The Securitisation And Reconstruction Of Financial Assests And Enforcement Of Security Interest Act 2002

The Securitisation And Reconstruction Of Financial Assests And Enforcement Of Security Interest Act 2002
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The Securitisation And Reconstruction Of Financial Assests And Enforcement Of Security Interest Act 2002

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CHAPTER I PRELIMINARY
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.
2. Definitions 1 In this Act, unless the 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 Institutions Act, 1993 51 of 1993 b "asset reconstruction" means acquisition by any securitisation company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realisation of such financial assistance 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 v such other bank which the Central Government may, by notification, specify 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 Regulation Act, 1949 10 of 1949 e "Board" means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 15 of 1992 f "borrower" means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted by any bank or financial institution and includes a person who becomes borrower of a securitisation company or reconstruction company consequent upon acquisition by it of any rights or interest of any bank or financial institution in relation to such financial assistance g "Central Registry" means the registry set up or cause to bet set up under sub-section 1 of section 20 h "corresponding new bank" shall have the meaning assigned to it in clause