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

Act No. 54

17-Dec-2002

Section 1 — Short title, extent and commencement

1. Short title, extent and commencement .

(1)This Act may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2)It extends to the whole of India.

(3)It shall be deemed to have come into force on the 21st day of June, 2002.

Section 2 — Definitions

2. Definitions .

(1)In this Act, unless t he context otherwise requires, -

(a)“Appellate Tribunal ” means a Debts Recovery Appellate Tribunal established under sub-section ( 1) of section 8 of the Recovery of Debts Due to Banks and Financial Insti tutions Act, 1993 (51 of 1993);

(b)“asset reconstruction ” means acquisition by any 2[asset reconstruction company ] of any right or interest of any bank or financial institution in any financial assistance for the purpose of realisatio n of such financial assistance; 3[(ba) “asset reconstruction company ” means a company registered with Reserve Bank under

Section 3 — for the purposes of carrying on the business of asset reconstruction or securitisation, or

section 3 for the purposes of carrying on the business of asset reconstruction or securitisation, or both;]

(c)“bank ” means-

(i)a banking company; or

(ii)a corresponding new bank; or

(iii)the State Bank of India; or

(iv)a subsidiary bank; or 4[(iva) a multi -State co -operative bank; or]

(v)such other bank which the Central Government may, by notification, specif y for the purposes of this Act;

(d)“banking company ” shall have the meaning assigned to it in clause ( c) of section 5 of the Banking Reg ulation Act, 1949 (10 of 1949);

🟡 Yellow = Single meaning

🔵 Blue = Multiple meanings

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