Act Info:
Preamble1 - SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002
Chapter I Section1 - Short title, extent and commencement
Section2 - Definitions
Chapter II Section3 - Registration of securitisation companies or reconstruction companies
Section4 - Cancellation of certificate of registration
Section5 - Acquisition of rights or interest in financial assets
Section5A - Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases
Section6 - Notice to obligor and discharge of obligation of such obligor
Section7 - Issue of security by raising of receipts or funds by securitisation company or reconstruction company
Section8 - Exemption from registration of security receipt
Section9 - Measures for assets reconstruction
Section10 - Other functions of securitisation company or reconstruction company
Section11 - Resolution of disputes
Section12 - Power of Reserve Bank to determine policy and issue directions
Section12A - Power of Reserve Bank to call for statements and information
Chapter III Section13 - Enforcement of security interest
Section14 - Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset
Section15 - Manner and effect of takeover of management
Section16 - No compensation to directors for loss of office
Section17 - Right to appeal
Section17A - Making of application to Court of District Judge in certain cases
Section18 - Appeal to Appellate Tribunal
Section18A - Validation of fees levied
Section18B - Appeal to High Court in certain cases
Section19 - Right of borrower to receive compensation and costs in certain cases
Chapter IV Section20 - Central Registry
Section21 - Central Registrar
Section22 - Register of securitisation, reconstruction and security interest, transactions
Section23 - Filing of transactions of securitisation, reconstruction and creation of security interest
Section24 - Modification of security interest registered under this Act
Section25 - Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest
Section26 - Right to inspect particulars of securitisation, reconstruction and security interest transactions
Chapter V Section27 - Penalties
Section28 - Penalties for non-compliance of direction of Reserve Bank
Section29 - Offences
Section30 - Cognizance of offence
Chapter VI Section31 - Provisions of this Act not to apply in certain cases
Section32 - Protection of action taken in good faith
Section33 - Offences by companies
Section34 - Civil court not to have jurisdiction
Section35 - The provisions of this Act to override other laws
Section36 - Limitation
Section37 - Application of other laws not barred
Section38 - Power of Central Government to make rules
Section39 - Certain provisions of this Act to apply after Central Registry is set-up or cause to be set-up
Section40 - Power to remove difficulties
Section41 - Amendments of certain enactments
Section42 - Repeal and saving
Schedule1 - THE SCHEDULE
Amending Act1 - AMENDMENT ACT