SARFAESI

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

Notification on SARFAESI (Central Registry) Rules 2011

CLR Note:- The Central Registry constituted under SARFAESI Act, 2002, vide announcement made by the Finance Minister in his Budget Speech 2011-12, has already been effective since 31st March 2011.  The Central Registry will definitely help to to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. RBI /2010-11/484… Read More

Tags: Central Registry RulesSARFAESI

Central Registry setup under SARFAESI to prevent frauds

RBI /2010-11/484 DBOD.Leg. No.BC. 86/09.08.011 /2010-11 April 21, 2011 CLR Note: GOI, Ministry of Finance has taken step to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property by setting up the Central Electronic Registry under SARFAESI . Further the transactions relating to securitization and reconstruction of financial assets… Read More

Tag: SARFAESI

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