Corporate, Banking and Tax
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Act 54 of 2002 · 61 sections
Practise questions on Banking & Financial Laws
Title, date and preamble
[17th December, 2002.]
[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.]
BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:—
Contents
CHAPTER I PRELIMINARY
CHAPTER II REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND FINANCIAL INSTITUTIONS
- 3.Registration of [asset reconstruction companies]
- 4.Cancellation of certificate of registration
- 5.Acquisition of rights or interest in financial assets
- 5A.Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases
- 6.Notice to obligor and discharge of obligation of such obligor
- 7.Issue of security by raising of receipts or funds by [asset reconstruction company]
- 8.Exemption from registration of security receipt
- 9.Measures for assets reconstruction
- 10.Other functions of [asset reconstruction company]
- 11.Resolution of disputes
- 12.Power of Reserve Bank to determine policy and issue directions
- 12A.Power of Reserve Bank to call for statements and information
- 12B.Power of Reserve Bank to carry out audit and inspection
CHAPTER III ENFORCEMENT OF SECURITY INTEREST
- 13.Enforcement of security interest
- 14.Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset
- 15.Manner and effect of take over of management
- 16.No compensation to directors for loss of office
- 17.Application against measures to recover secured debts
- 17A.Making of application to Court of District Judge in certain cases
- 18.Appeal to Appellate Tribunal
- 18A.Validation of fees levied
- 18B.Appeal to High Court in certain cases
- 18C.Right to lodge a caveat
- 19.Right of borrower to receive compensation and costs in certain cases
CHAPTER IV CENTRAL REGISTRY
- 20.Central Registry
- 20A.Integration of registration systems with Central Registry
- 20B.Delegation of powers
- 21.Central Registrar
- 22.Register of securitisation, reconstruction and security interest transactions
- 23.Filing of transactions of securitisation, reconstruction and creation of security interest
- 24.Modification of security interest registered under this Act
- 25.[Asset reconstruction company] or secured creditors to report satisfaction of security interest
- 26.Right to inspect particulars of securitisation, reconstruction and security interest transactions
- 26A.Rectification by Central Government in matters of registration, modification and satisfaction, etc
CHAPTER IVA
CHAPTER V
CHAPTER VI MISCELLANEOUS
- 31.Provisions of this Act not to apply in certain cases
- 31A.Power to exempt a class or classes of banks or financial institutions
- 32.Protection of action taken in good faith
- 33.Offences by companies
- 34.Civil court not to have jurisdiction
- 35.The provisions of this Act to override other laws
- 36.Limitation
- 37.Application of other laws not barred
- 38.Power of Central Government to make rules
- 39.Certain provisions of this Act to apply after Central Registry is set up or cause to be set up
- 40.Power to remove difficulties
- 41.Amendments to certain enactments
- 42.Repeal and saving
Schedules and appendices
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