PRELIMINARYCentral

Section 1 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

(1)This Act may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
(2)It extends to the whole of India.
(3)It shall be deemed to have come into force on the 21st day of June, 2002.

Summary

This provision gives the law its official name which is the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
It defines the geographical reach of the law by stating it applies to the entire country of India.
It sets a specific start date for the law by declaring it came into force on June 21, 2002.
This section ensures that any actions taken under the law since its start date are legally valid across all states.

Practical examples

1A national bank in Delhi wants to recover a loan from a factory in Punjab using this law in 2024. Because Section 1 states the Act extends to the whole of India, the bank can legally apply these rules in Punjab.

2A borrower in Kolkata argues that a 2005 debt recovery action was illegal because they thought the law was too new. The bank points to Section 1 to show the law was already in effect since June 2002.

FAQ

1. What is the official title of the law according to Section 1 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002?

The official title is the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

2. Does the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 apply to every part of the country?

Yes, Section 1 specifies that the Act extends to the whole of India.

3. When did the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 first become active?

According to Section 1, the Act is deemed to have come into force on June 21, 2002.

Test yourself

Q1.Under Section 1 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which regions are covered by the law?

Q2.What is the commencement date specified in Section 1 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002?

Q3.Under Section 1 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what is the specific short title of the law?

Q4.If a bank uses the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for an action in 2005, is it valid under Section 1?

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