Section 10: Other functions of asset reconstruction company.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002Central Act · Act 54 of 2002

10. Other functions of [asset reconstruction company].--(1) Any [asset reconstruction company] registered under section 3 may--

(a) act as an agent for any bank or financial institution for the purpose of recovering their dues from the borrower on payment of such fees or charges as may be mutually agreed upon between the parties;

(b) act as a manager referred to in clause (c) of sub-section (4) of section 13 on such fee as may be mutually agreed upon between the parties;

Provided that no [asset reconstruction company] shall act as a manager if acting as such gives rise to any pecuniary liability.

(2) Save as otherwise provided in sub-section (1), no [asset reconstruction company] which has been granted a certificate of registration under sub-section (4) of section 3, shall commence or carry on, without prior approval of the Reserve Bank, any business other than that of securitisation or asset reconstruction:

Provided that a [asset reconstruction company] which is carrying on, on or before the commencement of this Act, any business other than the business of securitisation or asset reconstruction or business referred to in sub-section (1), shall cease to carry on any such business within one year from the date of commencement of this Act.

Explanation.--For the purposes of this section, "[asset reconstruction company]" or "[asset reconstruction company]" does not include its subsidiary.

Where this provision sits

Act	The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Section	10
Marginal note	Other functions of asset reconstruction company.
Jurisdiction	Central
Status	In force as published by the source
Judgments citing it	2

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted, Act 44 of 2016. . Subs. by Act 44 of 2016, s. 3, for "securitisation company or reconstruction company" (w.e.f. 1-9-2016).
substituted. . Subs. bys. 3,ibid.,for "securitisation company" (w.e.f. 1-9-2016).
substituted. . Subs. by s. 3,ibid.,for "reconstruction company" (w.e.f. 1-9-2016).

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