Vinod Kothari-Securitisation ASSET reconstruction and Enforcement of Security Interests

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 is an extremely important piece of legislation. Implemented in the proper spirit, it can provide a safe harbour to secured lenders and may even 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 may lead to chaos and litigation. Many of the observations of the author in the previous editions 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 the light of international law, the principles of equity, and of the common law. Beyond the enforcement of security interests, the present edition includes elaborate chapters on other rights of a secured lender on nonperforming assets, including analysis of the very sensitive question of choosing between workouts, winding up and attachment under this law. Securitisation is one of the most important financial instruments today. It passed through troublesome times pursuant to the sub prime crisis. Consequently, global regulators are engaged in formulating some very stringent rules on securitisation. The Reserve Bank of India is also apparently in a similar mood. The author analyses the Guidelines of the RBI, including the discussion paper on securitisation transactions. This treatise provides the reader a thorough grasp of the concepts of securitisation, asset management and the rights of a secured lender. Vinod Kothari is internationally recognised as a trainer, consultant and expert on securitisation, credit derivatives, and asset-based funding. A chartered accountant and company secretary with a brilliant academic record, Vinod Kothari has written a book on Lease Financing and Hire purchase, which is regarded as the most authentic text on the subject and has been cited with approval by the Supreme Court. He is also the author of Securitisation: The Financial Instrument of the Future, published overseas, which is the best-selling book on the subject. Other books by the author include Credit Derivatives and Structured Credit Trading, which is one of the very few comprehensive treatises on the subject. Vinod Kothari is a visiting member of faculty at IIM, Calcutta where he teaches structured finance, and NUJS, Calcutta where he teaches corporate insolvency law.

PART I
INTRODUCTION TO SECURITISATION, ASSET RECONSTRUCTION AND ENFORCEMENT OF SECURITY INTERESTS
CHAPTER I
INTRODUCTION TO SECURITISATION
CHAPTER 2
THE INDIAN SECURITISATION MARKET
CHAPTER 3
RBI’S GUIDELINES ON SECURITISATION OF PERFORMING ASSETS
CHAPTER 4
NON-PERFORMING LOANS—A GLOBAL PROBLEM
CHAPTER 5
ASSET MANAGEMENT COMPANIES AND RESOLUTION OF NPLS
CHAPTER 6
NON-PERFORMING LOANS—A SLEW OF MEASURES IN INDIA
CHAPTER 7
ASSET RECONSTRUCTION COMPANIES IN INDIA: GENESIS AND PERFORMANCE
CHAPTER 8
LAW AND PRACTICE OF ASSET RECONSTRUCTION IN INDIA
CHAPTER 9
INTRODUCTION TO GLOBAL LAWS ON SECURITY INTERESTS
CHAPTER 10
DEBT RECOVERY LAW IN INDIA: AN OVERVIEW
PART II
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 V
OFFENCES AND PENALTIES
CHAPTER VI
MISCELLANEOUS
PART III
SUBORDINATE LAW (RULES, DIRECTIONS, ETC.) WITH COMMENTS
PART IV
REFERENCE LAW: STATUTES INTEGRALLY REFERRED IN THE MAIN LAW

Vinod Kothari, Chartered Accountant, Chartered Secretary, Internationally renowned faculty on structured finance, Visiting Faculty, IIM Calcutta, Visiting Faculty, National University of Juridical Sciences, Executive Director, Asian Securitisation Forum, Director, Association of Leasing and Financial Services, Author of ‘Lease Financing and Hire Purchase including Consumer Credit’, ‘Securitisation : The Financial Instrument of the Future’, ‘Credit Derivatives and Synthetic Securitisation’ etc.