(1) The 1[asset reconstruction company] or the secured creditors as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the 2[asset reconstruction company] or the secured creditors and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction.
3[(1A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register.]
(2) 4[If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation], cause a notice to be sent to the asset reconstruction company.
or the secured creditors calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar.
(3) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. (4) If cause is shown, the Central Registrar shall record a note to that effect in the Central Register, and shall inform the borrower that he has done so.
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1. Subs. by s. 3,ibid., for "securitisation company or reconstruction company" (w.e.f. 1-9-2016).
2. Subs. by s. 3, ibid., for "securitisation company or the reconstruction company" (w.e.f. 1-9-2016).
3. Ins. by Act 30 of 2004, s. 15 (w.e.f. 11-11-2004).
4. Subs. by s. 15, ibid., for "The Central Registrar shall, on receipt of such intimation" (w.e.f. 11-11-2004)
Section 16 No compensation to directors for loss of office
Section 17 Application against measures to recover secured debts
Section 17A Making of application to Court of District Judge in certain cases
Section 18 Appeal to Appellate Tribunal
Section 18A Validation of fees levied
Section 18B Appeal to High Court in certain cases
Section 18C Right to lodge a caveat
Section 19 Right of borrower to receive compensation and costs in certain cases
Section 20A Integration of registration systems with Central Registry
Section 20B Delegation of powers, Section 21 Central Registrar
Section 22 Register of securitisation, reconstruction and security interest transactions
Section 24 Modification of security interest registered under this Act
Section 26B Registration by secured creditors and other creditors
Section 26C Effect of the registration of transactions, etc
Section 26D Right of enforcement of securities, Section 26 E Priority to secured creditors