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

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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