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Union of India - Section

Section 25 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002

25. Securitisation company or [asset reconstruction company] [Substituted by Act No. 44 of 2016.] or secured creditor to report satisfaction of security interest.

(1)The [asset reconstruction company] [Substituted by Act No. 44 of 2016.] or the secured creditor as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the [asset reconstruction company] [Substituted by Act No. 44 of 2016.] or the secured creditor and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction.[(1-A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register.] [Inserted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004), Section 15 (w.e.f. 11.11.2004).]
(2)[If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation] [Substituted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004), Section 15 for "The Central Registrar shall, on receipt of such intimation" (w.e.f. 11.11.2004).], cause a notice to be sent to the [asset reconstruction company] [Substituted by Act No. 44 of 2016.] or the secured creditor calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar.
(3)If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register.
(4)If cause is shown, the Central Registrar shall record a note to that effect in the Central Register, and shall inform the borrower that he has done so.