19. Registration of certain assignments of receivables transactions.—1
[(1)Every factor shall
register the particulars of every transaction of assignment of receivables in his favour with the Central
Registry set-up under section 20 of the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (54 of 2002), within such time from the date of such
assignment, in such manner and subject to payment of such fee, as may be prescribed.]
Explanation.—For the purpose of filing of particulars of every transaction of assignment of
receivables with the Central Registry, the receivables may be described specifically or generally with
reference to the debtor, or the period to which they relate or by any other general description by which
such receivables can be identified.
2
[(1A) Where any trade receivables are financed through a Trade Receivables Discounting System,
the particulars specified in sub-section (1) and sub-section (3) shall be filed with the Central Registry on
behalf of the factor by the Trade Receivables Discounting System concerned, in such manner as may be
specified by regulations.]
(2) For the purposes of this Act, a record called the Central Register shall be kept at the head office of
the Central Registry for entering the particulars of the transactions relating to assignment of receivables in
favour of a factor.
1. Subs. by Act 21 of 2021, s. 4, for sub-section (1) (w.e.f. 23-8-2021).
2. Ins. by s. 4, ibid. (w.e.f. 23-8-2021).
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(3) On realisation of the assigned receivables or settlement of the claim against the debtors, the factor
shall file satisfaction of the assignment of receivables in its favour, in such manner and subject to
payment of such fees as may be prescribed in this behalf.
(4) The provisions for registration of transactions contained in the Securitisation and Reconstruction
of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) and the rules made
thereunder shall, mutatis mutandis, apply to the record of assignment of receivables in favour of a factor
in the Central Register with the Central Registry.
20. Public inspection.—(1) The particulars of transactions of assignment of receivables entered in
the Central Register of such transactions under section 19 shall be open during business hours for
inspection by any person on payment of such fee as may be prescribed.
(2) The Central Register referred to in sub-section (2) of section 19 maintained in electronic form,
shall also be open during the business hours or such extended hours as may be specified by the Central
Registry for inspection by any person through electronic media on payment of such fee as may be
prescribed.
(3) The provisions for maintenance of Central Register and public inspection thereof contained in the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
(54 of 2002) and the rules made thereunder shall, mutatis mutandis, apply.