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Section 9: Measures for assets reconstruction.

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

[9. Measures for assets reconstruction.-- (1)Without prejudice to the provisions contained in any other law for the time being in force, an asset reconstruction company may, for the purposes of asset reconstruction, provide for any one or more of the following measures, namely:--

(a) the proper management of the business of the borrower, by change in, or take over of, the management of the business of the borrower;

(b) the sale or lease of a part or whole of the business of the borrower;

(c) rescheduling of payment of debts payable by the borrower;

(d) enforcement of security interest in accordance with the provisions of this Act;

(e) settlement of dues payable by the borrower;

(f) taking possession of secured assets in accordance with the provisions of this Act;

(g) conversion of any portion of debt into shares of a borrower company:

Provided that conversion of any part of debt into shares of a borrower company shall be deemed always to have been valid, as if the provisions of this clause were in force at all material times.

(2) The Reserve Bank shall, for the purposes of sub-section (1), determine the policy and issue necessary directions including the direction for regulation of management of the business of the borrower and fees to be charged.

(3) The asset reconstruction company shall take measures under sub-section (1) in accordance with policies and directions of the Reserve Bank determined under sub-section (2).]

Where this provision sits

ActThe Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Section9
Marginal noteMeasures for assets reconstruction.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it3

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. 8, for section 9 (w.e.f. 1-9-2016).

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