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of <h1>Amendment Act 2016 enhances debt recovery, asset management, and prioritizes secured creditors in line with Insolvency Code.</h1> The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, effective from August 12, 2016, amends various Indian financial laws, including the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the Recovery of Debts due to Banks and Financial Institutions Act, 1993. Key changes include redefining terms, establishing a central database for security interests, and enhancing the powers of asset reconstruction companies. The Act introduces measures for asset management, such as debt conversion into shares, and mandates the registration of security interests with the Central Registry. It also outlines procedures for debt recovery and prioritizes secured creditors' claims over others, including government dues, aligning with the Insolvency and Bankruptcy Code, 2016.
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