Standing Order No. 669/2020 of the Finance Department, Government of Maharashtra dated 26th May, 2020 on the enforcement of security interest [C15-QCA]

Standing Order No. 669/2020

GOVERNMENT OF MAHARASHTRA

Finance Department, Government of Maharashtra

Mumbai, dated the 26th May, 2020

STANDING ORDER

To

All Banking Ombudsmen,

Subject: The enforcement of security interest by secured creditors under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000, regarding.

In exercise of the powers conferred by section 9 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 (Maharashtra Act 16 of 2000), the Finance Department, Government of Maharashtra hereby issues the following Standing Order for the guidance of all officers subordinate to it:

1. References have been received seeking clarification on the manner in which section 9 applies to the enforcement of security interest by secured creditors.

2. The matter has been examined. Every secured creditor carrying on the enforcement of security interest shall make an application in Form F to the Government of Maharashtra within fourteen days, accompanied by a fee of one thousand rupees.

3. The Banking Ombudsman shall ensure that deposit is dealt with as directed above, and shall report compliance to the Government of Maharashtra within fourteen days.

4. Difficulties, if any, in the implementation of this standing order may be brought to the notice of the Finance Department, Government of Maharashtra.

(Secretary to Government)