By VINOD KOTHARI

VINOD KOTHARI ON Securitisation, Asset Reconstruction & Enforcement of Security Interest 2nd EDITION 2007 (Thoriughly Revised and Enlarged) contains an exhaustive and analytical commentary on the subject. The securitisation potential in India is huge, but the market is simply in infancy. As far as banks are concerned, there was virtually no securitisation activity at all, therefore, the clear aim of lawmaking was to remove the hurdles on the way to securitisation and encourage banks to securitise their assets. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) enacts extremely important provisions relating to three domains: securitisation, resolution of non-performing loans via the asset management route, and, above all, enforcement of the rights of the secured lender.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 is an extremely important piece of legislation. Implemented in proper spirit, it can provide safe harbour to secured lenders and may encourage larger investor participation in corporate finance. On the other hand, if lenders step beyond the borders of “security interests” and claim general property interests in secured assets, the law would lead to chaos and litigation.

Many of the observations of the author in the 1st edition of the book have been vindicated by later judicial pronouncements, including those of the Supreme Court. The author’s incisive analysis weighs this enactment in light of common law principles, international law, and principles of equity. Not just enforcement of security interests, the present edition includes elaborate chapters on other rights of a secured lender on non-performing assets, including analysis of the very sensitive question of choosing between workouts, winding up and attachment under this law.

Securitisation is yet another important financial instrument of our times: the instrument has already helped banks and companies to raise more than USD.8 trillion globally. While this law has remained practically irrelevant for structuring securitisation transactions, the author, as an international authority on securitisation, provides a lucid guide to securitisation, including comments on RBI Guidelines. This treatise is the first comprehensive and incisive coverage on the law of securitisation, asset reconstruction and enforcement of security interests. Besides dealing threadbare with the provisions of the law, the book provides the reader a thorough grasp of the concepts of securitisation, asset management and the rights of a secured lender.

Published Year: 2007 Format: n/a ISBN: INBL8 Publisher: Lexis Nexis Butterworths Wadhwa Nagpur No of Pages: 1100 Our Price: India. Rs. 1,295.00 Reviews: 0 reivew(s).

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