Securitisation, Asset Reconstruction and Enforcement of Security Interests

This is the seventh edition of one of the earliest and most comprehensive commentaries on securitisation of non-performing loans, enforcement of security interests, asset reconstruction companies. The book has, over the past 21 years, been a definitive guide on the nuances of the SARFAESI Act. The book not only addresses non-performing loans but also includes comprehensive chapters on the securitisation of performing loans, encompassing RBI directions on the securitisation of standard assets, as well as the legal, taxation, and accounting aspects of securitisation.

The book is structured in a three-in-one format, encompassing: (i) Part 1, comprising 9 chapters, explores diverse topics such as types of securitisation structures and their intricacies, comparisons between securitisation and direct portfolio transfers, an overview of the Indian securitisation market, and international regulatory guidelines on securitisation. (ii) Part 2 offers a section-wise commentary on the SARFAESI Act, 2002. (iii) Part 3 provides commentary on the subordinate laws, including the Rules and Orders.

Key Features:

• The present edition offers a detailed commentary on the RBI 2021 Master Directions on Securitisation of Standard Assets and discusses the taxation of Securitisation Transactions in India
• Part 1 significantly delves into asset reconstruction, detailing mechanisms for managing and recovering non-performing loans, the role of Asset Reconstruction Companies and discussion on global laws concerning security interests
• It provides a comprehensive explanation of the evolving measures for addressing non-performing loans over the years
• Includes all notable case law up to 2024
• Trusted reference for lawyers, judges and scholars across the country

Mr Vinod Kothari is a Chartered Accountant and a Company Secretary. He is internationally recognized as an author, trainer and consultant on specialised financial subjects, viz, housing finance, securitisation, credit derivatives, accounting for financial instruments, structured finance, banking regulations etc. He has delivered lectures and trained people on finance and Securitisation throughout the world. He leads his own firm Vinod Kothari and Company, practising company secretaries, with offices in Kolkata, Mumbai, Delhi and Bengaluru. His firm Vinod Kothari Consultants Private Limited is a leading consultant in the field of banking and financial services, in particular, non-banking finance. He is also a director of Indian Securitisation Foundation. He, with his efficient team has handled very diverse groups – from rating agency professionals in Malaysia, to group of investors in Sydney, to tax officers in South Africa, to group of lawyers in India, to executives of the World’s largest securitisation agency in Washington, to a group of quants in New York. Mr Kothari has also been a visiting faculty at Indian Institute of Management, Joka, Calcutta for several years, teaching a full-fledged course for the final year students on Structured Finance and Taxation. Vinod Kothari is the author of 16 books on finance and corporate laws.