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.
Notwithstanding anything contained in any other law for the time being in force, after the registration of security interest, the debts due to any secured creditor shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government or State Government or local authority:
Explanation.-For the purposes of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Code.
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