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Chapter -2

Chapter -2 Provision Relating to Petition
3. Petition to be filed:

(1) In filing a petition, a bank or financial institution has to file the petition with the tribunal in the format as referred to in Schedule-1, accompanied also by a petition fee of Five Rupees and amount for the debt recovery fee in a sum to be set by 0.25 percent of the claimed amount.
(2) If the fact appears to be proved by a petition and documents accompanied with i.e., records or any other kinds of evidences, that the activities or procedures referred to in Clause (C0 and (c1) of sub- rule (1) have been
fulfilled, it shall be considered that he banks or financial institutions have fulfilled the procedures in respect of debts recovery pursuant to sub_ Section (7) of section 14 O the Act.
4. Matters to be set out in Petition: ⊕
(1) Petition to be filed pursuant to Rule 3 has to set out the following matters:-
(a) Full name, surname and Address of each of petitioner and defendant, (b) Whether the petition has been filed within limitation setout in the Act and whether the petition fee and amount to be paid in advance for the debt
recovery have been accompanied thereby or not, ♣
(c) whether the concerned bank or financial institution made time to time correspondence discussion or dialogue from time to time, with the debtor in respect of the debts to be recovered by it, or whether the bank or financial
institution has made rescheduling, restructuring or similar other activities of such debts in respect of the recovery of debts ,
⊕(c1) whether the bank or financial institution has published a public notice in any daily newspaper of national level with the details of necessary legal proceedings against the debtor having specified that if the debtor does not
come for the recovery of debts within the period as specified to him/her for the recovery of debts or not, or whether a notice has been published in any daily newspaper of national level on the auction of the movable or immovable property pledged has been proceeded or whether or nor the ⊕  movable or immovable property pledged was put in the process of auction but could not be held by any reason whatsoever,
(d) Whether any suit has been filed in any office or court on recovery of debt from the borrower pursuant to the prevailing law or mot,
(e) Whether necessary copies of the petition to meet the number of the defendants have been attached or not,
(f) Whether necessity evidence and documents in corroboration of the claim mentioned in the petition have been attached or not.

5. Non-registration of petition not in order:

The Registrar has to endorse the received petition which does not set out the mattes required to be set out or is not
accompanied by the documents required to be accompanied by pursuant to Rule 4 by indicating in such petition that it does not meet the requirements and return it to the concerned bank or financial institution.

6. Registration of petition and issuance of receipt:

If a petition filed by a bank or finance institution appears to meet the requirement pursuant to the Act and these
Rules, the Registrar has to register such a petition and give receipt thereof to the concerned bank or financial institution.

7. Inquiry into and dismissal of petition:

(1) After the filing of a petition, the tribunal has to enquire into the following matters in that respect.
(a) Whether the grounds of claim or recovery of debt are clear or not,
(b) Whether the evidence and documents accompanied with the petition are adequate to corroborate the claim or not.
(2) If the tribunal thinks, upon an inquiry pursuant to Sub-rule (1), that the ground for claim mentioned in the petition are not clear and thus the claim cannot stand, it may dismiss the petition.
(3) If the tribunal thinks that the claim cannot be substantiated from the evidence and documents attached with the petition it may give a time limit of seven days and order the concerned bank or financial institution to submit
additional necessary evidence and documents. If the concerned bank or financial institution fails to submit additional necessary evidence or documents within the time limit so specified or fit appears that the claim cannot be substantiated from the submitted documents the tribunal may dismiss such a petition.
(4) If the tribunal dismisses a petition pursuant to Sub-rule (2) or (3), it has to give information thereof to the concerned bank or financial institution no later than seven days from the date of dismissal of petition.

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