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.

At our law firm, we are dedicated to providing top-tier legal services for a wide range of legal matters. Our advocates specialize in

Criminal Law,

Banking Law/DRT,

Civil Law,

Family Disputes,

Consumer Laws,

Service Law/Service Matters,

Company Law/NCLT,

Motor Accident Claims,

Property Law;

Our team of experienced and skilled advocates possesses a deep understanding of the complex legal landscape and is committed to providing our clients with the highest level of personalized attention and support.

We take great pride in our ability to deliver exceptional results for our clients. Our mission is to help our clients navigate the legal system with confidence and ease, regardless of the complexity of their case. We understand that legal disputes can be stressful and overwhelming, and we work tirelessly to ensure that our clients are fully informed and comfortable throughout the legal process.

Our commitment to excellence extends beyond our legal services. At our law firm, we believe in building lasting relationships with our clients based on trust, transparency, and accountability. We strive to create a collaborative and supportive environment that fosters innovation, creativity, and a commitment to excellence in everything we do.

When you choose our law firm, you can rest assured that you are in good hands. We are dedicated to providing our clients with the highest level of personalized attention and support, and we are committed to helping you achieve the best possible outcome for your legal matter.

Have a Question? Schedule a Consultation.

Contact Us.

 

Leave a Reply