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 26D: Right of enforcement of securities.
    1[26D. Right of enforcement of securities.--Notwithstanding anything contained in any other law for the time being in force, from the date of commencement of the provisions of this Chapter, no secured creditor shall be entitled to exercise the rights of enforcement of securities under Chapter III unless the security interest created in its favour by the borrower has been registered with the Central Registry.]
Notes:
1. Ins. by s. 18, ibid. (w.e.f. 24-1-2020).
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