Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) – Bare Act

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002)

Chapter-I Preliminary

Section-1 Short title, extent and commencement
Section-2 Definitions

Chapter-II Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial institutions

Section-3 Registration of asset reconstruction companies
Section-4 Cancellation of certificate of registration
Section-5 Acquisition of rights or interest in financial assets.
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
Section-8 Exemption from registration of security receipt
Section-9 Measures for assets reconstruction
Section-10 Other functions of asset reconstruction company
Section-11 Resolution of disputes
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

Chapter-III Enforcement of Security Interest

Section-13 Enforcement of security interest
Section-14 Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset
Section-15 Manner and effect of take over of management
Section-16 No compensation to directors for loss of office
Section-17 Application against measures to recover secured debts
Section-17A Making of application to Court of District Judge in certain cases
Section-18 Appeal to Appellate Tribunal
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
Section-19A Transfer of Pending Applications

Chapter-IV Central Registry

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 company or secured creditors to report satisfaction of security interest
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.

Chapter-IVA Registration by Secured Creditors and Other Creditors

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

Chapter-V Offences and Penalties

Section-27 Penalties
Section-28 Penalties for non-compliance of direction of Reserve Bank
Section-29 Offences
Section-30 Cognizance of offences
Section-30A Power of adjudicating authority to impose penalty
Section-30B Appeal against penalties
Section-30C Appellate Authority
Section-30D Recovery of penalties

Chapter-VI Miscellaneous

Section-31 Provisions of this Act not to apply in certain cases
Section-31A Power to exempt a class or classes of banks or financial institutions
Section-32 Protection of action taken in good faith
Section-33 Offences by companies
Section-34 Civil court not to have jurisdiction
Section-35 The provisions of this Act to override other laws
Section-36 Limitation
Section-37 Application of other laws not barred
Section-38 Power of Central Government to make rules
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

Schedule

Schedule-SARFAESI Act, 2002

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