Section 26D (Right of enforcement of securities) under Chapter IVA (Registration by secured creditors and other creditors) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 —
“Notwithstanding anything contained in any other law for the time being in force, from the date of commencement of the provisions of this Chapter, no secured creditor shall be entitled to exercise the rights of enforcement of securities under Chapter III unless the security interest created in its favour by the borrower has been registered with the Central Registry.”
Extra Notes for Readers
(1) Section 26D of SARFAESI Act, 2002 was inserted by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (Act 44 of 2016), sec. 18, (w.e.f. 1-Sep-2016).