Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002
Section - 15 - Manner and effect of take over of management
Manner and effect of take over of management.15. (1) When the management of business of a borrower is taken over by a [securitisation company or reconstruction company under clause (a) of section 9 or, as the case may be, by a secured creditor under clause (b) of sub-section (4) of section 13], the secured creditor may, by publishing a notice in a newspaper published in English language and in a newspaper published in an Indian language in circulation in the place where the principal office of the borrower is situated, appoint as many persons as it thinks fit-
(a)
-
in a case in which the borrower is a company as defined in the Companies Act, 1956 (1 of 1956), to be the directors of that borrower in accordance with the provisions of that Act; or
(b)
-
in any other case, to be the administrator of the business of the borrower.
(2) On publication of a notice under sub-section (1),-
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