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Start Free TrialSecuritisation 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
.....of this Act; (e) settlement of dues payable by the borrower; (f) taking possession of secured assets in accordance with the provisions of this Act. Section 10 - Other functions of securitisation company or reconstruction company (1) Any securitisation company or reconstruction company registered under section 3 may-- (a) act as an agent for any bank or financial institution for the purpose of recovering their dues from the borrower on payment of such fees or charges as may be mutually agreed upon between the parties; (b) act as a manager referred to in clause (c) of sub-section (4) of section 13 on such fee as may be mutually agreed upon between the parties; (c) act as receiver if appointed by any court or tribunal: Provided that no securitisation company or reconstruction company shall act as a manager if acting as such gives rise to any pecuniary liability. (2) Save as otherwise provided in sub-section (1), no securitisation company or reconstruction company which has been granted a certificate of registration under sub-section (4) of section 3, shall commence or carry on, without prior approval of the Reserve Bank, any business other than that of.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 5
Title: Acquisition of Rights or Interest in Financial Assets
State: Central
Year: 2002
.....bank or financial institution shall vest in such company in relation to such financial assets. (3) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal representation, permissions, approvals, consents or no-objections under any law or otherwise and other instruments of whatever nature which relate to the said financial asset and which are subsisting or having effect immediately before the acquisition of financial asset under sub-section (1) and to which the concerned bank or financial institution is a party or which are in favour of such bank or financial institution shall, after the acquisition of the financial assets, be of as full force and effect against or in favour of the securitisation company or reconstruction company, as the case may be, and may be enforced or acted upon as fully and effectually as if, in the place of the said bank or financial institution, securitisation company or reconstruction company, as the case may be, had been a party thereto or as if they had been issued in favour of securitisation company or reconstruction company, as the case may be. (4) If, on the date of.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 14
Title: Chief Metropolitan Magistrate or District Magistrate to Assist Secured Creditor in Taking Possession of Secured Asset
State: Central
Year: 2002
.....or found, to take possession thereof, and the Chief Metropolitan Magistrate or, as the case may be, the District Magistrate shall, on such request being made to him-- (a) take possession of such asset and documents relating thereto; and (b) forward such assets and documents to the secured creditor. (2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate of the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate or the District Magistrate done in pursuance of this section shall be called in question in any court or before any authority.
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
..... 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
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 sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 9
Title: Measures for Assets Reconstruction
State: Central
Year: 2002
Without prejudice to the provisions contained in any other law for the time being in force, a securitisation company or reconstruction company may, for the purposes of asset reconstruction, having regard to the guidelines framed by the Reserve Bank in this behalf, provide for any one or more of the following measures, namely:-- (a) the proper management of the business of the borrower, by change in, or take over of, the management of the business of the borrower; (b) the sale or lease of a part or whole of the business of the borrower; (c) rescheduling of payment of debts payable by the borrower; (d) enforcement of security interest in accordance with the provisions of this Act; (e) settlement of dues payable by the borrower; (f) taking possession of secured assets in accordance with the provisions of this Act.
View Complete Act List Judgments citing this sectionBihar Reorganisation Act, 2000 Part VI
Title: Apportionment of Assets and Liabilities
State: Central
Year: 2000
.....or be apportioned between, the successor States of Bihar and Jharkhand in accordance with the provisions contained in the Eighth Schedule to this Act. Section 54 - Contracts (1) Where, before the appointed day, the existing State of Bihar has made any contract in the exercise of its executive power for any purposes of the State, that contract shall be deemed to have been made in the exercise of the executive power-- (a) if the purposes of the contract are, on and from the appointed day, exclusive purposes of either of the successor States of Bihar and Jharkhand; and (b) any other case, of the State of Bihar; and all rights and liabilities which have accrued, or may accrue under any such contract shall, to the extent to which they would have been rights or liabilities of the existing State of Bihar, be rights or liabilites of the State of Jharkhand or the State of Bihar, as the case may be: Provided that in any such case as is referred to in clause (b), the initial allocation of rights and liabilities made by this sub-section shall be subject to such financial adjustment as may be agreed upon between the successor States of Bihar and Jharkhand or in default of such.....
View Complete Act List Judgments citing this sectionUttar Pradesh Reorganisation Act, 2000 Part VI
Title: Apportionment of Assets and Liabilities
State: Central
Year: 2000
.....between, the successor States of Uttar Pradesh and Uttaranchal in accordance with the provisions contained in the Eighth Schedule to this Act. Section 55 - Contracts (1) Where, before the appointed day, the existing State of Uttar Pradesh has made any contract in the exercise of its executive power for any purposes of the State, that contract shall be deemed to have been made in the exercise of the executive power-- (a) if the purposes of the contract are, on and from the appointed day, exclusive purposes of either of the successor States of Uttar Pradesh and Uttaranchal; and (b) in any other case, of the State of Uttar Pradesh, and all rights and liabilities which have accrued, or may accrue under any such contract shall, to the extent to which they would have been rights or liabilities of the existing State of Uttar Pradesh, be rights or liabilities of the State of Uttaranchal or the State of Uttar Pradesh, as the case may be: Provided that in any such case as is referred to in clause (6), the initial allocation of rights and liabilities made by this sub-section shall be subject to such financial adjustment as may be agreed upon between the successor.....
View Complete Act List Judgments citing this sectionMadhya Pradesh Reorganisation Act,2000 Part VI
Title: Apportionment of Assets and Liabilites
State: Central
Year: 2000
.....between the successor States of Madhya Pradesh and Chhattisgarh in accordance with the provisions contained in the Sixth Schedule to this Act. Section 50 - Contracts (1) Where, before the appointed day, the existing State of Madhya Pradesh has made any contract in the exercise of its executive power for any purposes of the State, that contract shall be deemed to have been made in the exercise of the executive power-- (a) if the purposes of the contract are, on and from the appointed day, exclusive purposes of either of the successor States of Madhya Pradesh and Chhattisgarh, then, of that State; or (b) in any other case, of the State of Madhya Pradesh, all rights and liabilities which have accrued, or may accrue under any such contract shall, to the extent to which they would have been rights or liabilities of the existing State of Madhya Pradesh, be rights or liabilities of the State of Chhattisgarh or the State of Madhya Pradesh, as the case may be: Provided that in any such case as is referred to in clause (b), the initial allocation of rights and liabilities made by this sub-section shall be subject to such financial adjustment as may be agreed upon.....
View Complete Act List Judgments citing this sectionPunjab Reorganisation Act, 1966 Part VI
Title: Apportionment of Assets and Liabilities
State: Central
Year: 1966
.....investments shall be divided between all the successor States in the population ratio. (3) Where any body corporate constituted under a Central Act, State Act or Provincial Act for the existing State of Punjab or any part thereof has, by virtue of the provisions of Part II, become an inter-State body corporate, the investments in, or loans or advances to, any such body corporate by the existing State of Punjab made before the appointed day shall, save as otherwise expressly provided by or under this Act, be divided between the successor States in the same proportion in which the assets of the body corporate are divided under the provisions of Part VII. Section 53 - Assets and liabilities of State undertakings (1) The assets and liabilities relating to any commercial or industrial undertaking of the existing State of Punjab shall pass to the successor State in whose territories the undertaking is located. (2) Where a depreciation reserve fund is maintained by the existing State of Punjab for any commercial or industrial undertaking, the securities held in respect of investments made from that fund shall pass to the successor State in whose territories the undertaking is.....
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