Section 5(1) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(1)Notwithstanding anything contained in any agreement or any other law for the time being in force, any [asset reconstruction company] [Substituted by Act No. 44 of 2016.] may acquire financial assets of any bank or financial institution,(a)by issuing a debenture or bond or any other security in the nature of the debenture, for consideration agreed upon between such company and the bank or financial institution, incorporating therein such terms and conditions as may be agreed upon between them; or(b)by entering into an agreement with such bank or financial institution for the transfer of such financial assets to such company on such terms and conditions as may be agreed upon between them.
