• Indian courts have ordered stay for recoveries under the Ordinance. We are still trying to get details as to whether it is a generic stay or stay for particular parties to the case. We will provide updates as we go.
• If you are aware of any Court ruling/ proceeding in the matter, you are welcome to contribute.

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New book on SARFAESI Act in India

Securitisation, Asset Reconstruction and Enforcement of Security Interest
by Vinod Kothari  
Jan 2003 edition
"Incisive commentary on the law of securitisation and secured lending in India with comprehensive introduction to securitisation, asset reconstruction and enforcement of security interests"

Click here for orders and details

New book on synthetic CDOs
and credit derivatives   

Credit Derivaitves
and Synthetic Securitisation
by Vinod Kothari  
July 2002 edition
"Any one of the Chapters is worth the cover price!"
- Luke Mellor
Click here for orders and info

Vinod Kothari's securitisation book
  
Securitisation: the Financial Instrument of the New Millennium   Y2K edition
  Click here for details  

  My column  
by Vinod Kothari
Stamp duty on assignment of receivables

Some people seem to have taken the view that with the ordinance provides for a process of legal vesting of loans into the securitisation company and therefore, the stamp duty implications of transfer of actionable claims are dispensed with.

Most respectfully, this isnot a correct view. True, there is a vesting of the loans into the securitisation company/ ARC, but such vestnig is only the outcome of the agreement, which is true for any conveyance or sale. The only difference between sec. 5 of the Ordinance and sec. 130 of the TP Act is that a written agreement is not required under the former section. But if the parties choose to have a written agreement, the same is certainly a conveyance, and would come for stamping.

Should you have any views in the matter, post the same on our Forum.
For archive of editorial notes, click here  

Topic of the month:
Enforcement of security interests

The Ordinance provides strong powers to lenders to enforce security interests. Interesting points are:

• The measures provided for in the Ordinance are measures for "enforcement", that is, enforce what was originally agreed upon. Can these powers equip the lenders with more than what was originally contracted?
• Write your views, and we will be happy to post these views on this site