in accordance with the regula- tions made by the Board under the Securities and Exchange Board of India Act, 1992;';

(vi) for clause (j), the following clause

shall be substituted, namely:—

'(j) "default" means—

(i) non-payment of any debt or any other amount payable by the borrower to any secured creditor consequent upon which the account of such borrower is classified as non- -performing asset in the books of account of the secured creditor; or

(ii) non-payment of any debt or any other amount payable by the borrower with respect to debt securities after notice of ninety days demanding payment of dues served upon such borrower by the debenture trustee or any other authority in whose favour security interest is created for the benefit of holders of such debt securities;';

(vii) in clause (k), after the words "any bank or financial institution", the following words shall be inserted, namely:—

"including funds provided for the purpose of acquisition of any tangible asset on hire or financial lease or conditional sale or under any other contract or obtaining assignment or licence of any intangible asset or purchase of debt securities;";

2039 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(viii) in clause (l), after sub-clause (v), the following sub-clauses shall be inserted, namely:—

"(va) any beneficial right, title or interest in any tangible asset given on hire or financial lease or conditional sale or under any other contract which secures the obligation to pay any unpaid portion of the purchase price of such asset or an obligation incurred or credit otherwise provided to enable the borrower to acquire such tangible asset; or

(vb) any right, title or interest on any intangible asset or licence or assignment of such intangible asset, which secures the obligation to pay any unpaid portion of the purchase price of such intangible asset or an obligation incurred or credit other wise extended to enable the borrower to acquire such intangible asset or obtain licence of the intangible asset; or";

(ix) in clause (m), after sub-clause (iii), the following sub-clauses shall be inserted, namely:—

"(iiia) a debenture trustee registered with the Board and appointed for secured debt securities;

(iiib) asset reconstruction company, whether acting as such or managing a trust created for the purpose of securitisation or asset reconstruction, as the case may be;";

(x) after clause (m), the following clause

shall be inserted, namely:—

'(ma) "financial lease" means a lease under any lease agreement of tangible asset, other than negotiable instrument or negotiable document, for transfer of lessor's right therein to the lessee for a certain time in consideration of payment of agreed amount periodically and where the lessee becomes the owner of the such assets at the expiry of the term of lease or on payment of the agreed residual amount, as the case may be;';

(xi) after clause (n), the following clause

shall be inserted, namely:—

'(na) "negotiable document" means a document, which embodies a right to delivery of tangible assets and satisfies the requirements for negotiability under any law for the time being in force including warehouse receipt and bill of lading;';

(xii) in clause (t), in sub-clause (v), after the words "right of similar nature", the words "as may be prescribed by the Central Government in consultation with Reserve Bank" shall be inserted;

(xiii) in clause (u), after the words "regulations made thereunder,", the words, figures and brackets "any category of non- -institutional investors as may be specified by the Reserve Bank under sub-section (1) of section 7" shall be inserted;

(xiv) clause (v) shall be omitted;

(xv) clause (za) shall be omitted;

(xvi) for clause (zd), the following clause

shall be substituted, namely:—

'(zd) "secured creditor" means—

(i) any bank or financial institution or any consortium or group of banks or financial institutions holding any right, title or interest upon any tangible asset or intangible asset as specified in clause (l);

(ii) debenture trustee appointed by

any bank or financial institution; or

(iii) an asset reconstruction company whether acting as such or managing a trust set up by such asset reconstruc- tion company for the securitisation or reconstruction, as the case may be; or

(iv) debenture trustee registered with the Board appointed by any company for secured debt securities; or

(v) any other trustee holding securities on behalf of a bank or financial institution,2040 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 in whose favour security interest is created by any borrower for due repayment of any financial assistance.';

(xvii) for clause (zf), the following clause

shall be substituted, namely:—

'(zf) "security interest" means right, title or interest of any kind, other than those specified in section 31, upon property created in favour of any secured creditor and includes—

(i) any mortgage, charge, hypothe- cation, assignment or any right, title or interest of any kind, on tangible asset, retained by the secured creditor as an owner of the property, given on hire or financial lease or conditional sale or under any other contract which secures the obligation to pay any unpaid portion of the purchase price of the asset or an obligation incurred or credit provided to enable the borrower to acquire the tangible asset; or

(ii) such right, title or interest in any intangible asset or assignment or licence of such intangible asset which secures the obligation to pay any unpaid portion of the purchase price of the intangible asset or the obligation incurred or any credit provided to enable the borrower to acquire the intangible asset or licence of intangible asset;'.

5. Amendment of section 3.— In the

principal Act, in section 3,—

(i) in sub-section (1), for clause (b), the following clause shall be substituted, namely:—

"(b) having net owned fund of not less than two crore rupees or such other higher amount as the Reserve Bank, may, by notification, specify:";

(ii) in sub-section (3),—

(a) for clause (f), the following clause

shall be substituted, namely:—

"(f) that a sponsor of an asset reconstruction company is a fit and proper person in accordance with the criteria as may be specified in the guidelines issued by the Reserve Bank for such persons;";

(b) clause (d) shall be omitted.

(iii) in sub-section (6),—

(a) after the words "any substantial change in its management", the words "including appointment of any director on the board of directors of the asset reconstruction company or managing director or chief executive officer thereof" shall be inserted;

(b) in the Explanation, after the words "by way of transfer of shares or", the words "change affecting the sponsorship in the company by way of transfer of shares or" shall be inserted.

6. Amendment of section 5.— In the

principal Act, in section 5,—

(i) after sub-section (1), the following

sub-section shall be inserted, namely:—

2 of 1899.

"(1A) Any document executed by any bank or financial institution under sub- -section (1) in favour of the asset reconstruction company acquiring financial assets for the purposes of asset recons- truction or securitisation shall be exempted from stamp duty in accordance with the provisions of section 8F of the Indian Stamp Act, 1899:

Provided that the provisions of this sub-section shall not apply where the acquisition of the financial assets by the asset reconstruction company is for the2041 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 purposes other than asset reconstruction or securitisation.";

(ii) after sub-section (2), the following

sub-section shall be inserted, namely:—

"(2A) If the bank or financial institution is holding any right, title or interest upon any tangible asset or intangible asset to secure payment of any unpaid portion of the purchase price of such asset or an obligation incurred or credit otherwise provided to enable the borrower to acquire the tangible asset or assignment or licence of intangible asset, such right, title or interest shall vest in the asset reconstruction company on acquisition of such assets under sub-section (1).";

7. Amendment of section 7.— In the principal Act, in section 7, in sub-section (1), for the brackets and words "(other than by offer to public)", the words "or such other categor y of investors including non- -institutional investors as may be specified by the Reserve Bank in consultation with the Board, from time to time," shall be substituted.

8. Substitution of new section for section 9.— In the principal Act, for section 9, the following section shall be substituted, namely:—

"9. Measures for assets reconstruction.— (1) Without prejudice to the provisions contained in any other law for the time being in force, an asset reconstruction company may, for the purposes of asset reconstruction, provide for any one or more of the following measures, namely:—

(a) the proper management of the business of the borrower, by change in, or take over of, the management of the business of the borrower;

(b) the sale or lease of a part or whole

of the business of the borrower;

(c) rescheduling of payment of debts

payable by the borrower;

(d) enforcement of security interest in

accordance with the provisions of this Act; (e) settlement of dues payable by the

borrower;

(f) taking possession of secured assets in accordance with the provisions of this Act;

(g) conversion of any portion of debt

into shares of a borrower company:

Provided that conversion of any part of debt into shares of a borrower company shall be deemed always to have been valid, as if the provisions of this clause were in force at all material times.

(2) The Reser ve Bank shall, for the purposes of sub-section (1), determine the policy and issue necessar y directions including the direction for regulation of management of the business of the borrower and fees to be charged.

(3) The asset reconstruction company shall take measures under sub-section (1) in accordance with policies and directions of the Reserve Bank determined under sub- -section (2).".

9. Amendment of section 12.— In the principal Act, in section 12, in sub-section (2), after clause (b), the following clauses shall be inserted, namely:—

"(c) the fee and other charges which may be charged or incurred for management of financial assets acquired by any asset reconstruction company;

(d) transfer of security receipts issued to

qualified buyers.".

10. Insertion of new section 12B.— In the principal Act, after section 12A, the following section shall be inserted, namely:—

"12B. Power of Reserve Bank to carry out audit and inspection.— (1) The Reserve Bank may, for the purposes of this Act, carry out or caused to be carried out audit and inspection of an asset reconstruction company from time to time.

2042 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(2) It shall be the duty of an asset reconstruction company and its officers to provide assistance and cooperation to the Reserve Bank to carry out audit or inspection under sub-section (1).

(3) Where on audit or inspection or otherwise, the Reserve Bank is satisfied that business of an asset reconstruction company is being conducted in a manner detrimental to public interest or to the interests of investors in security receipts issued by such asset reconstruction company, the Reser ve Bank may, for securing proper management of an asset reconstruction company, by an order—

(a) remove the Chairman or any director or appoint additional directors on the board of directors of the asset reconstruction company; or

(b) appoint any of its officers as an observer to obser ve the working of the board of directors of such asset reconstruction company:

Provided that no order for removal of Chairman or director under clause (a) shall be made except after giving him an opportunity of being heard.

(4) It shall be the duty of every director or other officer or employee of the asset reconstruction company to produce before the person, conducting an audit or inspection under sub-section (1), all such books, accounts and other documents in his custody or control and to provide him such statements and information relating to the affairs of the asset reconstruction company as may be required by such person within the stipulated time specified by him.".

11. Amendment of section 13.— In the

principal Act, in section 13,—

(i) in sub-section (2), the following proviso

shall be inserted, namely:—

"Provided that—

(i) the requirement of classification of secured debt as non-performing asset under this sub-section shall not apply to a borrower who has raised funds through issue of debt securities; and

(ii) in the event of default, the debenture trustee shall be entitled to enforce security interest in the same manner as provided under this section with such modifications as may be necessary and in accordance with the terms and conditions of security documents executed in favour of the debenture trustee;";

(iii) for sub-section (8), the following sub-

-section shall be substituted, namely:—

"(8) Where the amount of dues of the secured creditor together with all costs, charges and expenses incurred by him is tendered to the secured creditor at any time before the date of publication of notice for public auction or inviting quotations or tender from public or private treaty for transfer by way of lease, assignment or sale of the secured assets,—

(i) the secured assets shall not be transferred by way of lease assignment or sale by the secured creditor; and

(ii) in case, any step has been taken by the secured creditor for transfer by way of lease or assignment or sale of the assets before tendering of such amount under this sub-section, no further step shall be taken by such secured creditor for transfer by way of lease or assignment or sale of such secured assets.".

12. Amendment of section 14.— In the principal Act, in section 14, in sub-section (1),—

(i) in the second proviso, after the words "secured assets", the words " within a period of thirty days from the date of application" shall be inserted;

(ii) after the second proviso, the following

proviso shall be inserted, namely:—

2043 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

"Provided further that if no order is passed by the Chief Metropolitan Magistrate or District Magistrate within the said period of thirty days for reasons beyond his control, he may, after recording reasons in writing for the same, pass the order within such further period but not exceeding in aggregate sixty days.".

13. Amendment of section 15.— In the principal Act, in section 15, in sub-section (4), the following proviso shall be inserted, namely:—

"Provided that if any secured creditor jointly with other secured creditors or any asset reconstruction company or financial institution or any other assignee has converted part of its debt into shares of a borrower company and thereby acquired controlling interest in the borrower company, such secured creditors shall not be liable to restore the management of the business to such borrower.".

14. Amendment of section 17.— In the

principal Act, in section 17,—

(i) for the marginal heading "Right to appeal", the words "Application against measures to recover secured debts" shall be substituted;

(ii) after sub-section (1), the following

sub-sections shall be inserted, namely:—

"(1A) An application under sub-section (1) shall be filed before the Debts Recovery Tribunal within the local limits of whose jurisdiction—

(a) the cause of action, wholly or in

part, arises;

(b) where the secured asset is

located; or

(c) the branch or any other office of a bank or financial institution is maintaining an account in which debt claimed is outstanding for the time being.";

(iii) for sub-section (3), the following sub-section shall be substituted, namely:—

"(3) If, the Debts Recovery Tribunal, af ter examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management or restoration of possession, of the secured assets to the borrower or other aggrieved person, it may, by order,—

(a) declare the recourse to any one or more measures referred to in sub- -section (4) of section 13 taken by the secured creditor as invalid; and

(b) restore the possession of secured assets or management of secured assets to the borrower or such other aggrieved person, who has made an application under sub-section (1), as the case may be; and

(c) pass such other direction as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub-section (4) of section 13.";

(iv) after sub-section (4), the following

sub-section shall be inserted, namely:—

"(4A) Where—

(i) any person, in an application under sub-section (1), claims any tenancy or leasehold rights upon the secured asset, the Debt Recover y Tribunal, after examining the facts of the case and evidence produced by the parties in relation to such claims shall, for the purposes of enforcement of security interest, have the jurisdiction to examine whether lease or tenancy,—

(a) has expired or stood

determined; or2044 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 4 of 1882.

(b) is contrary to section 65A of the Transfer of Property Act, 1882;

or

(c) is contrar y to terms of

mortgage; or

(d) is created after the issuance of notice of default and demand by the Bank under sub-section (2) of section 13 of the Act; and

(ii) the Debt Recovery Tribunal is satisfied that tenancy right or leasehold rights claimed in secured asset falls under the sub-clause (a) or sub-clause (b) or sub-clause (c) or sub-clause (d) of clause (i), then notwithstanding anything to the contrary contained in any other law for the time being in force, the Debt Recovery Tribunal may pass such order as it deems fit in accordance with the provisions of this Act.".

15. Amendment of section 19.— In the principal Act, in section 19, for the words "concerned borrowers, such borrowers", the words "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 substituted.

16. Insertion of new sections 20A and 20B.— In the principal Act, after section 20, the following sections shall be inserted, namely:—

"20A. Integration of registration systems with Central Registry.— (1) The Central Government may, for the purpose of providing a Central database, in consultation with State Governments or other authorities operating registration system for recording rights over any property or creation, modification or satisfaction of any security interest on such property, integrate the registration records of such registration systems with the records of Central Registry established under section 20, in such manner as may be prescribed.

18 of 2013.

16 of 1908.

44 of 1958.

59 of 1988.

39 of 1970.

16 of 2000.

Explanation.— For the purpose of this sub-section, the registration records includes records of registration under the Companies Act, 2013, the Registration Act, 1908, the Merchant Shipping Act, 1958, the Motor Vehicles Act, 1988, the Patents Act, 1970, the Designs Act, 2000 or other such records under any other law for the time being in force.

(2) The Central Government shall after integration of records of various registration systems referred to in sub- -section (1) with the Central Registry, by notification, declare the date of integration of registration systems and the date from which such integrated records shall be available; and with effect from such date, security interests over properties which are registered under any registration system referred to in sub-section (1) shall be deemed to be registered with the Central Registry for the purposes of this Act.".

"20B. Delegation of powers.— The Central Government may, by notification, delegate its powers and functions under this Chapter, in relation to establishment, operations and regulation of the Central Registry to the Reserve Bank, subject to such terms and conditions as may be prescribed.".

17. Amendment of section 23.— In the

principal Act,—

(i) section 23 shall be numbered as sub-section (1), and in sub-section (1) as so re-numbered,—

(a) the words "within thirty days after the date of such transaction or creation of security, by the securitisation company2045 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 or reconstruction company or the secured creditor, as the case may be" shall be omitted;

(b) the first proviso shall be omitted;

(c) in the second proviso, the word

"further" shall be omitted;

(ii) in section 23, after sub-section (1) so renumbered, the following sub-sections shall be inserted, namely:—

"(2) The Central Government may, by notification, require the registration of transaction relating to different types of security interest created on different kinds of property with the Central Registry.

(3) The Central Government may, by rules, prescribe forms for registration for different types of security interest under this section and fee to be charged for such registration.".

18. Insertion of new Chapter IVA.— In the principal Act, after section 26A, the following chapter shall be inserted, namely:—

(3) A creditor other than the secured creditor filing particulars of transactions of creation, modification and satisfaction of security interest over properties created in its favour shall not be entitled to exercise any right of enforcement of securities under this Act.

(4) Every authority or officer of the Central Government or any State Government or local authority, entrusted with the function of recovery of tax or other Government dues and for issuing any order for attachment of any property of any person liable to pay the tax or Government dues, shall file with the Central Registry such attachment order with particulars of the assessee and details of tax or other Government dues from such date as may be notified by the Central Government, in such form and manner as may be prescribed.

"CHAPTER IVA

Registration by secured creditors

and other creditors

26B. Registration by secured creditors and other creditors.— (1) The Central Government may by notification, extend the provisions of Chapter IV relating to Central Registry to all creditors other than secured creditors as defined in clause (zd) of sub- -section (1) of section 2, for creation, modification or satisfaction of any security interest over any property of the borrower for the purpose of securing due repayment of any financial assistance granted by such creditor to the borrower.

(2) From the date of notification under sub-section (1), any creditor including the secured creditor may file particulars of transactions of creation, modification or satisfaction of any security interest with the Central Registry in such form and manner as may be prescribed.

(5) If any person, having any claim against any borrower, obtains orders for attachment of property from any court or other authority empowered to issue attachment order, such person may file particulars of such attachment orders with Central Registry in such form and manner on payment of such fee as may be prescribed.

26C. Effect of the registration of transaction, etc.— (1) Without prejudice to the provisions contained in any other law, for the time being in force, any registration of transactions of creation, modification or satisfaction of security interest by a secured creditor or other creditor or filing of attachment orders under this Chapter shall be deemed to constitute a public notice from the date and time of filing of particulars of such transaction with the Central Registr y for creation, modification or satisfaction of such security interest or attachment order, as the case may be.

(2) Where security interest or attachment order upon any property in favour of the secured creditor or any other creditor are2046 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 filed for the purpose of registration under the provisions of Chapter IV and this Chapter, the claim of such secured creditor or other creditor holding attachment order shall have priority over any subsequent security interest created upon such property and any transfer by way of sale, lease or assignment or licence of such property or attachment order subsequent to such registration, shall be subject to such claim:

Provided that nothing contained in this sub-section shall apply to transactions carried on by the borrower in the ordinary course of business.

26D. Right of enforcement of securities.— Notwithstanding anything contained in any other law for the time being in force, from the date of commencement of the provisions of this Chapter, no secured creditor shall be entitled to exercise the rights of enforcement of securities under Chapter III unless the security interest created in its favour by the borrower has been registered with the Central Registry.

26E. Priority to secured creditors.— Notwithstanding anything contained in any other law for the time being in force, after the registration of security interest, the debts due to any secured creditor shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government or State Government or local authority.

31 of 2016.

Explanation.— For the pur- poses of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016, in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Code.".

19. Amendment of section 27.— In section 27, the following proviso shall be inserted, namely:—

"Provided that provisions of this section shall be deemed to have been omitted from the date of coming into force of the provisions of this Chapter and section 23 as amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.".

20. Omission of section 28.— In the principal

Act, section 28, shall be omitted.

21. Insertion of new sections 30A, 30B, 30C and 30D.— In the principal Act, after section 30, the following sections shall be inserted, namely:—

"30A. Power of adjudicating authority to impose penalty.— (1) Where any asset reconstruction company or any person fails to comply with any direction issued by the Reser ve Bank under this Act the adjudicating authority may, by an order, impose on such company or person in default, a penalty not exceeding one crore rupees or twice the amount involved in such failure where such amount is quantifiable, whichever is more, and where such failure is a continuing one, a further penalty which may extend to one lakh rupees for every day, after the first, during which such failure continues.

(2) For the purpose of imposing penalty under sub-section (1), the adjudicating authority shall serve a notice on the asset reconstruction company or the person in default requiring such company or person to show cause why the amount specified in the notice should not be imposed as a penalty and a reasonable opportunity of being heard shall be given to such person.

(3) Any penalty imposed under this section shall be payable within a period of thirty days from the date of issue of notice under sub-section (2).

2047 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(4) Where the asset reconstruction company fails to pay the penalty within the specified period under sub-section (3), the adjudicating authority shall, by an order, cancel its registration:

Provided that an opportunity of being heard shall be given to such asset reconstruction company before cancel- lation of registration.

(5) No complaint shall be filed against any person in default in any court pertaining to any failure under sub-section (1) in respect of which any penalty has been imposed and recovered by the Reserve Bank under this section.

(6) Where any complaint has been filed against a person in default in the court having jurisdiction no proceeding for imposition of penalty against that person shall be taken under this section.

Explanation.— For the purposes of this section and sections 30B, 30C and 30D,—

(i) "adjudicating authority " means such officer or a committee of officers of the Reserve Bank, designated as such from time to time, by notification, by the Central Board of Reserve Bank;

(ii) "person in default" means the asset reconstruction company or any person which has committed any failure, contravention or default under this Act and any person incharge of such company or such other person, as the case may be, shall be liable to be proceeded against and punished under section 33 for such failure or contra- vention or default committed by such company or person.

30B. Appeal against penalties.— A person in default, aggrieved by an order passed under sub-section (4) of section 30A, may, within a period of thirty days from the date on which such order is passed, prefer an appeal to the Appellate Authority:

Provided that the Appellate Authority may entertain an appeal after the expiry of the said period of thirty days, if it is satisfied that there was sufficient cause for not filing it within such period.

30C. Appellate Authority.— (1) The Central Board of Reserve Bank may designate such officer or committee of officers as it deems fit to exercise the power of Appellate Authority,

(2) The Appellate Authority shall have power to pass such order as it deems fit after providing a reasonable opportunity of being heard to the person in default.

(3) The Appellate Authority may, by an order stay the enforcement of the order passed by the adjudicating authority under section 30A, subject to such terms and conditions, as it deems fit.

(4) Where the person in default fails to comply with the terms and conditions imposed by order under sub-section (3) without reasonable cause, the Appellate Authority may dismiss the appeal.

30D. Recovery of penalties.— (1) Any penalty imposed under section 30A shall be recovered as a "recoverable sum" and shall be payable within a period of thirty days from the date on which notice demanding payment of the recoverable sum is served upon the person in default and, in the case of failure of payment by such person within such period, the Reserve Bank may, for the purpose of recovery,—

(a) debit the current account, if any, of the person in default maintained with the Reser ve Bank or by liquidating the securities, if any, held to the credit of such person in the books of the Reserve Bank;

(b) issue a notice to the person from whom any amount is due to the person2048 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 in default, requiring such person to deduct from the amount payable by him to the person in default, such amount equivalent to the amount of the recoverable sum, and to make payment of such amount to the Reserve Bank.

(2) Save as otherwise provided in sub- -section (4), a notice issued under clause (b) of sub-section (1) shall be binding on every person to whom it is issued, and, where such notice is issued to a post office, bank or an insurance company, it shall not be necessary to produce any pass book, deposit receipt, policy or any other document for the purpose of any entry or endorsement thereof before payment is made, notwithstanding any rule, practice or requirement to the contrary.

(3) Any claim in respect of any amount, arising after the date of issue of notice under sub-section (1) shall be void as against the demand contained in such notice.

(4) Any person, to whom the notice is sent under sub-section (1), objects to such notice by a statement on oath that the sum demanded or any part thereof is not due to the person in default or that he does not hold any money for or on account of the person in default, then nothing contained in this section shall be deemed to require, such person to pay such sum or part thereof, as the case may be.

(5) Where it is found that statement made by the person under sub-section (4) is false in material particulars, such person shall be personally liable to the Reserve Bank to the extent of his own liability to the person in default on the date of the notice, or to the extent of the recoverable sum payable by the person in default to the Reserve Bank, whichever is less.

(6) The Reserve Bank may, at any time, amend or revoke any notice issued under sub-section (1) or extend the time for making the payment in pursuance of such notice.

(7) The Reserve Bank shall grant a receipt for any amount paid to it in compliance with a notice issued under this section and the person so paying shall be fully discharged from his liability to the person in default to the extent of the amount so paid.

(8) Any person discharging any liability to the person in default after the receipt of a notice under this section shall be personally liable to the Reserve Bank—

(a) to the extent of his own liability to

the person in default so discharged; or

(b) to the extent of the recoverable sum payable by the person in default to the Reserve Bank, whichever is less.

(9) Where the person to whom the notice is sent under this section, fails to make payment in pursuance thereof to the Reserve Bank, he shall be deemed to be the person in default in respect of the amount specified in the notice and action or proceedings may be taken or instituted against him for the realisation of the amount in the manner provided in this section.

(10) The Reser ve Bank may enforce recovery of recoverable sum through the principal civil court having jurisdiction in the area where the registered office or the head office or the principal place of business of the person in default or the usual place of residence of such person is situated as if the notice issued by the Reserve Bank were a decree of the Court.

(11) No recovery under sub-section (10) shall be enforced, except on an application made to the principal civil court by an officer of the Reserve Bank authorised in this behalf certifying that the person in default has failed to pay the recoverable sum.".

22. Amendment of section 31.— In the principal Act, in section 31, clause (e) shall be omitted.

2049 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

23. Amendment of section 31A.— In the principal Act, in section 31A, for sub-section (2), the following sub-sections shall be substituted, namely:—

"(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draf t before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses agree in disapproving the issue of notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.

(3) In reckoning any such period of thirty days as is referred to in sub-section (2), no account shall be taken of any period during which the House referred to in sub-section (2) is prorogued or adjourned for more than four consecutive days.

(4) The copies of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.".

24. Amendment of section 32.— In the principal Act, in section 32, for the words "any secured creditor or any of his officers or manager exercising any of the rights of the secured creditor or borrower", the words "the Reserve Bank or the Central Registry or any secured creditor or any of its officers" shall be substituted.

25. Amendment of section 38.— In the principal Act, in section 38, in sub-section (2),—

(i) clause (a) shall be numbered as clause (aa) and before clause (aa) as so renumbered, the following clause shall be inserted, namely:—

"(a) other business or commercial rights of similar nature under clause (t) of section 2;";

(ii) after clause (bc), the following clauses

shall be inserted, namely:—

"(bca) the manner of integration of records of various registration systems with the records of Central Registry under sub-section (1) of section 20A;

(bcb) the terms and conditions of delegation of powers by the Central Government to the Reserve Bank under section 20B.";

(iii) after clause (d), the following clauses

shall be inserted, namely:—

"(da) the form for registration of different types of security interests and fee thereof under sub-section (3) of section 23;";

(iv) after clause (f), the following clauses

shall be inserted, namely:—

"(fa) the form and the manner for filing particulars of transactions under sub- -section (2) of section 26B;

(fb) the form and manner of filing attachment orders with the Central Registry and the date under sub-section (4) of section 26B;

(fc) the form and manner of filing particulars of attachment order with the Central Registry and the fee under sub- -section (5) of section 26B.".

CHAPTER III

Amendments to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993

51 of 1993.

26. Amendment of section 2.— In the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter in this Chapter referred to as the principal Act), in section 2,—

(i) in clause (g), after the words "the date of the application", the following words shall be inserted, namely:—

2050 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

"and includes any liability towards debt securities which remains unpaid in full or part after notice of ninety days served upon the borrower by the debenture trustee or any other authority in whose favour security interest is created for the benefit of holders of debt securities or;";

(ii) after clause (g), the following clause

shall be inserted, namely:—

'(ga) "debt securities" means debt securities listed in accordance with regulations made by the Securities Exchange Board of India under the Securities and Exchange Board of India Act, 1992;';

15 of 1992.

(iii) in clause (h), after sub-clause (ia), the following sub-clause shall be inserted, namely:—

"(ib) a debenture trustee registered with the Board and appointed for secured debt securities;";

(iv) after clause (h), the following clause

shall be inserted, namely:—

'(ha) "financial lease" means a lease under a lease agreement of tangible asset, other than negotiable instrument or negotiable document, for transfer of lessor's right therein to the lessee for a certain time in consideration of payment of agreed amount periodically and where lessee becomes the owner of the such assets at the expiry of the term of lease or on payment of the agreed residual amount, as the case may be;';

(v) after clause (ja), the following clause

shall be inserted, namely:—

'(jb) "property" means—

(a) immovable property;

(b) movable property;

(c) any debt or any right to receive payment of money, whether secured or unsecured;

(d) receivables, whether existing or

future;

(e) intangible assets, being know- -how, patent, copyright, trade mark, licence, franchise or any other business or commercial right of similar nature, as may be prescribed by the Central Government in consultation with Reserve Bank;';

(vi) after clause (1), the following clauses

shall be inserted, namely:—

'(la) "secured creditor" shall have the meaning as assigned to it in clause (zd) of sub- -section (1) of section 2 of the Securitisation and Reconstruc- tion of Financial Assets and Enforcement of Security Interest Act, 2002;

54 of 2002.

(lb) "security interest" means mortgage, charge, hypothecation, assignment or any other right, title or interest of any kind whatsoever upon property, created in favour of any bank or financial institution and includes—

(a) such right, title or interest upon tangible asset, retained by the bank or financial institution as owner of the property, given on hire or financial lease or conditional sale which secures the obligation to pay any unpaid portion of the purchase price of the asset or an obligation incurred or any credit provided to enable the borrower to acquire the tangible asset; or

(b) such right, title or interest in any intangible asset or licence of any intangible asset, which secures the obligation to pay any unpaid portion of the purchase price of the intangible asset or the obligation incurred or any credit extended to enable the borrower to acquire the intangible asset or licence of intangible asset;'.

2051 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

27. Amendment of section 4.— In the principal Act, in section 4, for sub-section (2), the following sub-section shall be substituted, namely:—

"(2) Notwithstanding anything contained in sub-section (1), the Central Government may—

(a) authorise the Presiding Officer of any other Tribunal established under any other law for the time being in force to discharge the function of the Presiding Officer of a Debt Recovery Tribunal under this Act in addition to his being the Presiding Officer of that Tribunal; or

(b) authorise the judicial Member holding post as such in any other Tribunal, established under any other law for the time being in force, to discharge the functions of the Presiding Officer of Debts Recovery Tribunal under this Act, in addition to his being the judicial Member of that Tribunal.".

28. Amendment of section 6.— In the principal Act, for section 6, the following section shall be substituted, namely:—

"6. Term of office of Presiding Officer.— The Presiding Officer of a Tribunal shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:

Provided that no person shall hold office as the Presiding Officer of a Tribunal after he has attained the age of sixty-five years.".

29. Amendment of section 8.— In the principal Act, in section 8, in sub-section (1), the following proviso shall be inserted, namely:—

"Provided that the Central Government may authorise the Chairperson of any other Appellate Tribunal, established under any other law for the time being in force, to discharge the functions of the Chairperson of the Debts Recovery Appellate Tribunal under this Act in addition to his being the Chairperson of that Appellate Tribunal.".

30. Amendment of section 11.— In the Principal Act, for section 11, the following section shall be substituted, namely:—

"11. Term of office of Chairperson of Apellate Tribunal.— The Chairperson of an Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:

Provided that no person shall hold office as the Chairperson of a Appellate Tribunal after he has attained the age of seventy years.".

31. Amendment of section 17A.— In the principal Act, in section 17A, after sub-section (1), the following sub-sections shall be inserted, namely:—

"(1A) For the purpose of exercise of general powers of superintendence and control over Tribunals under sub-section (1), the Chairperson may—

54 of 2002.

(i) direct the Tribunals to furnish, in such form, at such intervals and within such time, information relating to pending cases both under this Act and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, or under any other law for the time being in force, number of cases disposed of, number of new cases filed and such other information as may be considered necessary by the Chairperson;

(ii) convene meetings of the Presiding Officers of Tribunals periodically to review their performance.

2052 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(1B) Where on assessment of the performance of any Presiding Officer of the Tribunal or otherwise, the Chairperson is of the opinion that an inquiry is required to be initiated against such Presiding Officer for misbehaviour or incapacity, he shall submit a report to the Central Government recommending action against such Presiding Officer, if any, under section 15, and for reasons to be recorded in writing for the same.".

32. Amendment of section 19.— In the

principal Act, in section 19,—

(i) in sub-section (1), clause (a) shall be renumbered as clause (aa) and before clause (aa) so renumbered, the following clause shall be inserted, namely:—

"(a) the branch or any other office of the bank or financial institution is maintaining an account in which debt claimed is outstanding, for the time being; or";

(ii) for sub-section (3), the following sub-

-section shall be substituted, namely:—

"(3) Ever y application under sub- -section (1) or sub-section (2) shall be in such form, and shall be accompanied with true copies of all documents relied on in support of the claim along with such fee, as may be prescribed.".

(iii) in sub-section (3), after the second proviso, the following Explanation shall be inserted, namely:—

18 of 1891.

"Explanation.— For the purposes of this section, documents includes statement of account or any entry in banker's book duly certified under the Bankers' Books Evidence Act, 1891.";

(iv) after sub-section (3), sub-section (3A) shall be renumbered as sub-section (3B) and before sub-section (3B) so renumbered, the following sub-section shall be inserted, namely:—

"(3A) Ever y applicant in the application filed under sub-section (1) or sub-section (2) for recovery of debt, shall—

(a) state particulars of the debt secured by security interest over properties or assets belonging to any of the defendants and the estimated value of such securities;

(b) if the estimated value of securities is not sufficient to satisfy the debt claimed, state particulars of any other properties or assets owned by any of the defendants, if any; and

(c) if the estimated value of such other assets is not sufficient to recover the debt, seek an order directing the defendant to disclose to the Tribunal particulars of other properties or assets owned by the defendants.";

(v) for sub-section (4), the following sub-

-section shall be substituted, namely:—

"(4) On receipt of application under sub-section (1) or sub-section (2), the Tribunal shall issue summons with following directions to the defendant—

(i) to show cause within thirty days of the service of summons as to why relief prayed for should not be granted;

(ii) direct the defendant to disclose particulars of properties or assets other than properties and assets specified by the applicant under clauses (a) and (b) of sub-section (3A); and

(iii) to restrain the defendant from dealing with or disposing of such assets and properties disclosed under clause (c) of sub-section (3A) pending the hearing and disposal of the application for attachment of properties.";

2053 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(vi) after sub-section (4), the following

sub-section shall be inserted namely:—

4 of 1882.

"(4A) Notwithstanding any- thing contained in section 65A of the Transfer of Property Act, 1882, the defendant, on service of summons, shall not transfer by way of sale, lease or other wise except in the ordinary course of his business any of the assets over which security interest is created and other properties and assets specified or disclosed under sub-section (3A), without the prior approval of the Tribunal:

Provided that the Tribunal shall not grant such approval without giving notice to the applicant bank or financial institution to show cause as to why approval prayed for should not be granted:

Provided further that defendant shall be liable to account for the sale proceeds realised by sale of secured assets in the ordinary course of business and deposit such sale proceeds in the account maintained with the bank or financial institution holding security interest over such assets.";

(vii) for sub-section (5), the following sub-

-section shall be substituted, namely:—

"(5) (i) the defendant shall within a period of thirty days from the date of service of summons, present a written statement of his defence including claim for set-off under sub-section (6) or a counter-claim under sub-section (8), if any, and such written statement shall be accompanied with original documents or true copies thereof with the leave of the Tribunal, relied on by the defendant in his defence:

Provided that where the defendant fails to file the written statement within the said period of thirty days, the Presiding Officer may, in exceptional cases and in special circumstances to be recorded in writing, extend the said period by such further period not exceeding fifteen days to file the written statement of his defence;

(ii) where the defendant makes a disclosure of any proper ty or asset pursuant to orders passed by the Tribunal, the provisions of sub-section (4A) of this section shall apply to such property or asset;

(iii) in case of non-compliance of any order made under clause (ii) of sub-section (4), the Presiding Officer may, by an order, direct that the person or officer who is in default, be detained in civil prison for a term not exceeding three months unless in the meantime the Presiding Officer directs his release:

Provided that the Presiding Officer shall not pass an order under this clause without giving an opportunity of being heard to such person or officer.

Explanation.— For the purpose of this section, the expression 'officer who is in default' shall mean such officer as defined in clause (60) of section 2 of the Companies Act, 2013.";

(viii) for sub-section (5A), the following sub-section shall be substituted namely:—

"(5A) On receipt of the written statement of defendant or on expiry of time granted by the Tribunal to file the written statement, the Tribunal shall fix a date of hearing for admission or denial of documents produced by the parties to the proceedings and also for continuation or vacation of the interim order passed under sub-section (4).

(5B) Where a defendant makes an admission of the full or part of the amount2054 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 of debt due to a bank or financial institution, the Tribunal shall order such defendant to pay the amount, to the extent of the admission within a period of thirty days from the date of order failing which the Tribunal may issue a certificate in accordance with the provisions of sub-section (22) to the extent of the amount of debt due admitted by the defendant.";

(ix) in sub-section (6), after the words "the debt sought to be set-off", the words "the debt sought to be set-off along with original documents and other evidence relied on in support of claim of set-off in relation to any ascertained sum of money, against the applicant" shall be substituted;

(x) in sub-section (10), for the words "as may be fixed by the Tribunal", the words "as may be prescribed" shall be substituted;

(xi) after sub-section (10), the following

sub-sections shall be inserted, namely:—

"(10A) Every application under sub- -section (3) or written statement of defendant under sub-section (5) or claim of set-off under sub-section (6) or a counter-claim under sub-section (8) by the defendant, or written statement by the applicant in reply to the counter- -claim, under sub-section (10) or any other pleading whatsoever, shall be supported by an affidavit sworn in by the applicant or defendant verifying all the facts and pleadings, the statements pleading documents and other documentary evidence annexed to the application or written statement or reply to set-off or counter-claim, as the case may be:

Provided that if there is any evidence of witnesses to be led by any party, the affidavits of such witnesses shall be filed simultaneously by the party with the application or written statement or replies filed under sub-section (10A).

(10B) If any of the facts or pleadings in the application or written statement are not verified in the manner provided under sub-section (10A), a party to the proceedings shall not be allowed to rely on such facts or pleadings as evidence or any of the matters set out therein.";

(xii) for sub-section (11), the following sub-section shall be substituted, namely:—

"(11) Where a defendant sets up a counter-claim in the written statement and in reply to such claim the applicant contends that the claim thereby raised ought not to be disposed of by way of counter-claim but in an independent action, the Tribunal shall decide such issue along with the claim of the applicant for recovery of the debt.";

(xiii) sub-section (12) shall be omitted.

(xiv) in sub-section (13) (A), for the words "the Tribunal is satisfied by affidavit or otherwise", the words "the Tribunal on an application made by the applicant along with particulars of property to be attached and estimated value thereof, or otherwise is satisfied" shall be substituted.";

(xv) sub-section (14) shall be omitted

(xvi) in sub-section (15), for the word bracket and figure "sub-section (14)", the word bracket and figure "sub-section (13)" shall be substituted.

(xvii) for sub-section (19), the following sub-section shall be substituted namely:—

18 of 2013.

"(19) Where a certificate of recovery is issued against a company as defined under the Companies Act, 2013 and such company is under liquidation, the Tribunal may by an order direct that the sale proceeds of secured assets of such company be distributed in the2055 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 same manner as provided in section 326 of the Companies Act, 2013 or under any other law for the time being in force.";

(xviii) for sub-section (20), the following sub-section shall be substituted, namely:—

"(20) The Tribunal may, after giving the applicant and the defendant, an opportunity of being heard, in respect of all claims, set-off or counter-claim, if any, and interest on such claims, within thirty days from the date of conclusion of the hearings, pass interim or final order as it deems fit which may include order for payment of interest from the date on which payment of the amount is found due up to the date of realisation or actual payment.";

(xix) after sub-section (20A), the following sub-sections shall be inserted, namely:—

"(20AA) While passing the final order under sub-section (20), the Tribunal shall clearly specify the assets of the borrower over which security interest is created in favour of any bank or financial institution and direct the Recovery Officers to distribute the sale proceeds of such assets as provided in sub-section (20AB).

(20AB) Notwithstanding anything to the contrary contained in any law for the time being in force, the proceeds from sale of secured assets shall be distributed in the following orders of priority, namely:—

(i) the costs incurred for preser- vation and protection of secured assets, the costs of valuation, public notice for possession and auction and other expenses for sale of assets shall be paid in full;

(ii) debts owed to the bank or

financial institution.

Explanation.— For the purposes of this sub section, it is hereby clarified that on or af ter the

31 of 2016.

commencement of the Insolvency and Bankruptcy Code, 2016, in cases where insolvency and bankruptcy proceedings are pending in respect of secured assets of the borrower, the distribution of proceeds from sale of secured assets shall be subject to the order of priority as provided in that Code.".

(xx) for sub-section (21), the following sub-section shall be substituted, namely:—

"(21) (i) The Tribunal shall send a copy of its final order and the recover y cer tificate, to the applicant and defendant.

(ii) The applicant and the defendant may obtain copy of any order passed by the Tribunal on payment on such fee as may be prescribed.";

(xxi) for sub-section (22), the following sub-section shall be substituted, namely:—

"(22) The Presiding Officer shall issue a certificate of recovery along with the final order, under sub-section (20), for payment of debt with interest under his signature to the Recovery Officer for recovery of the amount of debt specified in the certificate.";

(xxii) after sub-section (22), the following

sub-section shall be inserted, namely:—

18 of 2013.

9 of 2008.

"(22A) Any recover y cer tificate issued by the Presiding Officer under sub- -section (22) shall be deemed to be decree or order of the Court for the purposes of initiation of winding up proceedings against a company registered under the Companies Act, 2013 or Limited Liability Partnership registered under the Limited Liability Partnership Act, 2008 or insolvency proceedings2056 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 against any individual or partnership firm under any law for the time being in force, as the case may be.";

(xxiii) in sub-section (24), for the words "endeavour shall be made by it", the following words "every effort shall be made by it to complete the proceedings in two hearings, and" shall be substituted.

33. Insertion of new section 19A.— After section 19 of the principal Act, the following sections shall be inserted, namely:—

21 of 2000.

"19A. (I) Filing of recovery applications, documents and written statements in electronic form.— (1) Notwithstanding anything to the contrary contained in this Act, and without prejudice to the provisions contained in section 6 of the Information Technology Act, 2000, the Central Government may by rules provide that from such date and before such Tribunal and Appellate Tribunal, as may be notified,—

(a) application or written statement or any other pleadings and the documents to be annexed thereto required to be filed shall be submitted in the electronic form and authenticated with digital signature of the applicant, defendant or any other petitioner in such form and manner as may be prescribed;

(b) any summons, notice or communication or intimation as may be required to be served or delivered under this Act, may be served or delivered by transmission of pleadings and documents by electronic form and authenticated in such manner as may be prescribed.

(2) Any interim or final order passed by the Tribunal or Appellate Tribunal displayed on the website of such Tribunal or Appellate Tribunal shall be deemed to be a public notice of such order and transmission of such order by electronic mail to the registered address of the parties to the proceeding shall be deemed to be served on such party.

(3) The Central Government may by rules provide that the electronic form for the purpose specified in this section shall be exclusive, or in the alternative or in addition to the physical form, therefor.

(4) The Tribunal or the Appellate Tribunal

notified under sub-section (1), for the

purpose of adopting electronic filing, shall

maintain its own website or common

website with other Tribunals and Appellate

Tribunal or such other universally

accessible repositories of electronic

information and ensure that all orders or

directions issued by the Tribunal or

Appellate Tribunal are displayed on the

website of the Tribunal or Appellate

Tribunal, in such manner as may be

prescribed.

Explanation.— For the purpose of this

section,—

(a) 'digital signature' means

the digital signature as defined

under clause (p) of section 2 of

the Information Technology Act,

2000;

21 of 2000.

(b) 'electronic form' with

reference to an information or a

document means the electronic

form as defined under clause (r)

of section 2 of the Information

Technology Act, 2000.".

21 of 2000.

34. Amendment of section 20.— In the

principal Act, in section 20 in sub-section (3),

for the words "forty-five days", at both the

places where they occur, the words "thirty

days" shall be substituted.

2057 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

35. Amendment of section 21.— In the

principal Act, in section 21,—

(i) for the words "seventy-five per cent.", the words "fifty per cent." shall be substituted;

(ii) in the proviso, for the words "waive or reduce the amount", the words "reduce the amount to be deposited by such amount which shall not be less than twenty-five per cent. of the amount of such debt so due" shall be substituted.

36. Amendment of section 22.— In the principal Act, in section 22, after sub-section (3), the following sub-section shall be

inserted, namely:—

"(4) For the purpose of proof of

any entry in the 'bankers books',

the provisions of the Bankers'

18 of 1891.

Books Evidence Act, 1891 shall

apply to all the proceedings

before the Tribunal or Appellate

Tribunal.".

37. Insertion of new section 22A.— In the

principal Act, after section 22, the following

section shall be inserted, namely:—

"22A. Uniform procedure for conduct of

proceedings.— The Central Government

may, for the purpose of this Act, by rules,

lay down uniform procedure consistent with

the provisions of this Act for conducting

the proceedings before the Tribunals and

Appellate Tribunals.".

38. Amendment of section 25.— In the

principal Act, in section 25,—

(i) after clause (a), the following clause

shall be inserted, namely:—

"(aa) taking possession of property

over which security interest is created or any other property of the defendant and

appointing receiver for such property and

to sell the same;".

(ii) after clause (c), the following clause

shall be inserted, namely:—

"(d) any other mode of recovery as may

be prescribed by the Central Government.".

39. Amendment of section 27.— In the

principal Act, in section 27, for sub-section (1),

the following sub-section shall be substituted,

namely:—

"(1) Notwithstanding that a certificate

has been issued to the Recovery Officer for

the recovery of any amount, the Presiding

Officer, may by an order, grant time for

payment of the amount, provided the

defendant makes a down payment of not

less than twenty-five per cent of the amount

specified in the recovery certificate and

gives an unconditional undertaking to pay

the balance within a reasonable time,

which is acceptable to the applicant bank

or financial institution holding recovery

certificate.

(1A) The Recovery Officer shall, after

receipt of the order passed under sub-

-section (1), stay the proceedings until the

expiry of the time so granted.

(1B) Where defendant agrees to pay the

amount specified in the Recovery Certificate

and proceeding are stayed by the Recovery

Officer, the defendant shall forfeit right to

file appeal against the orders of the Tribunal.

(1C) Where the defendant commits any

default in payment of the amount under

sub-section (1), the stay of recover y

proceedings shall stand withdrawn and

the Recovery Officer shall take steps for2058 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 recovery of remaining amount of debt due

and payable.".

40. Insertion of new section 30A.— In the

principal Act, after section 30, the following section shall be inserted, namely:—

"30A. Deposit of amount of debt due for assets of the borrower, priority to

secured creditors in payment of

debt shall be subject to the

provisions of that Code.".

42. Amendment of section 36.— In the

principal Act, in section 36, in sub-

-section (2),—

filing appeal against orders of the Recovery

Officer.— Where an appeal is preferred

against any order of the Recovery Officer,

under section 30, by any person from whom

the amount of debt is due to a bank or

financial institution or consortium of banks

or financial institutions, such appeal shall

not be entertained by the Tribunal unless

such person has deposited with the Tribunal

fifty per cent. of the amount of debt due as

determined by the Tribunal.".

41. Insertion of new section 31B.— In the

principal Act, after section 31A, the following

section shall be inserted, namely:—

"31B. Priority to secured creditors.—

Notwithstanding anything contained in

any other law for the time being in force,

the rights of secured creditors to realise

secured debts due and payable to them by

sale of assets over which security interest

is created, shall have priority and shall be

paid in priority over all other debts and

Government dues including revenues,

taxes, cesses and rates due to the Central

Government, State Government or local

authority.

Explanation.— For the

purposes of this section, it is

hereby clarified that on or after

the commencement of the

Insolvency and Bankruptcy Code,

31 of 2016. 2016, in cases where insolvency

or bankruptcy proceedings are

pending in respect of secured

(i) clause (a) shall be numbered as

clause (aa) and before clause (aa) as so

renumbered, the following clause shall be

inserted, namely:—

"(a) other business or commercial

rights of similar nature under clause (jb)

of section 2;";

(ii) after clause (c), the following clause

shall be inserted, namely:—

"(ca) the form of application and the fee

for filing application under sub-section (3)

of section 19;";

(iii) in clause (cc), for the brackets, figure

and letter "(3A)", the brackets, figure and

letter "(3B)" shall be substituted;

(iv) after clause (cc), the following clauses

shall be inserted, namely:—

"(cca) the period for filing written

statement under sub-section (10) of

section 19;

(ccb) the fee for obtaining copy of the

order of the Tribunal under sub-section

(21) of section 19;

(ccc) the form and manner of

authenticating digital signature under

clause (a), and the manner of

authenticating service or delivery of

pleadings and documents under clause

(b), of sub-section (1) of section 19A;

2059 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

(ccd) the form and manner of filing

application and other documents in the

electronic form under sub-section (1) and

manner of display of orders of the Tribunal and Appellate Tribunal under sub-section (4) of section 19A;";

(v) after clause (d), the following clauses

shall be inserted, namely:—

"(da) the rules of uniform procedure for conducting the proceedings before the Tribunals and Appellate Tribunals under section 22A;

(db) the other mode of recovery under

clause (d) of section 25;".

43. Amendment of Act 2 of 1899.— The Indian Stamp Act, 1899 shall be amended in the manner specified in the First Schedule.

44. Amendment of Act 22 of 1996.— The Depositories Act, 1996 shall be amended in the manner specified in the Second Schedule.

_____

THE FIRST SCHEDULE

(See section 43)

Amendment to the Indian Stamp Act, 1899

(2 of 1899)

After section 8E, the following section shall be

inserted, namely:—

"8F. Agreement or document for transfer or assignment of rights or interest in financial assets not liable to stamp duty.— Notwithstanding anything contained in this Act or any other law for the time being in force, any agreement or other document for transfer or assignment of rights or interest in financial assets of banks or financial institutions under section 5 of the Securitisation and Recons- -truction of Financial Assets and Enforcement of Security Interest

Act, 2002, in favour of any asset reconstruction company, as defined

in clause (ba) of sub-section (1) of section 2 of that Act, shall not be liable to duty under this Act.".

54 of 2002.

_____

THE SECOND SCHEDULE

(See section 44)

Amendment to the Depositories Act, 1996

(22 of 1996)

In section 7, after sub-section (1), the following

sub-sections shall be inserted, namely:—

"(1A) Every depository on receipt of

intimation from a participant register any transfer of security in favour of an asset reconstruction company as

defined in clause (ba) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and

54 of 2002.

Enforcement of Security Interest Act, 2002 along with or consequent upon transfer or assignment of financial

asset of any bank or financial institution under sub-section (1) of section 5 of that Act.

(1B) Every depository, on receipt of intimation from a participant, register any issue of new shares

in favour of any bank or financial institution or asset reconstruction company or any other assignee of such bank or financial institution or

asset reconstruction company, as the case may be, by conversion of part of their debt into shares pursuant to reconstruction of debts of the

company agreed between the company and the bank or financial institution or asset reconstruction company.

Explanation.— For the purpose of this section, the expressions "asset

reconstruction company", "bank", and "financial institution" shall have the meanings assigned to them

respectively under clauses (ba), (c) and (m) of sub-section (1) of section 2 of the Securitisation and Reconstruction

of Financial Assets and Enforcement of Security Interest Act, 2002.".

54 of 2002.

2060 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

Department of Personnel ___

Provided that the Committee may vary

the number of posts as specified in column (3)

of the said Schedule from time to time subject

Notification

1/5/2016-PER/712

to exigencies of work.

3. Method of recruitment, age limit and

In exercise of the powers conferred by

clause (f) of sub-rule (xxi) of Rule 34 of the Rules

and Regulations of the Goa Institute of Public

Administration and Rural Development and

in supersession of Goa Institute of Rural

Development and Administration Recruitment

Rules, 2005, published vide Notification

No. 1/GIRDA/Adm/2005-06 dated 13-10-2005,

in the Official Gazette, Series I No. 30 dated

27-10-2005 and vide Notification No. RRs/

/GIRDA/2009-10 dated 04-06-2009, in the

Official Gazette, Series I No. 12 dated

18-06-2009, the Executive Committee of the

Goa Institute of Public Administration and

Rural Development (hereinafter referred to as

"the committee") hereby makes the following

rules to regulate the recruitment to the Group

'A' and Group 'C' posts, in the Goa Institute of

Public Administration and Rural Development,

namely:—

other qualifications.— The method of

recruitment to the said posts, age limit,

qualifications and other matters connected

therewith shall be as specified in columns (6)

to (13) of the said Schedule.

4. Disqualification.— No person who has

entered into or contracted a marriage with a

person having a spouse living or who, having

a spouse living, has entered into or contracted

a marriage with any person, shall be eligible

for appointment to the service:

Provided that the Committee may, if satisfied

that such marriage is permissible under the

personal law applicable to such person and

the other party to the marriage and that there

are other grounds for so doing, exempt any

person from the operation of this rule.

5. Power to relax.— Where the Committee

is of the opinion that it is necessary or

expedient so to do, it may, by order, for reasons 1. Short title, application and commence- ment.— (1) These rules may be called the Goa

Institute of Public Administration and Rural

Development, Group 'A' and Group 'C' posts,

Recruitment Rules, 2017.

(2) They shall apply to the posts specified

in column (2) of the Schedule to these rules

(hereinafter called as the "said Schedule").

(3) They shall come into force from the date

of their publication in the Official Gazette.

to be recorded in writing, relax any of the

provisions of these rules with respect to any

class or category of persons.

6. Saving.— Nothing in these rules shall

affect reservations, relaxation of age limit and

other concessions required to be provided

for Scheduled Castes and other special

categories of persons in accordance with

the orders issued by the Government from

time to time in that regard.

For and on behalf of the Executive

Committee.

2. Number, classification and scale of pay.—

The number of posts, classification of the said

posts and the scale of pay attached thereto

shall be as specified in columns (3) to (5) of

the said Schedule:

Sd/- Director General (GIPARD, Ela, Old

Goa).

Porvorim, 17th January, 2017.

2061 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

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k s a T. 1 1 1 2068 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017

Notification

1/3/2015-PER/760

In exercise of the powers conferred by the

proviso to Article 309 of the Constitution of

India and in supersession of the Government

Notification No. 1/6/74-PER (Vol. IV) dated

22-01-2001, published in the Official Gazette,

Series I No. 44 dated 01-02-2001, the Governor

of Goa hereby makes the following rules to

regulate the recruitment to the Goa General

Service, Group 'B', Gazetted, Non-Ministerial

post, in the Department of Handicrafts, Textile

& Coir, Government of Goa, namely:—

therewith shall be as specified in columns (5)

to (13) of the said Schedule.

4. Disqualification.— No person who has

entered into or contracted a marriage with a

person having a spouse living or who, having

a spouse living, has entered into or contracted

a marriage with any person, shall be eligible

for appointment to the service:

Provided that the Government may, if

satisfied that such marriage is permissible

under the personal law applicable to such

person and the other party to the marriage and

that there are other grounds for so doing,

exempt any person from the operation of this 1. Short title, application and commence- ment.— (1) These rules may be called the

Government of Goa, Department of

Handicrafts, Textile & Coir, Group 'B',

Gazetted, Non-Ministerial post, Recruitment

Rules, 2017.

(2) They shall apply to the post specified

in column (1) of the Schedule to these rules

(hereinafter called as the "said Schedule").

(3) They shall come into force from the date

of their publication in the Official Gazette. rule.

5. Power to relax.— Where the Government

is of the opinion that it is necessary or

expedient so to do, it may, by order, for reasons

to be recorded in writing and in consultation

with the Goa Public Service Commission, relax

any of the provisions of these rules with respect

to any class or category of persons.

6. Saving.— Nothing in these rules shall

affect reservations, relaxation of age limit and

other concessions required to be provided

for Scheduled Castes and other special 2. Number, classification and scale of pay.—

The number of posts, classification of the said

post and the scale of pay attached thereto shall

be as specified in columns (2) to (4) of

the said Schedule:

Provided that the Government may vary

the number of posts specified in column (2) of

the said Schedule from time to time subject

to exigencies of work.

categories of persons in accordance with

the orders issued by the Government from

time to time in that regard.

These rules are issued in consultation with

he Goa Public Service Commission conveyed

vide their letter No. COM/II/13/73 (1)/16/1506

dated 15-12-2016.

By order and in the name of the Governor

of Goa

3. Method of recruitment, age limit and

other qualifications.— The method of

recruitment to the said post, age limit,

qualifications and other matters connected Yetindra M. Maralkar, Additional Secretary

(Personnel).

Porvorim, 20th March, 2017.

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n h c e T2070 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 51 23RD MARCH, 2017 Government Printing Press

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2071
Cite this issue. Goa Gazette, Government of Goa, 23 March 2017. Indian Gazettes, https://egazette.servantsofknowledge.in/details/in.goa.egaz.1617-51.SI/1617-51-SI-OG-0/. Archive identifier in.goa.egaz.1617-51.SI/1617-51-SI-OG-0.