Section 15(1) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(1)[When the management of business of a borrower is taken over by a [asset reconstruction company] [Substituted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004), Section 9, for "When the management of business of a borrower is taken over by a secured creditor" (w.e.f. 11.11.2004).] under clause (a) of section 9 or, as the case may be, by a secured creditor under clause (b) of sub-section (4) of section 13] [Inserted by Act No. 1 of 2013], the secured creditor may, by publishing a notice in a newspaper published in English language and in a newspaper published in an Indian language in circulation in the place where the principal office of the borrower is situated, appoint as many persons as it thinks fit(a)in a case in which the borrower is a company as defined in the Companies Act, 1956 (1 of 1956), to be the directors of that borrower in accordance with the provisions of that Act;or(b)in any other case, to be the administrator of the business of the borrower.
