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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

[54 of 2002]

Contents

Sections

Particulars

Preamble

Chapter I

Preliminary

1

Short title, extent and commencement

2

Definitions

Chapter II 

Regulation of securitisation and reconstruction of financial assets of banks and financial institutions

3

Registration of securitisation companies or reconstruction companies

4

Cancellation of certificate of registration

5

Acquisition of rights or interest in financial assets

6

Notice to obligor and discharge of obligation of such obligor

7

Issue of security by raising of receipts or funds by securitisation company or reconstruction company

8

Exemption from registration of security receipt.-Notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908 (16 of 1908)

9

Measures for assets reconstruction

10

Other functions of securitisation company or reconstruction company

11

Resolution of disputes

12

Power of Reserve Bank to determine policy and issue directions

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 takeover of management

16

No compensation to directors for loss of office

17

Right to appeal

18

Appeal to Appellate Tribunal

19

Right of borrower to receive compensation and costs in certain cases

Chapter IV 

Central Registry

20

Central Registry

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

Securitisation company or reconstruction company or secured creditors to report satisfaction of security interest

26

Right to inspect particulars of securitisation, reconstruction and security interest transactions

Chapter V 

Offences and penalties

27

Penalties

28

Penalties for non-compliance of direction of Reserve Bank

29

Offences

30

Cognizance of offence

31

Provisions of this Act not to apply in certain cases

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 of certain enactments

42

Repeal and saving

Schedule

Schedule

The Schedule



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