 bill no 98 of  2010 the securitisation and reconstruction of financial assets and enforcement of security interest (amendment) bill, 2010 byadv pt thomas, mpa billfurther to amend the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002be it enacted by parliament in the sixty-first year of  the republic of india as follows:—amendment of section 1454 of 20022 in section 14 of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, after sub-section (1), the following provisos shall be inserted, namely:—5"provided that the secured creditor, while making request to the chief metropolitan magistrate or the district magistrate, as the case may be, for taking possession or control of any secured asset, shall file an affidavit to the effect that the secured asset in question does not fall within any of the exemptions provided under section 31:10provided further that where the chief metropolitan magistrate or the district magistrate, as the case may be, is of the view that the secured asset in question is an agricultural property, he shall, before passing any order, afford an opportunity of being heard to the parties interested in the matter" statement  of  objects  and  reasonsthe securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 was enacted for speedy recovery of loan amount by banks and financial institutions by making provisions for taking possession of secured assets by secured creditorssection 14 of the act provides that if the secured creditor approaches the chief metropolitan magistrate or the district magistrate for taking possession of a secured asset, the chief metropolitan magistrate or the district magistrate shall, as the case may be, take possession of such asset and documents relating thereto and forward such asset and documents to the secured creditorsection 31 provides, inter alia, that the provisions of the act shall not apply in cases of any security interest created in agricultural land however, in numerous cases agricultural land has been attached by the chief metropolitan magistrate or the district magistrate and the plea of the debtor that attachment of agriculture land is barred under section 31 are rejected on the ground that under section 14 of the act, the chief metropolitan magistrate or the district magistrate has no choice except to take possession of the asset and hand it over to the secured creditorthe only remedy available to a debtor is to approach the debt recovery tribunal the process for getting relief from the debt recovery tribunal is time consuming and by the time the relief is granted by the debt recovery tribunal, irreparable loss is already caused to the standing cropsthe bill seeks to amend the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 with a view to provide that—(1) the secured creditor while making a request to the chief metropolitan magistrate or the district magistrate, as the case may be, for taking possession or control of any secured asset shall file an affidavit that the secured asset does not fall within any of the exemptions provided under section 31 of the act; and(2) where the chief metropolitan magistrate or the district magistrate, as the case may be, is of the view that the secured asset in question is an agricultural property, he shall afford an opportunity of being heard to the parties interested in the matter before passing any such order under the acthence this billnew delhi;pt  thomasjuly 26, 2010 annexure extract from the securitisation and reconstruction of financial assets and enforcement of security interest bill, 2002 (act no 54 of 2002)         14 (i) where the possession of any secured assets is required to be taken by the secured creditor or if any of the secured assets is required to be sold or transferred by the secured creditor under the provisions of this act, the secured creditor may, for the purpose of taking possession or control of any such secured assets, request, in writing, the chief metropolitan magistrate or the district magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof, and the chief metropolitan magistrate or as the case may be, the district magistrate shall, on such request being made to him—chief metropolitan magistrate or district magistrate to assist secured creditor in taking possession of secured asset(a) take possession of such asset and documents relating thereto; and (b) forward such asset and documents to the secured creditor         ———— a billfurther to amend the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002————(adv pt thomas, mp)gmgipmrnd—3812ls(s3)—18-08-2010