Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Bare 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.].
In the syllabus of: Delhi Higher Judiciary
- Act number
- 54 of 2002
- Enacted
- 17 December 2002
- Contents
- 61 sections · 8 chapters
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Contents
Chapter I — Preliminary
Chapter II — Regulation Of Securitisation And Reconstruction Of Financial Assets Of Banks And Financial Institutions
- Section 3 – Registration of asset reconstruction companies
- Section 4 – Cancellation of certificate of registration
- Section 5 – Acquisition of rights or interest in financial assets
- Section 5A – Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases (preview)
- Section 7 – Issue of security by raising of receipts or funds by asset reconstruction company (preview)
- Section 8 – Exemption from registration of security receipt (preview)
- Section 9 – Measures for assets reconstruction (preview)
- Section 10 – Other functions of asset reconstruction company (preview)
- Section 11 – Resolution of disputes (preview)
- Section 12 – Power of Reserve Bank to determine policy and issue directions (preview)
- Section 12A – Power of Reserve Bank to call for statements and information (preview)
- Section 12B – Power of Reserve Bank to carry out audit and inspection (preview)
Sections
Chapter III — Enforcement Of Security Interest
- Section 13 – Enforcement of security interest (preview)
- Section 14 – Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset (preview)
- Section 15 – Manner and effect of take over of management (preview)
- Section 16 – No compensation to directors for loss of office (preview)
- Section 17 – Application against measures to recover secured debts (preview)
- Section 17A – Making of application to Court of District Judge in certain cases (preview)
- Section 18 – Appeal to Appellate Tribunal (preview)
- Section 18A – Validation of fees levied (preview)
- Section 18B – Appeal to High Court in certain cases (preview)
- Section 18C – Right to lodge a caveat (preview)
- Section 19 – Right of borrower to receive compensation and costs in certain cases (preview)
Chapter IV — Central Registry
- Section 20 – Central Registry (preview)
- Section 20A – Integration of registration systems with Central Registry (preview)
- Section 20B – Delegation of powers (preview)
- Section 21 – Central Registrar (preview)
- Section 22 – Register of securitisation, reconstruction and security interest transactions (preview)
- Section 23 – Filing of transactions of securitisation, reconstruction and creation of security interest (preview)
- Section 24 – Modification of security interest registered under this Act (preview)
- Section 25 – Asset reconstruction companyor secured creditors to report satisfaction of security interest (preview)
- Section 26 – Right to inspect particulars of securitisation, reconstruction and security interest transactions (preview)
- Section 26A – Rectification by Central Government in matters of registration, modification and satisfaction, etc (preview)
Chapter IVA — Registration By Secured Creditors And Other Creditors
- Section 26B – Registration by secured creditors and other creditors (preview)
- Section 26C – Effect of the registration of transactions, etc (preview)
- Section 26D – Right of enforcement of securities (preview)
- Section 26E – Priority to secured creditors (preview)
Chapter V — Offences And Penalties
- Section 27 – Penalties (preview)
- Section 28 – [Omitted.] (preview)
- Section 29 – Offences (preview)
- Section 30 – Cognizance of offence (preview)
- Section 30A – Power of adjudicating authority to impose penalty (preview)
- Section 30B – Appeal against penalties (preview)
- Section 30C – Appellate Authority (preview)
- Section 30D – Recovery of penalties (preview)
Chapter VI — Miscellaneous
- Section 31 – Provisions of this Act not to apply in certain cases (preview)
- Section 31A – Power to exempt a class or classes of banks or financial institutions (preview)
- Section 32 – Protection of action taken in good faith (preview)
- Section 33 – Offences by companies (preview)
- Section 34 – Civil court not to have jurisdiction (preview)
- Section 35 – The provisions of this Act to override other laws (preview)
- Section 36 – Limitation (preview)
- Section 37 – Application of other laws not barred (preview)
- Section 38 – Power of Central Government to make rules (preview)
- Section 39 – Certain provisions of this Act to apply after Central Registry is set up or cause to be set up (preview)
- Section 40 – Power to remove difficulties (preview)
- Section 41 – Amendments to certain enactments (preview)
- Section 42 – Repeal and saving (preview)