Securitization Act-2002
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Product Specifications
| Act Number | 2002 |
| Enactment Date | 21.6.2002 |
| Jurisdiction | India |
| Sections | Multiple |
| Amendments | Multiple |
| Coverage | Financial Assets |
| Usage | Provides legal framework for securitization, asset reconstruction, and security interest enforcement in India. |
| Features | Legal Framework, Asset Transfer, Enforcement, Risk Mitigation, Financial Stability |
Product Overview
Key Features
Securitization Act-2002
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest act extends to the whole of India
Under section 69 of
Transfer of Property Act, mortgagee can take possession of mortgaged
property and sale the same without intervention of Court only in case
of English mortgage. (English Mortgage is where mortgagor binds himself
to repay the mortgaged money on a certain date, and transfers the
mortgaged property absolutely to the mortgagee, but subject to a
proviso that he will re-transfer the property to the mortgagor upon
payment of the mortgage money as agreed). In addition mortgagee can
take possession of mortgaged property where there is a specific
provision in mortgage deed and the mortgaged property is situated in
towns of Kolkata, Chennai or Mumbai. In other cases possession can be
taken only with the intervention of court.
Therefore till now
Banks/Financial Institutions had to enforce their security through
court. This was a very slow and time-consuming process. There was also
no provision in any of the present law in respect of hypothecation,
though hypothecation is one of the major security interest taken by the
Bank/Financial Institution.
Keeping in mind the
above factors among many other the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act was enacted
with effect from 21.6. 2002.
The Act deals with three aspects.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest act extends to the whole of India
Under section 69 of
Transfer of Property Act, mortgagee can take possession of mortgaged
property and sale the same without intervention of Court only in case
of English mortgage. (English Mortgage is where mortgagor binds himself
to repay the mortgaged money on a certain date, and transfers the
mortgaged property absolutely to the mortgagee, but subject to a
proviso that he will re-transfer the property to the mortgagor upon
payment of the mortgage money as agreed). In addition mortgagee can
take possession of mortgaged property where there is a specific
provision in mortgage deed and the mortgaged property is situated in
towns of Kolkata, Chennai or Mumbai. In other cases possession can be
taken only with the intervention of court.
Therefore till now
Banks/Financial Institutions had to enforce their security through
court. This was a very slow and time-consuming process. There was also
no provision in any of the present law in respect of hypothecation,
though hypothecation is one of the major security interest taken by the
Bank/Financial Institution.
Keeping in mind the
above factors among many other the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act was enacted
with effect from 21.6. 2002.
The Act deals with three aspects.
- Enforcement of Security Interest by secured creditor (Banks/Financial Institutions)
- Transfer of non- performing assets to asset
reconstruction company, which will then dispose of those assets and
realise the proceeds. - To provide a legal framework for securitisation of assets.
Company Details
STRAIN BRAIN, Established in 2004 at New Delhi in Delhi, is a leading service provider of Legal and Public Notary Services in India. STRAIN BRAIN is one of Trade India's verified and trusted names for listed services. With extensive experience in the field of Legal and Public Notary Services, STRAIN BRAIN has made a reputed name for itself in the market with satisfactory Air Pollution, Arrest, By-Will, etc.
Focusing on a customer-centric approach, STRAIN BRAIN has a pan-India presence and caters to a huge consumer base throughout the country. Get Legal and Public Notary Services from STRAIN BRAIN at Trade India quality-assured services.
Focusing on a customer-centric approach, STRAIN BRAIN has a pan-India presence and caters to a huge consumer base throughout the country. Get Legal and Public Notary Services from STRAIN BRAIN at Trade India quality-assured services.
Business Type
Service Provider
Employee Count
10
Establishment
2004
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Seller Details
New Delhi, Delhi
Proprietor
Mr. Raj Pal Kapil
Address
Plot No. 2, Pocket A, Sector 17, Dwarka. New Delhi, Delhi, 110075, India
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