Section 10(1) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(1)Any [asset reconstruction company] [Substituted by Act No. 44 of 2016.] registered under section 3may(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 fees 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 [asset reconstruction company] [Substituted by Act No. 44 of 2016.] shall act as a manager if acting as such gives rise to any pecuniary liability.
