Year Act No. Short title Amendment 1956 1 The Companies In section 4A, in sub-section (1), after clause (vi), insert the Act, 1956. following:— “(vii) the 1[asset reconstruction company] which has obtained a certificate of registration under sub-section (4) or section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.”. 1956 42 The Securities In section 2, in clause (h), after sub-clause (ib), insert the Contracts following:— (Regulation) “(ic) security receipt as defined in clause (zg) of section 2 of Act, 1956. the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.”. 1986 1 The Sick In section 15, in sub-section (1), after the proviso, insert the Industrial following:— Companies “Provided further that no reference shall be made to the (Special Board for Industrial and Financial Reconstruction after the Provisions) commencement of the Securitisation and Reconstruction of Act, 1985. Financial Assets and Enforcement of Security Interest Act, 2002, where financial assets have been acquired by any [asset reconstruction company] under sub-section (1) of section 5 of that Act:
Provided also that on or after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where a reference is pending before the Board for Industrial and Financial Reconstruction, such reference shall abate if the secured creditors, representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act.”.