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[Section 42]
[Entire Act]
Union of India - Subsection
Section 42(2) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
| Year | Act No. | Short title | Amendment |
| 1956 | 1 | The Companies Act, 1956 | In section 4A in sub-section (1) after clause (vi) insert the following:--"(vii) the[asset reconstruction company] [Substituted by Act No. 44 of 2016.]which has obtained a certificate of registration under sub-section (4) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002". |
| 1956 | 42 | The Securities Contracts (Regulation) Act, 1956 | In section 2 in clause (h) after sub-clause (ib) insert the following:--"(ic) security receipt as defined in clause (zg) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002". |
| 1986 | 1 | The Sick Industrial Companies (Special Provision) Act, 1985. | In section 15 in sub-section (1) after the proviso insert the following:--"Provided further that no reference shall be made to the Board for Industrial and Financial Reconstruction after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 where financial assets have been acquired by any[asset reconstruction company] [Substituted by Act No. 44 of 2016.]under sub-section (1) of section 5 of that Act:Provided also that on or after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 where a reference is pending before the Board for Industrial and Financial Reconstruction such reference shall abate if the secured creditors representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act." |