The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Intrest Act, 2002 (Bare Act)/ Universal Law Publishing

THE SECURITISATION AND RECONSTRUCTION OF
FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002
Jnlroduction
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement . . . 4
2. Definitions . . . 4
CHAITER II
' REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL
ASSETS OF BANKS AND FINANCIAL INSTITUTIONS
3. Registration of sccuritisation companies or reconstruction companies . . . 9
4. Cancellation of certificate of registration . . . 11
5. Acquisition of rights or interest in financial assets . . . 12 5A. Trarvsfer of pending applications to any one of Debts Recovery Tribunals in certain cases . ■ . . 13 6. Notice to obligor and discharge of obligation of such obligor . . . 14 ' 7. Issue of security by raising of receipts or funds by securitisation company or reconstruction company . " . . 14 8. Exemption from registration of security receipt . . . 15
9. Measures for assets reconstruction . . . 15 10. Other functions of securitisation company or reconstruction company ,, , . 16
11. Resolution of disputes . . . 16 12. Power of Reserve Bank to determine policy and issue directions . . . 16
12A. Power of Reserve Bank to call for statements and information . . . 17
CHAPTER III
ENFORCEMENT OF SECURITY INTEREST
13. Enforcement of security interest . . . 17 14. Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset . . . 20 15. Manner and effect of takeover of management . . . 21
16. No compensation to directors for loss of office . . 22
17. Right to appeal . . . \ 22 17A. Making of application to Court of District Judge in certain cases. . . . 24 IB. Appeal to Appellate Tribunal . . . 24
18A. Validation of fees levied . . . 24
18B. Appeal to High Court in certain cases . . . * 25 19. Right of borrower to receive compensation and costs in certain cases . . . 25
CHAPTER IV
CENTRAL REGISTRY
20. Central Registry
21. Central Registrar
22. Register of securitisation, reconstruction and security
interest, transactions
23. Filing of transactions of securitisation, reconstruction and creation of security interest 24. Modification of security interest registered under this Act 25. Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest Right to inspect particulars of securitisation, reconstruction and security interest transactions
CHAPTER V
OFFENCES AND PENALTIES
Penalties Penalties for non-compliance of direction of Reserve Bank
Offences Cognizance of offence
CHAPTER VI
MISCELLANEOUS
Provisions of this Act not to apply in certain cases Protection of action taken in good faith
Offences by companies
Civil court not to have jurisdiction The provisions of this Act to override other laws
Limitation Application of other laws not barred Power of Central Government to make rules Certain provisions of this Act to apply after Central Registry is set-up or cause to be set-up
Power to remove difficulties
Amendments of certain enactments

41. 42. Repeal arid saving THE SCHEDULE.—[Amendments of certain enactments—See section 41]
THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002
Rules 1. Short title and commencement
2. Definitions
3. Demand notice 3A. Reply to representation of the borrower 4. Procedure after issue of notice 5. Valuation of movable secured assets 6. Sale of movable secured assets 7. Issue of certificate of sale \

8. Sale of immovable secured assets
9. Time of sale, issues of sale certificate and delivery of possession, etc. 10. Appointment of Manager '
11. Procedure for Recovery of shortfall of secured debt 12. Application to the Tribunal/Appellate Tribunal 13. Fees for applications and appeals under sections 17 and 18 of the Act
APPENDIX /.—Panchnama
APPENDIX //.—Inventory
APPENDIX ///.—Certificate of sale
APPENDIX IV.—Possession notice
APPENDIX v.—Sale certificate
APPENDIX VI
FORM.— Application under sub-section (10) of section 13 of the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
APPENDIX VII.—Application under sub-section (1) of section 17 of the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
APPENDIX VIII.—Application under sub-section (6) of section 17 of the
Securitisation and Reconstruction of Financial Assets and Errforcement of Security Interest Act, 2002
APPENDIX IX.— Appeal under section 18 of the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL
INSTITUTIONS ACT, 1993
Introduction
CHAPTER I
PRELIMINARY
Sections .r 1. Short title, extent, commencement and application
2. Definitions
CHAPTER II
ESTABLISHMENT OF TRIBUNAL AND APPELLATE TRIBUNAL
3. Establishment of Tribimal
4. Composition of Tribunal 5. Qualifications for appointment as Presiding Officer
6. Term of Office
7. Staff of Tribunal
8. Establishment of Appellate Tribunal ^ 9. Composition of Appellate Tribunal 10. Qualifications for appointment as Chairperson of the Appellate Tribunal
11. Term of Office
12. Staff of the Appellate Tribunal

THE DEBTS RECOVERY TRIBUNAL (PROCEDURE) RULES, 1993

13. Salary and allowances and other terms and conditions of service of Presiding Officers . . . 58
14. Filling up of vacancies . . . 58
15. Resignation and removal . . . 58
16. Orders constituting Tribunal or an Appellate Tribunal to be final and not to invalidate its proceedings . . . 59
CHAPTER III
JURISDICTION, POWERS AND AUTHORITY OF TRIBUNALS
17. Jurisdiction, powers and authority of Tribunals . . . 59 17A. Power of Chairperson of Appellate Tribunal . . . 59 18. Bar of Jurisdiction . . . 60
CHAPTER IV
PROCEDURE OF TRIBUNALS
19. Application to the Tribunal 20. Appeal to the Appellate Tribunal 21. Deposit of amount of debt due, on filing appeal
22. Procedure and Powers of the Tribunal and the Appellate Tribunal
23. Right to legal representation and Presenting Officers
24. Limitation
CHAPTER V
RECOVERY OF DEBT DETERMINED BY TRIBUNAL 25. Modes of recovery of debts . . . 65 26. Validity of certificate and amendment thereof . . . 65 27. Stay of proceedings under certificate and amendment or withdrawal thereof . . . 66 28. Other modes of recovery . . . 66 29. Application of certain provisions of Income-lax Act . . . 68 30. Appeal against the order of Recovery Officer . . . 68
CHAPTER VI
MISCELLANEOUS
31. Transfer of pending cases 31A. Power of Tribunal to issue certificate of recovery in case of decree or order 32. Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants 33. Protection of action taken in good faith 34. Act to have over-riding effect 35. Power to remove difficulties
36. Power to make rules 37. Repeal and saving

70
Rules _ 71 1. Short title and commencement • ' J
2. Definitions
Rules
3. Language of the Tribunal 71 4. Procedure for filing application 71 5. Presentation and scrutiny of applications 72 5A. Review 72 6. Place of filing applications * 72 7. Application fee 73 8. Contents of application 74 9. Documents to accompany the application under section 19 or 74section 31A of the Act 10. (Omitted) 74 11. Endorsing copy of application to the defendant 74 12. Filing of reply and other documents by the respondent 74 13. Date and place of hearing to be notified 75 14. Order to be signed and dated 75 15. Publication of orders 75 15A. Publication of names of the Defaulters 75 16. Communication of orders to parties 75 17. Fee for inspection of records and obtaining copies thereof 76 18. Orders and directions in certain cases 76 19. Working hours of the Tribunal 76 20. Sitting hours of the Tribunal 76 21. Holiday 76 22. Powers and functions of the Registrar 76 23. Additional powers and duties of Registrar 76 23A. Functions of Assistant Registrar 77 24. Seal and emblem 77 FORM I.— Application under section 19 of the Recovery of Debts 77Due to Banks and Financial Institutions Act, 1993
FORM II.— Application under section 31A of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 79
FORM 111.—Appeal under section 30(1) of the Recovery of Debts
THE DEBTS RECOVERY APPELLATE TRIBUNAL (PROCEDURE) RULES, 1994
1. Short title and commencement 83
2. Definitions 83 3. Sittings of Appellate Tribunal 83 4. Language of Appellate Tribunal 83 5. Procedure for filing appeals ^ 84 6. Presentation and scrutiny of memorandum of appeal 84 7. Place of filing memorandum of appeal 84
8. Fee ' 84 9. Deposit of amount of debt due 85 10. Contents of memorandum of appeal 85
11. Documents to accompany memorandum of appeal
12. Plural remedies
13. Endorsing copy of appeal to the respondents 14. Filing of reply to the appieal and other documents by the respondent Who may be joined as respondents Date and place of hearing to be notified Dress Regulations for the Presiding Officer and for the Representatives of the Parties
Order to be signed and dated
Publication of orders
Communication of orders
21. Fee for inspection of records and obtaining copies thereof
22. Orders and directions in certain cases Working hours of the Appellate Tribunal
Holiday
Powers and functions of the Registrar Additional powers and duties of Registrar
Seal and emblem 1-ORM.— Memorandum of appeal under section 20, section 30 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993)

THE DEBTS RECOVERY TRIBUNAL (FINANCIAL AND ADMINISTRATIVE POWER) RULES, 1997
1. Short title and commencement
2. Definitions 3. Powers of the Presiding Officer of the Tribunal
THE DEBTS RECOVERY APPELLATE TRIBUNAL (FINANCIAL AND ADMINISTRATIVE POWER) RULES, 1997
1. Short title and commencement
2. Definitions 3 Powers of the Presiding Officer of the Appellate Tribunal
THE SECURITISATION COMPANIES AND RECONSTRUCTION COMPANIES (RESERVE BANK) GUIDELINES AND DIRECTIONS, 2003
Paras 1. Short title and commencement 2. Applicability of the directions
3. Definitions 4. Registration and matters incidental thereto 5. Owned fund
6. Permissible business

7. Asset reconstruction
8. Securitisation 9. Requirement as to capital adequacy 10. Deployment of funds
11. Accounting year
12. Asset classification
13. Investments
14. Income recognition
15. Disclosures in the balance-sheet
16. Internal audit
17. Exemptions
ANNEXURE
THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST (REMOVAL OF DIFFICULTIES) ORDER, 2004
1. Short title and commencement
2. Definition . . . 3. Fee for filing of an appeal of Debts Recovery Tribunal 4. Fee for filing of an appeal to Debts Recovery Appellate Tribunal