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Start Free TrialSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter III
Title: Enforcement of Security Interest
State: Central
Year: 2002
.....management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation. Section 17 - Right to appeal (1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter,1[may make an application along with such fee, as may be prescribed,] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measure had been taken. 2["Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower. Explanation- For the removal of doubts, it is hereby declared that the communication of reasons to the borrower by the.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 13
Title: Enforcement of Security Interest
State: Central
Year: 2002
.....secured creditor of such company, who opts to realise his security instead of relinquishing his security and proving his debt under proviso to subsection (1) of section 529 of the Companies Act, 1956, may retain the sale proceeds of his secured assets after depositing the workmen's dues with the liquidator in accordance with the provisions of section 529A of that Act; Provided also that the liquidator referred to in the second proviso shall intimate the secured creditor the workmen's dues in accordance with the provisions of section 529A of the Companies Act, 1956 and in case such workmen's dues cannot be ascertained, the liquidator shall intimate the estimated amount of workmen's dues under that section to the secured creditor and in such case the secured creditor may retain the sale proceeds of the secured assets after depositing the amount of such estimated dues with the liquidator: Provided also that in case the secured creditor deposits the estimated amount of workmen's dues, such creditor shall be liable to pay the balance of the workmen's dues or entitled to receive the excess amount, if any, deposited by the secured creditor with the liquidator: Provided also.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Complete Act
Title: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
State: Central
Year: 2002
.....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 -.....
List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Chapter 2
Title: Amendments to the Securitisation and Reconstructionof Financial Assets and Enforcement of Security Interest Act, 2002
State: Central
Year: 2004
.....section 18 or section 18A, holds that the possession of secured assets by the secured creditor is not in accordance with the provisions of this Act and rules made thereunder and directs the secured creditors to return such secured assets to the concerned borrowers, such borrower shall be entitled to the payment of such compensation and costs as may be determined by such Tribunal or Court of District Judge or Appellate Tribunal or the High Court referred to in section 18B.". Section 15 - Amendment of section 25 In section 25 of the principal Act,-- (a) after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register." (b) in sub-section (2), for the words "The Central Registrar shall, on receipt of such intimation", the words, brackets and figures "If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation" shall be substituted. Section 16 -.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 24
Title: Modification of Security Interest Registered Under This Act
State: Central
Year: 2002
Whenever the terms or conditions, or the extent or operation of any security interest registered under this Chapter are or is modified, it shall be the duty of the securitisation company or the reconstruction company or the secured creditors, as the case may be, to send to the Central Registrar, the particulars of such modification, and the provisions of this Chapter as to registration of a security interest shall apply to such modification of such security interest.
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 23
Title: Filing of Transactions of Securitisation, Reconstruction and Creation of Security Interest
State: Central
Year: 2002
The particulars of every transaction of securitisation, asset reconstruction or creation of security interest shall be filed, with the Central Registrar in the manner and on payment of such fee as may be prescribed, within thirty days after the date of such transaction or creation of security, by the securitisation company or reconstruction company or the secured creditor, as the case may be: Provided that the Central Registrar may allow the filing of the particulars of such transaction or creation of security interest within thirty days next following the expiry of the said period of thirty days on payment of such additional fee not exceeding ten times the amount of such fee.
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 25
Title: Securitisation Company or Reconstruction Company or Secured Creditor to Report Satisfaction of Security Interest
State: Central
Year: 2002
.....company or the secured creditors and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction, 1[1A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register.] (2)2[If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation], cause a notice to be sent to the securitisation company or reconstruction company or the secured creditor calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar. (3) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. (4) If cause is shown, the Central Registrar shall record a note to that effect in the Central Register, and shall inform the borrower that he has done so. _____________________ 1. Inserted by Act 30 of 2004, sec......
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Preamble 1
Title: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
State: Central
Year: 2002
THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 [Act, No. 54 of 2002] [17th December, 2002] PREAMBLE An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto. be it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:--
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Preamble
Title: the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012
State: Central
Year: 2012
THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2012 [Act No. 1 of 2013] [3rd January, 2013] PREAMBLE An Act further to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:--
View Complete Act List Judgments citing this sectionEnforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Complete Act
Title: the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012
State: Central
Year: 2012
Preamble - THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2012 Chapter I - PRELIMINARY Section 1 - Short title and commencement Chapter II - AMENDMENTS TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 Section 2 - Amendment of section 2 Section 3 - Amendment of section 5 Section 4 - Amendment of section 9 Section 5 - Amendment of section 13 Section 6 - Amendment of section 14 Section 7 - Insertion of new section 18C Section 8 - Amendment of section 23 Section 9 - Insertion of new section 26A Section 10 - Substitution of new section for section 30 Section 11 - Insertion of new section 31A Chapter III - AMENDMENTS TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 Section 12 - Amendment of section 2 Section 13 - Amendment of section 15 Section 14 - Amendment of section 18 Section 15 - Amendment of section 19 Section 16 - Amendment of section 31 Section 17 - Amendment of section 36
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