Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 10 – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

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

Section 10. Other functions of securitization company or reconstruction company

(1) Any securitisation company or reconstruction company registered under section 3 may—

(a) act as an agent for any bank or financial institution for the purpose of recovering their dues from the borrower on payment of such fees or charges as may be mutually agreed upon between the parties;

(b) act as a manager referred to in clause (c) of sub-section (4) of section 13 on such fee as may be mutually agreed upon between the parties;

(c) act as receiver if appointed by any court or tribunal:

Provided that no securitisation company or reconstruction company shall act as a manager if acting as such gives rise to any pecuniary liability.

(2) Save as otherwise provided in sub-section (1), no securitisation company or reconstruction company which has been granted a certificate of registration under sub-section (4) of section 3, shall commence or carry on, without prior approval of the Reserve Bank, any business other than that of securitisation or asset reconstruction :

Provided that a securitisation company or reconstruction company which is carrying on, on or before the commencement of this Act, any business other than the business of securitisation or asset reconstruction or business referred to in sub-section (1), shall cease to carry on any such business within one year from the date of commencement of this Act.

Explanation.—For the purposes of this section, “securitisation company” or “reconstruction company” does not include its subsidiary.

Previous | Next

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

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *


Not found ...? HOW TO WIN 498a, DV, DIVORCE; Search in Above link

All Law documents and Judgment copies
Landmark Judgments
Important SC/HC Judgements on 498A IPC
Rules and Regulations of India.
Copyright © 2021 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation