Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002

Section - 1 - Short title, extent and commencement

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Section - 2 - Definitions

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Section - 3 - Registration of securitisation companies or reconstruction companies

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Section - 4 - Cancellation of certificate of registration

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Section - 5 - Acquisition of rights or interest in financial assets

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Section - 5A - Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases

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Section - 6 - Notice to obligor and discharge of obligation of such obligor

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Section - 7 - Issue of security by raising of receipts or funds by asset reconstruction company

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Section - 8 - Exemption from registration of security receipt

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Section - 9 - Measures for assets reconstruction

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Section - 10 - Other functions of securitisation company or reconstruction company

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Section - 11 - Resolution of disputes

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Section - 12 - Power of Reserve Bank to determine policy and issue directions

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Section - 12A - Power of Reserve Bank to call for statements and information

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Section - 12B - Power of Reserve Bank to carry out audit and inspection

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Section - 13 - Enforcement of security interest

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Section - 14 - Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset

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Section - 15 - Manner and effect of take over of management

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Section - 16 - No compensation to directors for loss of office

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Section - 17 - Right to appeal

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Section - 17A - Making of application to Court of District Judge in certain cases

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Section - 18 - Appeal to Appellate Tribunal

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Section - 18A - Validation of fees levied

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Section - 18B - Appeal to High Court in certain cases

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Section - 18C - Right to lodge a caveat

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Section - 19 - Right of borrower to receive compensation and costs in certain cases

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Section - 19A - Transfer of Pending Applications

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Section - 20 - Central Registry

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Section - 20A - Integration of registration systems with Central Registry

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Section - 20B - Delegation of powers

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Section - 21 - Central Registrar

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Section - 22 - Register of securitisation, reconstruction and security interest transactions

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Section - 23 - Filing of transactions of securitisation, reconstruction and creation of security interest

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Section - 24 - Modification of security interest registered under this Act

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Section - 25 - Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest

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Section - 26 - Right to inspect particulars of securitisation, reconstruction and security interest transactions

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Section - 26A - Rectification by Central Government in matters of registration, modification and satisfaction, etc

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Section - 26B - Registration by secured creditors and other creditors

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Section - 26C - Effect of the registration of transactions, etc.

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Section - 26D - Right of enforcement of securities

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Section - 26E - Priority to secured creditors

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Section - 27 - Penalties

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Section - 28 - Penalties for non-compliance of direction of Reserve Bank

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Section - 29 - Offences

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Section - 30 - Cognizance of offences

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Section - 30A - Power of adjudicating authority to impose penalty

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Section - 30B - Appeal against penalties

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Section - 30C - Appellate Authority

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Section - 30D - Recovery of penalties

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Section - 31 - Provisions of this Act not to apply in certain cases

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Section - 31A - Power to exempt a class or classes of banks or financial institutions

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Section - 32 - Protection of action taken in good faith

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Section - 33 - Offences by companies

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Section - 34 - Civil court not to have jurisdiction

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Section - 35 - The provisions of this Act to override other laws

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Section - 36 - Limitation

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Section - 37 - Application of other laws not barred

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Section - 38 - Power of Central Government to make rules

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Section - 39 - Certain provisions of this Act to apply after Central Registry is set up or cause to be set up

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Section - 40 - Power to remove difficulties

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Section - 41 - Amendments to certain enactments

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Section - 42 - Repeal and saving

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Schedule - See section 41

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