Govt notifies ‘SLS Trust’ as financial institution under RDB Act 1993

Central Government hereby notifies ‘SLS Trust’ as financial institution under sub clause (ii) of clause (h) of section 2 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993).

Extract of Section 2(h) of Recovery of Debts and Bankruptcy Act, 1993 is as follows:-

2. Definitions. – In this Act, unless the context otherwise requires,

(h) financial institution means

(i) a public financial institution within the meaning of section 4-A of the Companies Act, 1956 (1 of 1956);

(ia) the securitisation company or reconstruction company which has obtained a certificate of registration under sub-section (4) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);

(ib) a debenture trustee registered with the Board and appointed for secured debt securities;

(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India, by notification, specify;

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION

New Delhi, the 30th June, 2020

S.O. 2144(E).—In exercise of the powers conferred by sub clause (ii) of clause (h) of section 2 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), the Central Government hereby specifies the institution, namely, the “SLS Trust” as financial institution for the purposes of the said Act.

[F. No. 03/03/2020-DRT]
VANDITA KAUL, Jt. Secy.