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

THE SCHEDULE

(See section 41)

Year Act No. Short title Amendment

1956 1 The Companies

Act, 1956.

In section 4A, in sub-section (1), after clause (vi), insert the

following:—

“(vii) the
1[asset reconstruction company]which has obtained

a certificate of registration under sub-section (4) or section 3 of

the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002.”.

1956 42 The Securities

Contracts

(Regulation)

Act, 1956.

In section 2, in clause (h), after sub-clause (ib), insert the

following:—

“(ic) security receipt as defined in clause (zg) of section 2 of

the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002.”.

1986 1 The Sick

Industrial

Companies

(Special

Provisions)

Act, 1985.

In section 15, in sub-section (1), after the proviso, insert the

following:—

“Provided further that no reference shall be made to the

Board for Industrial and Financial Reconstruction after the

commencement of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

2002, where financial assets have been acquired by any
2[asset reconstructioncompany] under sub-section (1) of section

5 of that Act:

Provided also that on or after the commencement of the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002, where a reference

is pending before the Board for Industrial and Financial

Reconstruction, such reference shall abate if the secured

creditors, representing not less than three-fourth in value of the

amount outstanding against financial assistance disbursed to the

borrower of such secured creditors, have taken any measures to

recover their secured debt under sub-section (4) of section 13 of

that Act.”.

1. Subs. by Act 44 of 2016, s. 3, for “securitisation company or the reconstruction company” (w.e.f. 1-9-2016).

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