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Schedule – 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

Schedule

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 securitisation company or the reconstruction company which has ob¬tained a certificate of registration un¬der sub-section (4) of 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 Finan¬cial 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 securitisation company or reconstruction company under sub-section (1) of section 5 of that Act : Provided also that on or after the commence¬ment of the Securitisation and Reconstruc¬tion 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 assis¬tance disbursed to the borrower of such se¬cured creditors, have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act.”.

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

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