Section 39 of Sarfaesi Act - Certain provisions of this Act to apply after Central Registry is set up or cause to be set up, Section 40 Power to remove difficulties, Section 41 Amendments to certain enactments, Section 42 Repeal and saving

Section 39 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 : Certain provisions of this Act to apply after Central Registry is set up or cause to be set up

The provisions of sub-sections (2), (3) and (4) of section 20 and sections 21, 22, 23, 24, 25, 26 and 27 shall apply after the Central Registry is set up or cause to be set up under sub-section (1) of section 20.

Section 40 Power to remove difficulties

(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as may appear to be necessary for removing the difficulty:

Provided that no order shall be made under this section after the expiry of a period of two years from the commencement of this Act.

(2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.

Section 41 Amendments to certain enactments

The enactments specified in the Schedule shall be amended in the manner specified therein.

Section 42 Repeal and Saving

(1) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002 (Ord. 3 of 2002) is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act.