The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Central · 2002
- S. 1Short title, extent and commencement.
- S. 2Definitions.
- S. 3Registration of asset reconstruction companies.
- S. 4Cancellation of certificate of registration.
- S. 5Acquisition of rights or interest in financial assets.
- S. 5ATransfer of pending applications to any one of Debts Recovery Tribunals in certain cases.
- S. 6Notice to obligor and discharge of obligation of such obligor.
- S. 7Issue of security by raising of receipts or funds by asset reconstruction company.
- S. 8Exemption from registration of security receipt.
- S. 9Measures for assets reconstruction.
- S. 10Other functions of asset reconstruction company.
- S. 11Resolution of disputes.
- S. 12Power of Reserve Bank to determine policy and issue directions.
- S. 12APower of Reserve Bank to call for statements and information.
- S. 12BPower of Reserve Bank to carry out audit and inspection.
- S. 13Enforcement of security interest.
- S. 14Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.
- S. 15Manner and effect of take over of management.
- S. 16No compensation to directors for loss of office.
- S. 17Application against measures to recover secured debts.
- S. 17AMaking of application to Court of District Judge in certain cases.
- S. 18Appeal to Appellate Tribunal.
- S. 18AValidation of fees levied.
- S. 18BAppeal to High Court in certain cases.
- S. 18CRight to lodge a caveat.
- S. 19Right of borrower to receive compensation and costs in certain cases.
- S. 20Central Registry.
- S. 20AIntegration of registration systems with Central Registry.
- S. 20BDelegation of powers.
- S. 21Central Registrar.
- S. 22Register of securitisation, reconstruction and security interest transactions.
- S. 23Filing of transactions of securitisation, reconstruction and creation of security interest.
- S. 24Modification of security interest registered under this Act.
- S. 25Asset reconstruction companyor secured creditors to report satisfaction of security interest.
- S. 26Right to inspect particulars of securitisation, reconstruction and security interest transactions.
- S. 26ARectification by Central Government in matters of registration, modification and satisfaction, etc.
- S. 26BRegistration by secured creditors and other creditors.
- S. 26CEffect of the registration of transactions, etc.
- S. 26DRight of enforcement of securities.
- S. 26EPriority to secured creditors.
- S. 27Penalties.
- S. 28[Omitted.].
- S. 29Offences.
- S. 30Cognizance of offence.
- S. 30APower of adjudicating authority to impose penalty.
- S. 30BAppeal against penalties.
- S. 30CAppellate Authority.
- S. 30DRecovery of penalties.
- S. 31Provisions of this Act not to apply in certain cases.
- S. 31APower to exempt a class or classes of banks or financial institutions.
- S. 32Protection of action taken in good faith.
- S. 33Offences by companies.
- S. 34Civil court not to have jurisdiction.
- S. 35The provisions of this Act to override other laws.
- S. 36Limitation.
- S. 37Application of other laws not barred.
- S. 38Power of Central Government to make rules.
- S. 39Certain provisions of this Act to apply after Central Registry is set up or cause to be set up.
- S. 40Power to remove difficulties.
- S. 41Amendments to certain enactments.
- S. 42Repeal and saving.