A litigant contends that the Securitisation and Reconstruction of Financial Assets and Enforcement of…
Under s.1(3) SARFAESI Act, 2002, the Act is deemed by its own terms to have come into force on 21 June 2002, a fixed retrospective date, rather than automatically on…
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A litigant contends that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 became enforceable immediately on receiving Presidential assent. Which of the following best accords with Section 1?
Answer and explanation
Correct answer C
Under s.1(3) SARFAESI Act, 2002, the Act is deemed by its own terms to have come into force on 21 June 2002, a fixed retrospective date, rather than automatically on receiving Presidential assent, upon publication of rules, or upon registration of asset reconstruction companies.