Asset Covered Securities Act, 2001
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Right to appeal against certain decisions of the Authority. |
26.—(1) If the Authority— | |
(a) rejects an application made under section 13 , or | ||
(b) grants the application but imposes conditions (not being conditions prescribed by the regulations) with which the applicant is dissatisfied, | ||
the applicant may appeal to the High Court against the decision of the Authority rejecting the application or imposing the conditions. | ||
(2) If a designated credit institution is dissatisfied with a decision of the Authority varying the conditions of registration under section 16 , the institution may appeal to the High Court against the decision. | ||
(3) If the Authority revokes the registration of a designated credit institution under section 19 , the institution may appeal to the High Court against the decision of the Authority revoking the registration. | ||
(4) If the Authority gives a direction under section 20 or 21 in respect of a designated credit institution, the institution may appeal to the High Court against the direction. | ||
(5) An appeal under this section can be made only within 42 days after the decision of the Authority has been notified to the applicant or credit institution concerned. | ||
(6) The High Court may hear an appeal made under this section only if it is satisfied that a copy of the notice of appeal has been served on the Authority. | ||
(7) The Authority is entitled to appear as respondent at the hearing of an appeal made under this section. | ||
(8) An appeal made under this section is to be dealt with by way of rehearing. | ||
(9) On the hearing of an appeal, the High Court may make one of the following orders— | ||
(a) an order confirming the decision appealed against, | ||
(b) an order quashing that decision, or | ||
(c) an order substituting for that decision any decision that the Authority could have made in respect of the appellant. | ||
(10) The High Court may also make such ancillary orders as it thinks appropriate. |