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Law and Practice Relating to Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest

Law and Practice Relating to Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest

  • ₹1,775.00

  • ₹1,686.00

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  • Author(s): M.R.Umarji
  • Brand: Taxmann
  • Edition: 7 Ed 2017
  • ISBN 13 9789386635419
  • Approx. Pages 1032 + Contents
  • Delivery Time Normally 7-9 working days

A Comprehensive Section-wise Commentary on Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 and Recovery of Debts and Bankruptcy Act 1993
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Description
The SARFAESI Act has been operational for the more than thirteen years. Except for some delaying tactics adopted by borrowers, the law has proved to be very effective which is clear from the fact that 75% of total recovery of NPAs made by Banks and Financial Institutions is by use of the provisions of the SARFAESI Act. The law has been amended by the Amendment Act (44 of 2016) for introducing further reforms as under:
*    Removing restrictions on holding controlling interest in the capital of ARCs;
*    Permitting investment in security receipts issued by ARCs by non-institutional
      investors;
*    Exemption of stamp duty on acquisition of financial assets by ARCs from Banks & FIs;
*    Inclusion of debenture trustee in the definition of secured creditors;
*    Equating lease and hire purchase transactions as equivalent to secured credit;
*    Extending system of extending registration of security interest, to all secured
      creditors, attachment orders issued by any court or any Tax Recovery Officer;
*    Making registration effective from the date and time of registration;
*    Giving priority to claims of secured interest in the Central Registry over all other
      claims and taxation dues; and
*    Compulsion to register to be withdrawn and registration to be made optional with
       right of enforcement extended to only registered security interests.
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Contents
Division  1    -  Law Relating to Securitisation Asset Reconstruction & Rights of
                           Secured Creditor
Division  2    -  Securitisation and Reconstruction of Financial Assets and Enforcement
                           of Security Interest Act, 2002

Chapter I       :  Preliminary
Chapter II      :  Regulation of Securitisation and Reconstruction of Financial Assets of Banks
                           and Financial Institutions
Chapter III    :   Enforcement of Security Interest
Chapter IV    :   Central Registry
Chapter IVA  :   Registration by Secured Creditors and Other Creditors
Chapter V      :   Offence and Penalties
Chapter VI     :   Miscellaneous
Division 3 - Recovery of Debts and Bankruptcy Act, 1993
Chapter I       :    Preliminary
Chapter II      :    Establishment of Tribunal and Appellate Tribunal
Chapter III     :    Jurisdiction, Powers and Authority of Tribunals
Chapter IV     :    Procedure of Tribunals
Chapter V      :    Recovery of Debt Determined by Tribunal
Chapter VI     :    Miscellaneous
Division 4 - RBI's Fair Practice Code for Lenders & Recovery Agents
Appendices 1 to 35
Tables I to XV
Subject Index

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Author Details
M.R.Umarji :
 Former Cheif Advisor - Legal, Indain Bank Association, Mumbai and Former Executive Director, RBI
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