Section 26A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 in hindi — Rectification by Central Government in matters of registration, modification and satisfaction, etc
Bare section text
Official Legislative Text
1[26A.Rectification by Central Government in matters of registration, modification and satisfaction, etc.--(1) The Central Government, on being satisfied--
- (a)that the omission to file with the Registrar the particulars of any transaction of securitisation, asset reconstruction or security interest or modification or satisfaction of such transaction or; the omission or mis-statement of any particular with respect to any such transaction or modification or with respect to any satisfaction or other entry made in pursuance of section 23 or section 24 or section 25 of the principal Act was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors; or
- (b)that on other grounds, it is just and equitable to grant relief, may, on the application of a secured creditor or 2[asset reconstruction company] or any other person interested on such terms and conditions as it may seem to the Central Government just and expedient, direct that the time for filing of the particulars of the transaction for registration or modification or satisfaction shall be extended or, as the case may require, the omission or mis-statement shall be rectified.
- (2)Where the Central Government extends the time for the registration of transaction of security interest or securitisation or asset reconstruction or modification or satisfaction thereof, the order shall not prejudice any rights acquired in respect of the property concerned or financial asset before the transaction is actually registered.]
Educational Study Layer
Summary
- The Central Government has the authority to correct errors or omissions in the Central Registry.
- Rectification is allowed if the mistake was accidental or caused by an oversight.,
- The Government can also provide relief if it is just and equitable to do so on other grounds.
- Creditors, asset reconstruction companies, or any interested person can apply for these corrections.
- The Government may extend the time allowed for filing details if there was a sufficient cause for the delay.,
- Any order to extend filing time will not harm legal rights that other people acquired in the property before the transaction was actually registered.,
Practical examples
FAQ
1. Who has the power to fix mistakes in the Central Registry under Section 26A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002?
Section 26A of the Act gives this power to the Central Government.
2. What are the grounds for correcting a record under Section 26A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002?
Under Section 26A of the Act, corrections can be made if the error was accidental, due to inadvertence, or if it is just and equitable to grant relief.,
3. Does a time extension under Section 26A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 affect previous property rights?
No, Section 26A of the Act states that an order extending time shall not prejudice rights acquired in the property before the transaction is actually registered.,
Practice Quiz
Q1.Under Section 26A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, who can apply for a rectification?
Q2.According to Section 26A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is a valid reason for the Government to allow a correction?
Q3.Under Section 26A of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what happens if the Government extends the filing time?
Q4.If a creditor fails to report a loan satisfaction within the 30 days required by Section 25, which section of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, allows the Government to extend that time?