Act Info:
Preamble - THE FACTORING REGULATION ACT, 2011
Chapter I - PRELIMINARY
Section 1 - Short title, extent and commencement
Section 2 - Definitions
Chapter II - REGISTRATION OF FACTORS
Section 3 - Registration of factors
Section 4 - Provisions of non
Section 5 - Requirement for registration as a factor not to apply to bank or Statutory corporation or Government company
Section 6 - Powers of Reserve Bank to give directions and to collect information from factors
Chapter III - ASSIGNMENT OF RECEIVABLES
Section 7 - Assignment of receivables
Section 8 - Notice to debtor and discharge of obligation of such debtor
Section 9 - Discharge of liability of debtor on payment to assignee
Section 10 - Payment made by debtor to assignor to be held in trust for benefit of assignee in certain cases
Chapter IV - RIGHTS AND OBLIGATIONS OF PARTIES TO CONTRACT FOR ASSIGNMENT OF RECEIVABLES
Section 11 - Rights and obligations of parties to contract for assignment of receivables
Section 12 - Liability of debtor
Section 13 - Assignor to be trustee of assignee
Section 14 - Liability of debtor in case of an assignor being micro or small enterprises
Section 15 - Principle of debtor protection
Section 16 - Defences and right of set off of debtor
Section 17 - Modification of original contract
Section 18 - Breach of contract
Chapter V - REGISTRATION OF ASSIGNMENTS
Section 19 - Registration of certain assignments of receivables transactions
Section 20 - Public inspection
Chapter VI - OFFENCES AND PENALTIES
Section 21 - Penalties
Section 22 - Penalties for non
Section 23 - Offences
Section 24 - Cognizance of offences
Section 25 - Offences by factors
Chapter VII - MISCELLANEOUS
Section 26 - Provisions of this Act to override other laws
Section 27 - Application of other laws not barred
Section 28 - Limitation
Section 29 - Confidentiality of information
Section 30 - Power to exempt
Section 31 - Provisions of this Act not to apply or affect in certain cases
Section 32 - Power of Central Government to make rules
Section 33 - Laying of rules
Section 34 - Power to remove difficulties
Section 35 - Amendments to certain enactments
Schedule - THE SCHEDULE