Section 5(3) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(3)Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal representation, permissions, approvals, consents or no-objections under any law or otherwise and other instruments of whatever nature which relate to the said financial asset and which are subsisting or having effect immediately before the acquisition of financial asset under sub-section (1) and to which the concerned bank or financial institution is a party or which are in favour of such bank or financial institution shall, after the acquisition of the financial assets, be of as full force and effect against or in favour of the [asset reconstruction company] [Substituted by Act No. 44 of 2016.] as the case may be, and may be enforced or acted upon as fully and effectually as if, in the place of the said bank or financial institution, [asset reconstruction company] [Substituted by Act No. 44 of 2016.] as the case may be, had been a party thereto or as if they had been issued in favour of [asset reconstruction company] [Substituted by Act No. 44 of 2016.] as the case may be.
