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Bare Acts

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

An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.

वित्तीय आस्तितयों का प्रतिभूतिकरण और पुनर्गठनतथा प्रतिभूति हित का प्रवर्तन अधिनियम, 2002

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Act Details

Act Number:

54

Act Year:

2002

Location:

Enactment Date:

12/17/2002

Enforcement Date:

21-06-2002

Ministry:

Ministry of Finance

Department:

Department of Financial Services

All Section List (SARFAESI)

PRELIMINARY

Section 1 to Section 2

Section 1

Short title, extent and commencement.

Section 2

REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIALASSETS OF BANKS AND FINANCIALINSTITUTIONS

Section 3 to Section 12B

Section 3

Registration of asset reconstruction companies.

Section 4

Cancellation of certificate of registration.

Section 5

Acquisition of rights or interest in financial assets.

Section 5A

Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases.

Section 6

Notice to obligor and discharge of obligation of such obligor.

Section 7

Issue of security by raising of receipts or funds by asset reconstruction company.

Section 8

Exemption from registration of security receipt.

Section 9

Measures for assets reconstruction.

Section 10

Other functions of asset reconstruction company.

Section 11

Resolution of disputes.

Section 12

Power of Reserve Bank to determine policy and issue directions.

Section 12A

Power of Reserve Bank to call for statements and information.

Section 12B

Power of Reserve Bank to carry out audit and inspection.

ENFORCEMENT OF SECURITY INTEREST

Section 13 to Section 19

Section 13

Enforcement of security interest.

Section 14

Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.

Section 15

Manner and effect of take over of management.

Section 16

No compensation to directors for loss of office.

Section 17

Application against measures to recover secured debts.

Section 17A

Making of application to Court of District Judge in certain cases.

Section 18

Appeal to Appellate Tribunal.

Section 18A

Validation of fees levied.

Section 18B

Appeal to High Court in certain cases.

Section 18C

Right to lodge a caveat.

Section 19

Right of borrower to receive compensation and costs in certain cases.

CENTRAL REGISTRY

Section 20 to Section 26A

Section 20

Central Registry.

Section 20A

Integration of registration systems with Central Registry.

Section 20B

Delegation of powers.

Section 21

Central Registrar.

Section 22

Register of securitisation, reconstruction and security interest transactions.

Section 23

Filing of transactions of securitisation, reconstruction and creation of security interest.

Section 24

Modification of security interest registered under this Act.

Section 25

Asset reconstruction companyor secured creditors to report satisfaction of security interest.

Section 26

Right to inspect particulars of securitisation, reconstruction and security interest transactions.

Section 26A

Rectification by Central Government in matters of registration, modification and satisfaction, etc.

REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS

Section 26B to Section 26E

Section 26B

Registration by secured creditors and other creditors.

Section 26C

Effect of the registration of transactions, etc.

Section 26D

Right of enforcement of securities.

Section 26E

Priority to secured creditors.

OFFENCES AND PENALTIES

Section 27 to Section 30D

Section 27

Section 28

Section 29

Section 30

Cognizance of offence.

Section 30A

Power of adjudicating authority to impose penalty.

Section 30B

Appeal against penalties.

Section 30C

Appellate Authority.

Section 30D

Recovery of penalties.

MISCELLANEOUS

Section 31 to Section 42

Section 31

Provisions of this Act not to apply in certain cases.

Section 31A

Power to exempt a class or classes of banks or financial institutions.

Section 32

Protection of action taken in good faith.

Section 33

Offences by companies.

Section 34

Civil court not to have jurisdiction.

Section 35

The provisions of this Act to override other laws.

Section 36

Section 37

Application of other laws not barred.

Section 38

Power of Central Government to make rules.

Section 39

Certain provisions of this Act to apply after Central Registry is set up or cause to be set up.

Section 40

Power to remove difficulties.

Section 41

Amendments to certain enactments.

Section 42

Repeal and saving.