Section 10 SARFAESI ACT, 2002 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Other functions of securitisation company or reconstruction company.

Section 10 SARFAESI ACT, 2002 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Other functions of securitisation company or reconstruction company.

Other functions of securitisation 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 fee 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.

 

About us:

Verma Law Associates is an offspring of Advocate Anoop Verma and other experienced Advocates/Lawyers.

Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.

After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.

During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.

We at Verma Law Associates handles all the cases pertaining to:

  • Criminal Law
  • Banking Law/DRT (Debt Recovery Tribunal)
  • Civil Law
  • Family Disputes
  • Consumer Laws
  • Service Law/Service Matters
  • Company Law/NCLT (National Company Law Tribunal)
  • Motor Accident Claims
  • Property Law

Have a Question about your banking DRT Case? Schedule a Consultation with DRT Advocate.

We offer initial consultations over the telephone and in person at no cost.

Talk to Advocate Anoop Verma directly
tel:+919463742964

Advocate Anoop Verma

Punjab & Haryana High Court Chandigarh, DRT Chandigarh

Email: advanoopverma@gmail.com

 

Leave a Reply

Your email address will not be published.

%d bloggers like this: