Amendment status not verified — confirm the current text below against the official source.
(1) Any person aggrieved by the Award may, within 45 days of the date of receipt of the Award, prefer an appeal against the Award before the Appellate Authority; Provided that the Appellate Authority may, if he is satisfied that the applicant had sufficient cause for not making the appeal within time, allow a further period not exceeding 30 days; Provided further that the appeal may be filed by the bank only with the previous sanction of the Chairman or, in his absence, the Managing Director or the Executive Director or the Chief Executive Officer or any other officer of equal rank. (2) The Appellate Authority shall, after giving the parties a reasonable opportunity of being heard (a) dismiss the appeal; or (b) allow the appeal and set aside the Award; or (c) remand the matter to the Banking Ombudsman for fresh disposal in accordance with such directions as the Appellate Authority may consider necessary or proper; or (d) modify the Award and pass such directions as may be necessary to give effect to the Award so modified; or (e) pass any other order as it may deem fit. (3) The order of the Appellate Authority shall have the same effect as the Award passed by Banking Ombudsman under Clause 12 or the order rejecting the complaint under Clause 13, as the case may be.