Reconstruction of Financial Assets

Conversion of debt into shares, consent level of security enforcement actions and permission to acquire debt from other SC/RCs

RBI/2013-2014/460 DNBS (PD) CC. No. 35/SCRC/26.03.001/2013-2014 January 23, 2014 The Chairman/Managing Director/Chief Executive Officer All registered Securitisation Companies/Reconstruction Companies Dear Sir, Conversion of debt into shares, consent level of security enforcement actions and permission to acquire debt from other SC/RCs Please refer to The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003… Read More

Tags: 2014 January 23Board of directorsfinanceIndiaReconstruction EraReconstruction of Financial AssetsReserve Bank of IndiaSecuritisation

Corporate Insolvency under SARFAESI

A reasonable person acquainted with the business world would concur with me if I say that it is almost impossible to conceive of a business that is completely insolvency-free. Laws relating to corporate insolvency and restructuring were enacted to serve several objectives, namely, to restore the debtor company to profitable trading where this is practicable;… Read More

Tags: Central bankCompanies ActCompany LawDebtorfinanceFinancial servicesIndian Contract Act 1872InsolvencyMerchant Shipping ActNon-performing assetReconstruction of Financial AssetsRestructuringSARFAESISecured creditorSecuritisationSecurity interestSpecial purpose entity

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