25.
Securitisation company or reconstruction company
or secured creditors to report satisfaction
of security interest.- (1) The securitisation
company or reconstruction company or the secured
creditor as the case may be, shall give intimation
to the Central Registrar of the payment or satisfaction
in full, of any security interest relating to
the securitisation company or the reconstruction
company or the secured creditor and requiring
registration under this Chapter, within thirty
days from the date of such payment or satisfaction.
(2) The Central Registrar
shall, on receipt of such intimation, cause
a notice to be sent to the securitisation company
or reconstruction company or the secured creditor
calling upon it to show cause within a time
not exceeding fourteen days specified in such
notice, as to why payment or satisfaction should
not be recorded as intimated to the Central
Registrar.
(3) If no cause is shown,
the Central Registrar shall order that a memorandum
of satisfaction shall be entered in the Central
Register.
(4) If cause is shown, the
Central Registrar shall record a note to that
effect in the Central Register, and shall inform
the borrower that he has done so.
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