• Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Bare Act

  • CHAPTER I: Preliminary

    • Section-1. Short title, extent and commencement.
    • Section-2. Definitions.

    CHAPTER II : Regulation of securitisation and reconstruction of financial assets of banks and financial institutions

    • Section-3. Registration of securitisation companies or reconstruction companies.
    • Section-4. Cancellation of certificate of registration.
    • Section-5. Acquisition of rights or interest in financial assets.
    • Section-6. Notice to obligor and discharge of obligation of such obligor.
    • Section-9. Measures for assets reconstruction.
    • Section-10. Other functions of securitisation company or reconstruction company.
    • Section-12. Power of Reserve Bank to determine policy and issue directions.

    CHAPTER III : Enforcement of security interest

    • 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 takeover of management.
    • Section-16. No compensation to directors for loss of office.
    • Section-17. Right to appeal.
    • Section-18. Appeal to Appellate Tribunal.
    • Section-19. Right of borrower to receive compensation and costs in certain cases.

    CHAPTER IV : Central Registry

    • Section-20. Central Registry.
    • 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. Securitisation company or reconstruction company or secured creditors to report satisfaction of security interest.
    • Section-26. Right to inspect particulars of securitisation, reconstruction and security interest transactions.

    CHAPTER V : Offences and penalties

    • Section-27. Penalties.
    • Section-28. Penalties for non-compliance of direction of Reserve Bank.
    • Section-29. Offences.
    • Section- 30. Cognizance of offence.
    • Section-31. Provisions of this Act not to apply in certain cases.
    • 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. Limitation.
    • Section-37. Application of other laws not barred.

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