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Home Bare Acts Phrase: factoringFactoring Regulation Act, 2011, (Central) Section 3
Title: Registration of Factors
State: Central
Year: 2011
(1) No factor shall commence or carry on the factoring business unless it obtains a certificate of registration from the Reserve Bank to commence or carry on the factoring business under this Act. (2) Every factor shall make an application for registration to the Reserve Bank in such form and manner as it may specify: Provided that a company registered as a non-banking financial company and existing on the commencement of this Act and engaged in factoring business as its principal business before such commencement shall make an application for registration as a factor to the Reserve Bank before the expiry of the period of six months from such commencement and, not withstanding anything contained in sub-section (1), may continue to carry on the factoring business until a certificate of registration is issued to it or rejection of application for registration is communicated to it. Explanation.-For the removal of doubts it is hereby clarified that a non-banking financial company engaged in factoring business shall be treated as engaged in factoring business as its "principal business" if it fulfills the following conditions, namely:- (a) if its financial assets in the.....
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 6
Title: Powers of Reserve Bank to Give Directions and to Collect Information from Factors
State: Central
Year: 2011
(1) The Reserve Bank may, at any time by general or special order, direct that every factor shall furnish to it, in such form, at such intervals and within such time, such statements, information or particulars relating to factoring business undertaken by the factor, as may be specified by the Reserve Bank from time to time. (2) The Reserve Bank may, if it considers necessary in the interest of business enterprises availing factoring services or in the interest of factors or interest of other stake holders give directions to the factors either generally or to any factor in particular or group of factors in respect of any matters relating to or connected with the factoring business undertaken by such factors. (3) If any factor fails to comply with 'any direction given by the Reserve Bank under sub-section (2), the Reserve Bank may prohibit such factor from undertaking the factoring business: Provided that before prohibiting any factor from undertaking the factoring business, the factor shall be given a reasonable opportunity of being heard.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 25
Title: Offences by Factors
State: Central
Year: 2011
(1) Where an offence under this Act has been committed by a factor, every person who at the time the offence was committed was in charge of and was responsible to, the factor, for the conduct of the business of the factor, as well as the factor, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he has exercised all due diligence to prevent the commission of such offence. 2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a factor and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of any director, manager, secretary or other officer of the factor, such director, manager, secretary or other officer shall also be. deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. Explanation. -For the purpose of this section, a.....
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Complete Act
Title: the Factoring Regulation Act, 2011
State: Central
Year: 2011
.....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.....
List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Preamble
Title: the Factoring Regulation Act, 2011
State: Central
Year: 2011
THE FACTORING REGULATION ACT, 2011 [Act No. 12 of 2012] [22nd January, 2012] PREAMBLE An Act to provide for and regulate assignment of receivables by making provision for registra ation therefor and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Sixty-second Year of the Republic of India as follows:-
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Chapter II
Title: Registration of Factors
State: Central
Year: 2011
Chapter II REGISTRATION OF FACTORS
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 22
Title: Penalties for Non
State: Central
Year: 2011
.....during which the default continues. (2) For the purpose of adjudging the penalty under sub-section(1), the Reserve Bank shall serve notice on the factor requiring it to show cause why the amount specified in the notice should not be imposed and a reasonable opportunity of being heard shall also be given to such factor. (3) Any penalty imposed by the Reserve Bank under this section shall be payable within a period of fourteen days from the date on which notice issued by the Reserve Bank demanding payment of the sum is served on the factor and in the event of failure of the factor to pay the sum within such period, may be levied on a direction made by the principal civil court having jurisdiction in the area where the registered office of the factor is situated; or, in the case of a factor incorporated outside India, where its principal place of business in India is situated: Provided that no such direction shall be made except on an application made to the court by the Reserve Bank or any officer authorised by Reserve Bank in this behalf. (4) The court which makes a direction under sub-section (3) shall issue a certificate 'specifying the sum payable by the factor and.....
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 2
Title: Definitions
State: Central
Year: 2011
..... (a) "assignment" means transfer b by agreement, of undivided interest of any assignor in any receivable due from any debtor in favour of a factor and includes an assignment where either the assignor or the debtor, are situated or established outside India. Explanation.-For the purposes of this clause, undivided interest of any assignor in any receivable shall not include creation of rights in receivables as security for r loans and advances or other obligations by a Bank or a financial institution; (b) "assignee" means a factor in wh hose favour the receivable is transferred; (c) "assignor" means any person who is the owner of any receivable; (d) "Bank" means, (i) a banking company; (ii) a corresponding new bank; (iii) the State Bank of India; (iv) a subsidiary bank; (v) such other bank which the Central Government may by notification specify for the purposes of this Act on the recommendations of the Reserve Bank; or (vi) a Multi-State Co-operative Society registered under the Multi-State Co-operative Societies Act, 2002 (39 of 2002) and licensed to undertake business of banking by the Reserve Bank under the provisions of the Banking Regulation Act,.....
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 19
Title: Registration of Certain Assignments of Receivables Transactions
State: Central
Year: 2011
.....or the period to which they relate or by any other general description by which such receivables can be identified. (2) For the purposes of this Act, a record called the Central Register shall be kept at the head office of the Central Registry for entering the particulars of the transactions relating to assignment of receivables in favour of a factor. (3) On realisation of the assigned receivables or settlement of the claim against the debtors, the factor shall file satisfaction of the assignment of receivables in its favour, in such manner and subject to payment of such fees as may be prescribed in this behalf. (4) The provisions for registration of transactions contained in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) and the rules made there under shall, mutatis mutandis, apply to the record of assignment of receivables in favour of a factor in the Central Register with the Central Registry.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Schedule
Title: the Schedule
State: Central
Year: 2011
.....contained in this Act or any other law for the time being in force, any agreement or other document for assignment of "receivables" as defined in clause (P) of section 2 of the Factoring Regulation. Act, 2011 in favour of any "factor" as defined in clause (i) of section 2 of the said Act shall not be liable to duty under this Act or any other law for the time being in force.', 1908 5 The Code of Civil Procedure, 1908. In Order XXXVII, in rule I, in sub-rule (2), in clause (b), after sub-clause (iii), the following sub-clause shall be inserted, namely:-"(iv) suit for recovery of receivables instituted by any assignee of a receivable.". 1934 2 The Reserve Bank of India Act, 1934. In clause (d) of sub-section (l) of section 8, for the words "one Government official", the words "two Government officials" shall be substituted. 2005 30 The Credit Information Companies (Regulation) Act, 2005. In section 2, in clause (f), after sub-clause (ii), the following sub-clause shall be inserted, namely:-"(iia) a factor as defined under clause (i) of section 2 of the Factoring Regulation Act, 2011,". V.K. BHASIN Secy. to the Govt. of India.
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