Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Sections
1
Short title, extent and commencement
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10
Other functions of securitisation company or reconstruction company
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11
Resolution of disputes
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12
Power of Reserve Bank to determine policy and issue directions
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13
Enforcement of security interest
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14
Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset
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15
Manner and effect of takeover of management
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16
No compensation to directors for loss of office
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17
Right to appeal
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18
Appeal to Appellate Tribunal
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19
Right of borrower to receive compensation and costs in certain cases
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2
Definitions
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20
Central Registry
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21
Central Registrar
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22
Register of securitisation, reconstruction and security interest transactions
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23
Filing of transactions of securitisation, reconstruction and creation of security interest
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24
Modification of security interest registered under this Act
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25
Securitisation company or reconstruction company or secured creditors to report satisfaction of security interest
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26
ight to inspect particulars of securitisation, reconstruction and security interest transactions
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27
Penalties
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28
Penalties for non-compliance of direction of Reserve Bank
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29
Offences
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3
Registration of securitisation companies or reconstruction companies
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30
Cognizance of offence
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31
Provisions of this Act not to apply in certain cases
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32
Protection of action taken in good faith
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33
Offences by companies
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34
Civil court not to have jurisdiction
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35
The provisions of this Act to override other laws
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36
Limitation
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37
Application of other laws not barred
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38
Power of Central Government to make rules
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39
Certain provisions of this Act to apply after Central Registry is set-up or cause to be set-up
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4
Cancellation of certificate of registration
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40
Power to remove difficulties
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41
Amendments of certain enactments
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42
Repeal and saving
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5
Acquisition of rights or interest in financial assets
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6
Notice to obligor and discharge of obligation of such obligor.
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7
Issue of security by raising of receipts or funds by securitisation company or reconstruction company
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8
Exemption from registration of security receipt.-Notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908 16 of 1908
