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

Title: Preliminary

State: Central

Year: 2002

.....of the State Bank of India (Subsidiary Banks) Act, 1959. (2) Words and expressions used and not defined in this Act but defined in the India Contract Act, 1872 or the Transfer of Property Act, 1882 or the Companies Act, 1956 or the Securities and Exchange Board of India Act, 1992 shall have the same meanings respectively assigned to them in those Acts. _________________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 2. The words "in accordance with the directions or guidelines issued by the Reserve Bank;" Omittted by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 3. Substituted for " doubtful or loss asset in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 4. Substituted for "trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund " by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 5......

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 2

Title: Definitions

State: Central

Year: 2002

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

Title: Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions

State: Central

Year: 2002

.....2004 2. Substituted for "such order of rejection or cancellation" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 5 - Acquisition of rights or interest in financial assets (1) Notwithstanding anything contained in any agreement or any other law for the time being in force, any securitisation company or reconstruction company may acquire financial assets of any bank or financial institution-- (a) by issuing a debenture or bond or any other security in the nature of debenture, for consideration agreed upon between such company and the bank or financial institution, incorporating therein such terms and conditions as may be agreed upon between them; or (b) . by entering into an agreement with such bank or financial institution for the transfer of such financial assets to such company on such terms and conditions as may be agreed upon between them. (2) If the bank or financial institution is a lender in relation to any financial assets acquired under sub-section (1) by the securitisation company or the reconstruction company, such securitisation company or reconstruction company shall, on such acquisition, be deemed to be.....

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 4

Title: Cancellation of Certificate of Registration

State: Central

Year: 2002

.....of account or other relevant documents when so demanded by the Reserve Bank; or (iv) obtain prior approval of the Reserve Bank required under sub-section (5) of section 3: Provided that before cancelling a certificate of registration on the ground that the securitisation company or reconstruction company has failed to comply with the provisions of clause (c) or has failed to fulfil any of the conditions referred to in clause (d) or sub-clause (iv) of clause (e), the Reserve Bank, unless it is of the opinion that the delay in cancelling the certificate of registration granted under sub-section (4) of section 3 shall be prejudicial to the public interest or the interests of the investors or the securitisation company or the reconstruction company, shall give an opportunity to such company on such terms as the Reserve Bank may specify for taking necessary steps to comply with such provisions or fulfilment of such conditions. (2) A securitisation company or reconstruction company aggrieved by the order of1[***] or cancellation of certificate of registration may prefer an appeal, within a period of thirty days from the date on which2[such order of cancellation] is communicated.....

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 12

Title: Power of Reserve Bank to Determine Policy and Issue Directions

State: Central

Year: 2002

.....standards, making provisions for bad and doubtful debts, capital adequacy based on risk weights for assets and also relating to deployment of funds by the securitisation company or reconstruction company, as the case may be, and such company shall be bound to follow the policy so determined and the directions so issued. (2) Without prejudice to the generality of the power vested under sub-section (1), the Reserve Bank may give directions to any securitisation company or reconstruction company generally or to a class of securitisation companies or reconstruction companies or to any securitisation company or reconstruction company in particular as to-- (a) the type of financial asset of a bank or financial institution which can be acquired and procedure for acquisition of such assets and valuation thereof; (b) the aggregate value of financial assets which may be acquired by any securitisation company or reconstruction company.

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 12A

Title: Power of Reserve Bank to Call for Statements and Information

State: Central

Year: 2002

1[12A. Power of Reserve Bank to Call for Statements and information. -- The Reserve Bank may at any time direct a securitisation company or reconstruction company to furnish it within such time as may be specified by the Reserve Bank, with such statements and information relating to the business or affairs of such securitisation company or reconstruction company ( including any business or affairs with which such company is concerned) as the Reserve Bank may consider necessary or expedient to obtain for the purpose of this Act.".] __________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004

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Securitisation 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.....

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 15

Title: Manner and Effect of Takeover of Management

State: Central

Year: 2002

.....a securitisationcompany or reconstruction company under clause (a) of section 9 or, as the casemay be, by a secured creditor under clause (b) of sub-section (4) of section13] may, by publishing a notice in a newspaper published in English languageand in a newspaper published in an Indian language in circulation in the placewhere the principal office of the borrower is situated, appoint as many personsas it thinks fit-- (a) in a case in which the borrower is a company as defined in theCompaniesAct, 1956, to be thedirectors of that borrower in accordance with the provisions of that Act; or (b) in any other case, to be theadministrator of the business of the borrower. (2) On publication ofa notice under sub-section (1),-- (a) in any case where the borrower is a company as defined in theCompanies Act, 1956, all personsholding office as directors of the company and in any other case, all persons holding any office havingpower of superintendence, direction and control of the business of the borrowerimmediately before the publication of the notice under sub-section (1),snail be deemed to have vacated their offices as such; (b) any contract of management between the borrower.....

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 17

Title: Right to Appeal

State: Central

Year: 2002

.....security are in accordance with the provisions of this Act and the rules made thereunder. (3) If, the Debts Recovery Tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management of the business of the borrower or restoration of possession of the secured assets to the borrower, it may by order, declare the recourse to any one or more measures referred to in sub-section (4) of section 13 taken by the secured creditors as invalid and restore the possession of the secured assets to the borrower or restore the management of the business to the borrower, as the case may be, and pass such order as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub-section (4) of section 13. (4) If, the Debts Recovery Tribunal declares the recourse taken by a secured creditor under sub-section (4) of section 13, is in accordance with the.....

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 19

Title: Right of Borrower to Receive Compensation and Costs in Certain Cases

State: Central

Year: 2002

.....or the Appellate Tribunal or the High Court on an appeal preferred under 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.".] ______________________ 1. Substituted for " If the Debts Recovery Tribunal or the Appellate Tribunal, as the case may be on an appeal filed Under section 17 or section 18 holds the possession of secured assets by the secured creditor as wrongful and directs the secured creditor to return such secured assets to the concerned borrower, such borrower shall be entitled to payment of such compensation and costs as may be determined by such Tribunal or Appellate Tribunal." by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004.

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