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

As amended by
The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous
Provisions (Amdt.) Act, 2016 (44 of 2016).
dt. 16-8-2016, w.e.f. 1-9-2016
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Description
•    The Security Interest (Enforcement) Rules, 2002
       [As amended vide SO 1046(E), dt. 3-11-2016, w.e.f. 4-11-2016]
•    The Securitisation and Reconstruction of Financial Assets and
      Enforcement of Security Interest (Removal of Difficulties) Order, 2004
•    The SC & RC (Reserve Bank) Guidelines and Directions, 2003
•    The S & RFA and Enforcement of Security Interest (Central Registry) Rules, 2011
      [As amended vide GSR 102(E), dt. 22-1-2016
•    Form of Application for Registration of Securitisation/Reconstruction Companies
•    The Recovery of Debts and Bankruptcy Act, 1993
      [As amended by the Finance Act, 2017 (7 of 2017), dt. 31-3-2017, w.e.f. 26-5-2017]
•    The Debts Recovery Tribunal (Procedure) Rules, 1993
      [As amended vide GSR 1047(E), dt. 3-11-2016, w.e.f. 4-11-2016]
•    Procedure for Distraint by Assessing Officer and Tax Recovery Officer
•    The Debts Recovery Appellate Tribunal (Financial & Administrative Power) Rules, 1997
      [As amended by vide GSR 1045(E), dt. 3-11-2016, w.e.f.  4-11-2016]
•    The Debts Recovery Tribunal (Financial & Administrative Power) Rules, 1997
•    The Debts Recovery Appellate Tribunal (Procedure for Appointment as Chairperson
      of the Appellate Tribunal) Rules, 1998   
•    The Debts Recovery Tribunal (Procedure for Appointment ........... Tribunal) Rules, 1998
•    The Debts Recovery Tribunal (Procedure for Investigation of Misbehaviour or Incapacity of
      Presiding Officer) Rules, 2010
      [As amended vide GSR 1044(E), dt. 3-11-2016, w.e.f. 4-11-2016]
•     The Debts Recovery Tribunals (Refund of Court Fee) Rules, 2013
•     The Change in or Take Over of the Management of the Business of the Borrower by
       Securitisation Companies and Reconstruction Companies (RB) Guidelines, 2010
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Contents
EFFECTIVE DATE NOTIFICATIONS OF THE PROVISIONS OF THE ENFORCEMENT OF
SECURITY INTEREST AND RECOVERY OF DEBTS LAWS AND MISCELLANEOUS PROVISIONS
(AMDT.) ACT, 2016 (44 OF 2016).
THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS AND
MISCELLANEOUS PROVISIONS (AMENDMENT) ACT, 2016.
AMENDMENTS BY FINANCE ACT, 2017 (Relevant Extracts).
THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT
OF SECURITY INTEREST ACT, 2002
Chapter I : Preliminary
1.     Short title, extent and commencement    
2.     Definitions
Chapter II : Regulation Of Securitisation and Reconstruction of Financial Assets of
                       Banks and Financial Institutions
3.     Registration of asset reconstruction companies
4.     Cancellation of certificate of registration
5.     Acquisition of rights or interest in financial assets
5A.   Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases
6.     Notice to obligor and discharge of obligation of such obligor
7.     Issue of security by raising of receipts or funds by asset reconstruction company
8.     Exemption from registration of security receipt
9.     Measures for assets reconstruction    
10.   Other functions of asset reconstruction company
11.   Resolution of disputes
12.   Power of Reserve Bank to determine policy and issue directions 
12A. Power of Reserve Bank to call for statements and information
12B. Power of Reserve Bank to carry out audit inspection
Chapter III : Enforcement of Security Interest
13.   Enforcement of security interest
14.   Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking
         possession of secured asset
15.   Manner and effect of takeover of management    
16.   No compensation to directors for loss of office
17.   Application against measures to recover secured debts
17A. Making of application to Court of District Judge in certain cases
18.    Appeal to Appellate Tribunal    
18A. Validation of fees levied
18B. Appeal to High Court in certain cases
18C. Right to lodge a caveat
19.    Right of borrower to receive compensation and costs in certain cases
Chapter IV : Central Registry
20.   Central Registry
20A. Integration of Registration systems with Central Registry
20B. Delegation of powers
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.    Asset reconstruction company or secured creditor to report satisfaction of security
          interest
26.   Right to inspect particulars of securitisation, reconstruction and security interest
         transactions
26A. Rectification by Central Government in matters of registration, modification and
         satisfaction, etc.
Chapter IVA : Registration by Secured Creditors and Other Creditors 
26B.  Registration by secured creditors and other creditors
26C.  Effect of the registration of transactions, etc.
26D.  Right of enforcement of securities
26E.  Priority to secured creditors   
Chapter V : Offences and Penalties
27.    Penalties
28.    [Omitted]
29.    Offences
30.    Cognizance of offences
30A. Power of adjudicating authority to impose Panalty
30B. Appeal against penalties
30C. Appellate Authority
30D. Recovery of Penalties
Chapter  VI : Miscellaneous
31.    Provisions of this Act not to apply in certain cases 
31A. Power to exempt a class or classes of banks or financial institutions
32.   Protection of action taken in good faith
33.   Offences by companies
34.   Civil Court not to have jurisdiction
35.   The provisions of this Act to override other laws
36.   Limitation
37.   Application of other laws not barred
38.   Power of Central Government to make rules
39.   Certain provisions of this Act to apply after Central Registry is set-up or cause to be
         set-up
40.   Power to remove difficulties
41.   Amendments of certain enactments
42.   Repeal and saving
The Schedule
THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002
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
13A. Application by lessee or tenant
Appendix I - X
THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT
OF SECURITY INTEREST (CENTRAL REGISTRY) RULES, 2011
Rule 1 - 7
FORM OF APPLICATION FOR REGISTRATION OF SECURITISATION/RECONSTRUCTION
COMPANIES
106-116
THE RECOVERY OF DEBTS AND BANKRUPTCY ACT, 1993
Chapter I    :    Preliminary
Chapter II   :    Establishment of Tribunal and Appellate Tribunal
Chapter III  :    Jurisdiction, Powers and Authority of Tribunals
Chapter IV  :    Procedure of Tribunals
Chapter V   :    Recovery of Debt Determined by Tribunal
Chapter VI  :    Miscellaneous
THE DEBTS RECOVERY TRIBUNAL (PROCEDURE) RULES, 1993
Rule 1 - 24
Form I - Form IV
THE DEBTS RECOVERY APPELLATE TRIBUNAL (PROCEDURE) RULES, 1994
Rule 1 - 27
Form
PROCEDURE FOR DISTRAINT BY ASSESSING OFFICER OR TAX RECOVERY OFFICER
172
THE DEBTS RECOVERY APPELLATE TRIBUNAL (FINANCIAL AND ADMINISTRATIVE POWER)
RULES, 1997
Rule 1 - 3
THE DEBTS RECOVERY TRIBUNAL (FINANCIAL AND ADMINISTRATIVE POWER) RULES, 1997
Rule 1 - 3
THE DEBTS RECOVERY APPELLATE TRIBUNAL (PROCEDURE FOR APPOINTMENT AS
CHAIRPERSON OF THE APPELLATE TRIBUNAL) RULES, 1998
Rule 1 - 7
Form I - Form II
THE DEBTS RECOVERY TRIBUNAL (PROCEDURE FOR APPOINTMENT AS PRESIDING
OFFICER OF THE TRIBUNAL) RULES, 1998
Rule 1 - 7 
Form I - Form II
THE DEBTS RECOVERY TRIBUNAL (PROCEDURE FOR INVESTIGATION OF MISBEHAVIOUR
OR INCAPACITY OF PRESIDING OFFICER) RULES, 2010
Rule 1 - 10
THE DEBTS RECOVERY TRIBUNALS (REFUND OF COURT FEE) RULES, 2013
Rule 1 - 5
THE CHANGE IN OR TAKE OVER OF THE MANAGEMENT OF THE BUSINESS OF THE
BORROWER BY SECURITISATION COMPANIES AND RECONSTRUCTION COMPANIES
(RESERVE BANK) GUIDELINES, 2010
Rule 1 - 8
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