The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act `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.
2002
  • 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
  • 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 companyor 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
  • REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS

  • 26B
     Registration by secured creditors and other creditors
  • 26C
     Effect of the registration of transactions, etc
  • 26D
     Right of enforcement of securities
  • 26E
     Priority to secured creditors
  • OFFENCES AND PENALTIES

  • 27
     Penalties
  • 28
     [Omitted.]
  • 29
     Offences
  • 30
     Cognizance of offence
  • 30A
     Power of adjudicating authority to impose penalty
  • 30B
     Appeal against penalties
  • 30C
     Appellate Authority
  • 30D
     Recovery of penalties
  • 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