The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Central Act · Act 54 of 200261 provisions251 citing judgments
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 54 of 2002 |
| Year | 2002 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 61 |
| Subjects | financial |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement.1 citing judgment
- Section 2 Definitions.11 citing judgments
- Section 3 Registration of asset reconstruction companies.
- Section 4 Cancellation of certificate of registration.
- Section 5 Acquisition of rights or interest in financial assets.1 citing judgment
- 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.4 citing judgments
- Section 8 Exemption from registration of security receipt.3 citing judgments
- Section 9 Measures for assets reconstruction.3 citing judgments
- Section 10 Other functions of asset reconstruction company.2 citing judgments
- Section 11 Resolution of disputes.3 citing judgments
- 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.
- Section 13 Enforcement of security interest.67 citing judgments
- Section 14 Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.48 citing judgments
- Section 15 Manner and effect of take over of management.2 citing judgments
- Section 16 No compensation to directors for loss of office.1 citing judgment
- Section 17 Application against measures to recover secured debts.46 citing judgments
- Section 17A Making of application to Court of District Judge in certain cases.
- Section 18 Appeal to Appellate Tribunal.12 citing judgments
- 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.6 citing judgments
- 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.1 citing judgment
- 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.
- 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.1 citing judgment
- Section 27 Penalties.
- Section 28 [Omitted.].2 citing judgments
- Section 29 Offences.1 citing judgment
- Section 30 Cognizance of offence.1 citing judgment
- Section 30A Power of adjudicating authority to impose penalty.
- Section 30B Appeal against penalties.
- Section 30C Appellate Authority.
- Section 30D Recovery of penalties.
- Section 31 Provisions of this Act not to apply in certain cases.4 citing judgments
- Section 31A Power to exempt a class or classes of banks or financial institutions.1 citing judgment
- Section 32 Protection of action taken in good faith.2 citing judgments
- Section 33 Offences by companies.
- Section 34 Civil court not to have jurisdiction.10 citing judgments
- Section 35 The provisions of this Act to override other laws.10 citing judgments
- Section 36 Limitation.1 citing judgment
- Section 37 Application of other laws not barred.6 citing judgments
- Section 38 Power of Central Government to make rules.1 citing judgment
- 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.
Find the provision, not just read it
The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:
- Search 49,000+ Central and State enactments by what a provision says, not by its number
- Jump from any section to every judgment that has applied it
- Search 300 million+ Indian court records alongside the statute
- Ask a research agent to find and read the case law on a provision for you
Free account. No card. About a minute to create.
Create a free accountNeed this as data, not as a page? The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Int… is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.