(1) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002 (Ord. 3 of 2002) is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act.
[Section 42 repealed by the Repealing and Amending Act, 2016 (23 of 2016), s. 2 and the First Schedule (w.e.f. 6-5-2016). The repeal of this Act shall not affect the validity, invalidity, effect or consequences of anything already done or suffered, or any right, title, obligation or liability already acquired, accrued or incurred.]
Legal Commentary & Landmark Judgments: Section 42
Section 42 of the SARFAESI Act, 2002 repeals the predecessor Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002, while incorporating a comprehensive statutory savings clause preserving all actions taken under the ordinances.
Where recovery proceedings trace their origin to initial notices issued in mid-2002 under the SARFAESI Ordinances, invoke Section 42 to establish continuity of proceedings and refute borrower contentions that enactment of the 2002 Act extinguished actions taken under the Ordinances.