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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
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.
| Act Id | 200254 |
| Act Number | 54 |
| Enactment Date | 2002-12-17 |
| Act Year | 2002 |
| Ministry | Ministry of Finance |
| Enforcement Date | 21-06-2002 |
- PRELIMINARY
- REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIALASSETS OF BANKS AND FINANCIALINSTITUTIONS
- 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
- 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
- OFFENCES AND 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
