Embarking on a transformative journey, Sarfaesi Act Section 20A envisions the establishment of a unified Central Registry, fostering collaboration between the Central Government and State Governments. This initiative aims to streamline registration systems by integrating records from diverse legal frameworks, including the Companies Act, of 2013, Motor Vehicles Act, of 1988, and others. This article navigates through the integration process, elucidating how this centralized database simplifies property rights documentation and secures seamless accessibility, marking a significant stride in regulatory efficiency.
Establishing a Central Database
(1) Central Government Authority:
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The Central Government, in collaboration with State Governments or other relevant authorities, can create a comprehensive Central database.
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The purpose is to record rights over any property or document any creation, modification, or satisfaction of security interests on said property.
Integration Process:
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Registration records from various systems, including those under the Companies Act, 2013, Registration Act, 1908, Merchant Shipping Act, 1958, Motor Vehicles Act, 1988, Patents Act, 1970, Designs Act, 2000, or any other relevant law, are to be integrated.
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This integration will be executed in consultation with the State Governments or other concerned authorities.
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The integration process will follow the prescribed manner as determined by the Central Government.
Explanation:
- The term "registration records" encompasses records from various laws in force, such as the Companies Act, of 2013, the Registration Act, of 1908, the Merchant Shipping Act, of 1958, the Motor Vehicles Act, of 1988, the Patents Act, of 1970, Designs Act, of 2000, and any other applicable law.
(2) Notification of Integration:
- The Central Government, post the integration of records, will issue a notification declaring the date of integration.
- This notification will also specify the date from which the integrated records will be accessible.
- From the specified date, security interests over properties registered under any system mentioned in sub-section (1) will be deemed registered with the Central Registry for the purposes defined in the Sarfaesi Act, 2002
