Bare Act Search Results

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

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 Indian Contracts Act, 1872 (9 of 1872) or the Transfer of Property Act, 1882 (4 of 1882) or the Companies Act, 1956 (1 of 1956) or the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall have the same meanings respectively assigned to them in those Acts. CHAPTER 2 REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND FINANCIAL INSTITUTIONS SECTION 03: REGISTRATION OF SECURITISATION COMPANIES OR RECONSTRUCTION COMPANIES (1) No securitisation company or reconstruction company shall commence or carry on the business of securitisation or asset reconstruction without- (a) obtaining a certificate of registration granted under this section; and (b) having the owned fund of not less than two crore rupees or such other amount not exceeding fifteen per cent of total financial assets acquired or to be acquired by the securitisation company or reconstruction company, as the Reserve Bank may, by notification, specify: Provided that the Reserve Bank may, by notification, specify different amounts of owned fund.....

Security Interest (Enforcement) Rules, 2002 Complete Act

State: Central

Year: 2002

.....declares that the application is within the limitation prescribed in section 24 of the Recovery of Debts Due to Banks and Financial Institutions (Act), 1993. 5. Facts of the case ; The facts of the case are given below: -[Give- here a concise statement of facts in a chronological order, each paragraph containing as nearly as possible a separate issue, fact or otherwise], 6. Details of recoveries made by sale of securities ; [Give here security wise details of sale/s conducted and realizations, appropriations of sale proceeds towards, costs interest and principal amount and the balance amount to be recovered.] 7. Relies sought : In view of me facts mentioned in para 5 above, the applicant prays for the the following relief(s) :- [Specify below the relief(s) sought explaining the ground for relief(s) and the legal provisions (if any relief upon).] 8. Iterim order, if prayed for: Pending final decision on the application, the applicant seeks issue of the following interim order-- [Give here the nature of the interim order prayed for with reasons.] 9. Matter not pending with any other court, etc : The applicant further declares that the matter .....

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.....

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......

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

Title: Definitions

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......

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.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Amending Act 1

Title: Amendment Act

State: Central

Year: 2002

.....of Security Interest Act, 2002 and further to amend the Recovery of debts Due to Banks and Financial Institutions Act, 1993 and the Companies Act, 1956. BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and commencement-- (1) This Act may be called the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. (2) Save as otherwise provided in this Act, the provisions of this Act shall be deemed to have come into force on the 11th day of November, 2004. CHAPTER II AMENDMENTS TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 2. Amendment of section 2 :-- Interest Act, 2002 (54 of 2002) (hereafter in this Chapter referred to as the principal Act), in sub-section (1),-- (i) after clause (h), the following clause shall be inserted, namely:-- '(ha) "debt" shall have the meaning assigned to it in clause (g) of section 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);'; (ii) in clause (j), the words "in accordance with the directions or guidelines issued by.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

.....or satisfaction thereof, the order shall not prejudice any rights acquired in respect of the property concerned or financial asset before the transaction is actually registered.". 10. Substitution of new Section for Section 30." For Section 30 of the principal Act, the following Section shall be substituted, namely" "30. Cognizance of offences."( 1 ) No court shall take cognizance of any offence punishable under Section 27 in relation to non-compliance with the provisions of Section 23, Section 24 or Section 25 or under Section 28 or Section 29 or any other provisions of the Act, except upon a complaint in writing made by an officer of the Central Registry or an officer of the Reserve Bank, generally or specially authorised in writing in this behalf by the Central Registrar or, as the case may be, the Reserve Bank. ( 2 ) No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act.". 11. Insertion of new Section 31-A." After Section 31.....

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

Title: Central Registry

State: Central

Year: 2002

.....to such modification of such security interest. Section 25 - Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest (1) The securitisation company or reconstruction, company or the secured creditor as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the securitisation company or the reconstruction 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.....

Securitisation 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.....