Who is required to register security interests with CERSAI after the SARFAESI amendment 2019?
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(SARFAESI Act 2002) provide for Enforcement of Security Interest for the realization of the dues without the intervention of Courts or Tribunals for recovery of NPAs by banks under various laws. In 2016 NBFC is included under the definition of the financial institution through…
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SARFAESI ACT 2002:Applicability,Objectives and process of NPA recovery
The SARFAESI ACT is the acronym of Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. The Act has been amended by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act 2004. The SARFAESI Act provides for Enforcement of Security Interest for the realization of the dues without the intervention of Courts or Tribunals which is treated as one…
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RBI’s Banking Ombudsman: Appointment, Offices, and the Centralized Grievance Hub
In India’s dynamic financial landscape, trust remains the cornerstone of banking. To safeguard this trust and strengthen customer protection, the Reserve Bank of India (RBI) has established the **Banking Ombudsman framework**—an institutional mechanism to resolve complaints fairly, quickly, and transparently. Appointment of the Banking Ombudsman The Banking Ombudsman is a senior official appointed by the…
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The details of how the registration of charges done under companies act
(This post elucidates the entire process of creation of charge or modification of charge and satisfaction of charge and the requirement of information in the form of a resolution passed in the Board meeting) According to Section 77 of the Companies Act, every company that creates a charge shall register the same with the Registrar…
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Law Relating to Securities and Modes of Charge: Mortgage and Other Types of Securities
When banks lend money, they need assurance that the loan will be repaid. This assurance often comes in the form of securities—assets pledged by the borrower that the bank can claim if repayment fails. The law relating to securities and modes of charge provides the legal framework for creating, protecting, and enforcing these rights. For…
Effects of charge registration under companies act
The Section 2(16) of the Companies Act 2013 defines ‘Charge’ as “an interest or lien created on the property or assets of a company or any of its undertaking or both as security and includes mortgage”. Thus, ‘charge’ can be described as lender’s right to recover his dues by disposing-off the specified assets of the…
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