Access a comprehensive collection of Indian acts and their subordinates, designed for legal professionals, researchers, and students. Section Details

54/2002 - The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ▶

Act Number: 54

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

Year: 2002

Enactment Date: 2002-12-17

Long Title: An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 24: Modification of security interest registered under this Act.

Whenever the terms or conditions, or the extent or operation of any security interest registered under this Chapter are or is ¹[asset reconstruction company] or the secured creditors, as the case may be, to send to the Central Registrar, the particulars of such modification, and the provisions of this Chapter as to registration of a security interest shall apply to such modification modified, it shall be the duty of the ²[asset reconstruction company] or the of such security interest.

Notes:

¹. Subs. by s. 3, ibid., for "reconstruction company" (w.e.f. 1-9-2016).
². Subs. by s. 3,ibid., for "securitisation company" (w.e.f. 1-9-2016).

Previous Section Next Section