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Securitisation Act

(SARFAESI Act)
Provisions on Asset Reconstruction and
Enforcement of Security Interests

Vinod Kothari
1012 Krishna
224 AJC Bose Road
Calcutta 700 017
Phone 033-23233863/23233864/2281
1276/22817715/22813742
Fax 91-33-23233863/22811276
Email: vinod@vinodkothari.com; vinodk@vsnl.com
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Vinod Kothari.
The presentation is to be used only for the
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No copying or distribution of this presentation in
any form is allowed except with the express
permission of the author.

2 Corporate insolvency by Vinod Kothari


Provisions of
SARFAESI Act on
Reconstruction
Companies
Meaning of reconstruction and ARCs

 Reconstruction not defined


 reconstruction company is a company formed
for reconstruction
 General commercial meaning to be adopted
 Essential provisions of law for securitisation
companies and ARCs the same; purpose and
different to be observed in practice, not in law
 Single or multiple ARCs:
– in line with East Asian experience, Govt seems
inclined to opt for a consolidated ARC

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Nature of ARCs

Originator (s)

owning
NPLs
Transfers at fair value
Reconstruction
debentures company

Securitisation
Other means

QIBs

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Who can form ARCs

 ARCs do not need to be government-sponsored;


anyone with the requisites can form an ARC
 Private ARCs:
– since sale of NPLs by ARCs not specifically provided for,
private debt resolution companies wanting to buy NPLs may
have to form their own ARCs
– privileges of ARCs:
 all powers of ARCs/ powers of enforcement of security interest
applicable to such ARCs
 bankers may find it convenient to sell down NPLs to private buyers
with ARCs than to enforce/ restructure loans themselves
 Requisites:
– similar to securitisation company
– “no losses for 3 years” condition for continued registration may
be difficult, since most ARCs do incur losses

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Process of acquisition of assets

 Acquisition of assets by ARCs to be by transfer


 Provision to issue debentures - as in case of RTC, USA; could be
zero coupon bond
 Transfer understandably at fair value
 transfer by agreement
 Legal impact of transfer the same as in case of securitisation
companies:
– transfer of loans with securities
– power of notification
– fractional transfers liable to problems

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Special legal powers of ARCs

 Sec 9 provides distinctive legal powers


– change in or takeover of management
– sale or lease of a part or whole of business
– rescheduling
– enforcement of security interests and taking possession of
assets - same as permitted to any other lender
– power of settlement
 Power of takeover/ forcing sale of business is the only
distinctive power
 Since “secured creditor” includes ARCs, powers under
sec 15 applicable to ARCs also
– compulsory change in directors or officers
– sec 15 (4) - secured creditor on realisation of “his debt” to
restore management;
 debt could be the original debt or debt of the ARC
8 Corporate insolvency by Vinod Kothari
Funding of ARCs

 Issuance of debentures and securitisation seem two alternative


routes
 It does not sound logical to issue debentures and also securitise
 If debenture route adopted:
– whether secured or unsecured?
– Whether coupon or zero coupon
– whether amortising, bullet payment, soft bullet?
 If securitisation route adopted:
– ability to give further funding limited
– post-securitisation restructuring of loans difficult
– substantial recourse to originating bank may put questions on true
sale
 Combination of the two:
– QIBs are senior investors on soft-bullet basis
– originating bank as a subordinated debentureholder

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Stamp duty issues

 SARFAESI Act does not specifically answer the stamp


duty issue
 Stamp duty may be applicable on each of these:
– transfer of assets to the ARC
– issue of debentures by ARC in return
– issue of other security receipts by ARC
– further transfer/ sale of the acquired assets by the ARC
– decree for transfer of any charged assets in favour of the ARC
or any one else
– transfer of debentures by the holders
– transfer of security receipts by the holders

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Manner of resolution and sales

 In order that ARC is not another BIFR, ARCs must be


given commercial discretion to sell down the NPLs
 SARFAESI Act provides for acquisition of financial
assets by ARCs, not for sale of financial assets
 Sale is a crucial provision - in most countries, bad
loans have been sold by ARCs
– Korea Thailand and China
 Sale of NPLs by the ARC:
– no specific provisions in the SARFAESI Act
– procedure of sec 130 applicable
– stamping issues, notification etc
– transfer of mortgages may further complicate sale

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Impact on originator banks

 Transfer of NPLs by originating banks to ARCs to give


rise to:
– gain on sale
– loss on sale
 If unprovided book value exceeds the fair value of the
loans, banks may have to write losses, affecting profits,
capital adequacy
 Retention of subordinated interest by banks may be
ideal solution

12 Corporate insolvency by Vinod Kothari


SARC (RBI) Directions

 RBI has promulgated SARC Guidelines and Directions


vide a 23rd April 2003 notification
 Policy-making: SARCs must make policies w.r.t
– acquisition of financial assets
– change in management or takeovers: guidelines to be issued
by RBI.
– Rescheduling of assets
– Acquisition of assets by enforcement of security interests: only
if the assets are sold by public auction
– Settlement
– Plan for realisation
– issuance of security receipts

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Issue of security receipts

 Para 8 seems to have accepted the trust mode


as a standard practice for SARCs:
– mistaken notion: transfer of assets to trusts.
– Appropriately SARC must acquire assets and hold
them as trustees. There is no transfer between the
SARC and the trust.
– Security receipts to be offered and be transferable
to only QIBss
 Disclosures for issuance of security receipts
laid down:
– initial disclosures
– quarterly disclosures

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Capital adequacy requirements

 15% capital adequacy ratio laid down for


SARCs
 Para para 2, this is not applicable in case of
assets held in the name of trusts:
– therefore, the requirement of capital adequacy is
rendered nugatory.
 However, if the SARC continues to hold any
residual interest in the trust or a first loss piece,
the trust could be said to be subsidiary of the

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Asset classification by SARCs

 During planning period, assets acquired for


reconstruction to be treated as standard:
– planning period is a period of 12 months or until
reconstruction plan is made, whichever is earlier
 On rescheduling or renegotiation, assets
substandard
 To be upgraded into standard after 12 months’
performance
 provisioning requirements: on similar lines as
for banks
 Requirements inapplicable in case of assets
held by trusts
16 Corporate insolvency by Vinod Kothari
Disclosures on the balance sheet

 Names of transferring banks, and the value at


which these assets were acquired:
– most unwarranted disclosure
 Dispersion of assets by industry and sponsor
 Migration of financial assets

 This is also inapplicable to assets held as a


trustee

17 Corporate insolvency by Vinod Kothari


Directions to banks
 Only NPAs can be sold to SARCs
– literally interpreted, this guideline proscribes any CLOs of
performing assets
 Sale should qualify for off-balance sheet treatment, and
there should not be any known liability devolving on the
transferor:
– vague statement:
 representations and warranties common
 any credit enhancement is a known liability
– does it imply non-recourse transfer only?
 Transfer price must be non-contingent. Deferred sale
proceeds not allowed. But banks may share the surplus:
– the surplus is nothing but non-contingent consideration. Only it
cannot be booked into profit immediately.
– Equivalent to 100% provisioning for the retained interest

18 Corporate insolvency by Vinod Kothari


Directions to banks ..2

 On sale:
– the asset will be removed from books
– gain/loss on sale will be written off
 In case the gain is by way of reversal of provisions, the
same shall be used to meet deficits on other assets.
 Securities issued by SARC:
– must not have a term of more than 6 years (legal final?)
– carry at least a rate of Bank rate + 150 bps
 zero coupon bonds ruled out
– the commitment to pay must be unconditional and not based
on realisation the SARC:
 this would not be possible in case of transfer to trusts: in case of
any SPV, unconditional undertaking to pay has no meaning

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Provisions of
SARFAESI Act on
Enforcement of
Security Interests
Meaning of security interests

 Security interest under the law has 4 elements:


– secured debt/ financial assistance
– security interest
– secured creditor
– borrower
 Sec 2 (1) (zf) - right title and interest of any kind whatsoever, including mortgage,
charge, hypothecation, assignment
 right title or interest - obviously meaning those created for security
 Mortgage - sec 58 of TP Act is limited to immovable property. Generally, conferring any
right to a lender to sell property on default
 Hypothecation - sec. 2 (1) (n) - all charges except a pledge
 Charge - by itself, does not mean anything but security interest. Sec 100 of TP Act - a
security interest not being a mortgage. Any interest in property defeasible or
destructible on repayment of a debt - Bond Worth Limited (1980) Ch
 Assignment - assignment by way of security, and not assignment by way of transfer

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Ingredients of a charge

 Meaning of security interest - a right to sell property to


realise a debt.
– In Cosslett’s case, a right of a contractee to sell contractor’s
equipment was held to be a security interest
 Charge is related to debt. A charge secures a debt,
does not create a debt.
 Ownership interest may also amount to a charge -
conditional sale or reversible sale.
 Charge should be co-terminus with the debt
 Property, present or future should be made available.
 Floating charges do not relate to any property unless
fixed:
– ruling in Brumark Investments and Cosslett
 Mere restraint on property is not a charge
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Financial assistance

 Building block of relationship between a borrower and secured lender.


 Loan advance granted
– intends to include originated loans, not acquired loans
 debentures or bonds subscribed
– purchased debentures cannot be included
 guarantees given or letter of credit established
– obviously, lead to a financial assistance only when principal debtor defaults
 any other credit facility - makes it an inclusive definition; other similar
facilities to be included
 Are these included?
– Discounting of bills of exchange
– any purchase or sale of securities
– any lease or hire purchase transaction
– factoring transaction amounting to purchase of factored debt
– securitisation investments
– purchase of commercial paper

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Secured creditor - sec 2 (1) (zd)

"secured creditor" means any


 Bank bank or financial institution or
any consortium or group of
 financial institution: banks or financial institutions
– Includes power to notify financial companies and includes-
 In case of debentures: .debenture trustee appointed
– unsecured debentures do not seem to be covered (last by any bank or financial
line of definition) institution; or
– secured debentures - rights exercisable by trustees
.securitisation company or
 debenture trustee appointed by any bank or financial reconstruction company; or
institution:
any other trustee holding
– misnotion- debenture trustees are appointed by the
securities on behalf on a bank or
charge-creator and assented to by the beneficiary
financial institution, in whose
– could create confusion where debentures are held by favour security interest is created
non-banks as well for due repayment by any
 securitisation company and reconstruction company borrower of any financial
 any other trustee holding securities on behalf of a bank assistance;

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Borrower

 Key word is “financial assistance”


 Any person who has availed of financial assistance
 guarantor:
– guarantee as defined in sec.126 of Contracts Act
– does not include contracts of indemnity
– consent of the principal debtor important
– issue: can rights under the law be enforced against the guarantor as
principal obligor- apparently yes
 provider of security
– only mortgage and pledge included here
– usually security provider will also be a guarantor
 borrower of securitisation company
 makes no distinction between corporate and non-corporate
borrower
 Continued relation between lender and borrower important - after
assignment, lender cannot operate against the borrower
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Secured asset

 Meaning is important, as the rights under the law


exercisable against secured assets
 Sec 2 (1) (zc) - assets over which security interest
created
 Requisites:
– the security interest must be specific to the asset
– the interest must be in the nature of security interest
 Floating charges: interest does not become specific until
receivership/ winding up action
 Can the process of this law be taken as receivership?
– The rights to take possession of the assets under this law are
akin to rights of a debentureholder to appoint receivers u/s 123
– The process under this law should amount to crystallisation of
the charge
– however sec 13 (13) may create difficulties
26 Corporate insolvency by Vinod Kothari
Exceptions under sec. 31

 Lien on goods, money or security under Contracts law or Sale of Goods Act:
– a very confusion clause, as essentially, all security interests are liens and all such liens by
contract of parties are given under Contracts law
– intent to exclude bailee lien u/s 170, banker’s lien u/s 171
– unpaid seller’s lien u/s 47 of Sale of Goods Act
 pledge
– generic rights under Contracts law applicable
 creation of security in any aircraft
 creation of security in vessels
 conditional sale, hire purchase or lease or any other contract in which no security
interest has been created
– exclusion of conditional sale unreasonable; conditional sales regarded as lending
transactions - Sundaram Finance v State of Kerala
 rights of unpaid seller
 properties not liable for attachment under CPC:
– exclusions under sec. 60 of CPC; most include personal effects, LIP, public provident fund
 where financial assistance not exceeding Rs 1 lac
 where dues are less than 20% of principal and interest
 agricultural land

27 Corporate insolvency by Vinod Kothari


Enforcement of security u/s 13

 Sec. 13 overrides sec. 69/ 69A of TP Act, not however, sec. 67


– However, by sec 35, the SARFAESI Act overrides all laws in the country.
– Sec. 67 (a) puts an important distinction between right of foreclosure and right of sale. A
normal charge holder has a right of sale, not right of possession
– Remedies under this law are not to the exclusion of other rights - e.g., DRT proceedings,
decree of Civil Courts
 Requisites for action u/s 13:
– borrower, under liability to secured lender
– makes default in repayment of a secured debt or instalment: any default of agreement
cannot trigger the power
– account classified as NPA under RBI norms: banker’s books to be evidence
– creditor requires borrower in writing to discharge “all his liability” within 60 days of notice
– notice to specify amounts due and the details of secured assets
– effect of notice:freeze on sale lease or transfer u/s 13 (13)
– freeze in case of floating charges? Details of secured assets?
 Notice only demands payments. Does not amount to receivership.
 Rights under sec 13 (1):
– are rights to enforce security interest; do not confer any new rights not implied by the
agreement between parties. It is only the interest created which can be enforced.
– principles of natural justice applicable

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Freeze relating to assets u/s 13 (13)

 Receipt of notice u/s 13 (2) would put a freeze on transfer of


secured assets
– “secured assets” only subject to injunction
– details whereof given in the notice u/s 13 (2)
 analogous provision - sec 19 (12) of RDB Act; order 39 rule 1 of
CPC
 Under CPC, a Court may order injunction - exercise of discretion.
 No discretion under this law - hence principles of balance of
convenience etc have no place
 Floating charges saved - exception in case of sale in ordinary
course of business
 Restraint only against transfer - not against creation of further
charges; encumbrances: can be used for stone-walling

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Measures to be taken

 Measures against the secured assets


– Taking possession of the secured assets of the borrower: does it include right to use
assets - No
– transfer by way of lease, assignment or sale
– take over the management of the secured assets - does not mean takeover of
management of business
– appoint a manager to manage the assets possession of which has been taken
– require by notice a person who has bought the secured assets to pay for such asset to
the lender - this envisages payment for secured assets subject fo fixed charge
 measures u/s 13 (4) limited and cannot be expanded - for example, no power to
force a sale without taking possession or management
 recover expenses for action u/s 13 (4) - sec 13 (7)
 proceeding against guarantors/ pledged assets - primary right u/s 13 (11)
 proceeding for balance due under DRTs or competent Court - “as the case may
be” implies RDB Act allocation
 Provisions in case of company under liquidation - sec. 529A of Companies Act to
be applicable
 Limitation Act applicable - debts barred by limitation cannot be enforced under this
law

30 Corporate insolvency by Vinod Kothari


Taking possession u/s 13 (4)

 Purpose of the law is to enforce security interest, not to allow a lender


the interest of an asset owner.
 Taking of possession does not amount to transfer of title
 Taking of possession is only for the purpose of realisation of security -
– position similar to receiverships under Order 40, rule 1 of CPC
– difference - Civil law receiverships are for preservation of subject matter; this
law is for sale
 Use of reasonable force permitted for possession - Blade v. Higgs (1861)
10 CBNS 713.
 Position of lender taking repossession and sale discussed in several
English rulings: lender in possession is not a trustee for the borrower
 Sec 13 (4) to be read with sec 13 (7) - attempts of sale of the asset
should follow forthwith upon possession
 In respect of sale proceeds, the lender is accountable to borrower
 Lender not allowed to use the asset: all usufructs belong to the borrower

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Taking over management of assets

 Right of taking over management also conditioned by the basic


purpose of the law - security interest
 However, sale of assets is not permissible u/s 13 (6) without
taking over possession or management, either of the two is a
must
 As the purpose of possession is to make a sale, banks may be
inclined to avoid difficulties of possession by appointing a
manager instead
 Nature of the functions of a manager - asset-specific

32 Corporate insolvency by Vinod Kothari


Injunction against confiscation action

 An important question is - can a borrower seek injunction against a


confiscation action u/s 13 (4) (a)
 Appeal lies against confiscation u/s 17 (1) within 45 days of
measures having been taken.
 May imply post-facto appeal, not stay of action
 Section 34 ousts jurisdiction of civil courts on a matter where
powers conferred to DRTs
 Ouster is not total but specific
 By sec 9 of CPC, civil courts have jurisdiction on all matters except
where barred
 Can it be implied that civil court jurisdiction remains for injunction
against an action?:
– No, SC in Mardia Chemicals

33 Corporate insolvency by Vinod Kothari


Manner of sale or transfer of assets

 Equity of redemption is an important right of a borrower and any clause putting a


clog on equity is invalid.
 Present law gives to the borrower a right to pay within 60 days of notice
 in addition, at any time before sale or transfer, the borrower may clear his dues
and prevent the asset from being sold - sec 13 (8)
– This implies the asset cannot be sold without notice to borrower
– borrower has a pre-emptive right to purchase the asset himself
 30 days notice required before sale: Security Interest Enforcement Rules
 Also by implication, the sale cannot be made at the back of the borrower:
– preferably a public sale
– sale at best price as the borrower gets discharge to the extent of amount paid - sec. 13
(5)
– borrower’s right to moneys collected by the seller after appropriation - sec 13 (7)
 Transferee to get all the rights as if the owner of the assets has transferred the
same:
– subject to all the equities of the previous owner
 Can the lender sell the asset to himself - no as implicitly there is a trust between
the lender and the borrower; adversary title to beneficiary not permitted

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Rules of natural justice

 In Mahesh Chandra vs. UP Finance Corporation 78 Comp Cas 1,


SC set important rules of natural justice in repossession. The
technicalities implied by these rules have been overruled by the
SC in Jagadamba Oil Mills case but the rules of natural justice
continue to apply.
 The following are implicitly still applicable:
– Attempt must be made for best possible price - easiest indication is a
public auction.
– Borrower must always be given a right of first refusal or improving
upon the price
– The sale must not be made at the back of the borrower

35 Corporate insolvency by Vinod Kothari


Priorities and pari-passu interests

 In case of “financing of a financial asset” by more than one lender, 3/4th sanction in
value to be obtained before any or all right u/s 13 (4) is exercised.
– Wrong use - should be read as “financing of the secured asset”
– financing of the secured asset cannot be limited to a case where the acquisition of the asset
was primarily funded by a lender
 Financing of the secured asset confusing:
– proper meaning is, where security interest on a secured asset held by more than one lender
– consent of 3/4th of the lenders required before any action u/s 13 (4)
– record date -meaning circular and inconclusive - the date is agreed upon at time when the
determination of the date itself requires 3/4 th sanction
– 3/4th in value refers to “amount outstanding”
 evidence of “amount outstanding” - books of the borrower made evidence
 stone-walling action possible:
 creation of subordinate charges in favour of a friendly lender
– question of priorities not at all considered by the law - lenders having subordinate charges
put at par with other lenders
 If lenders take such action, their mutual prioritisation not laid down. Rules of sec. 529
of Companies Act and insolvency laws [sec. 61 of Provincial Insolvency Act] to apply
on priorities.
 Pari passu rule is an important rule of equity - contracting it out is against public
policy -McMillan and Lockwoord 1992 NZ Court of Appeal
36 Corporate insolvency by Vinod Kothari
Priorities between fixed and floating charges

 As a trite law, fixed charges will have a priority over floating


charges.
 Determination of “multiple financiers” on an asset has no better
answer than charge-holder holding charges.
 The most practical view, therefore, is chargeholders holding fixed
charges on the asset need to take a decision (75% voting) on
action under sec. 13 (4).
 Floating chargeholders cannot be said to be holding a security
interest in the asset until the charge crystallised.
 Will subordinate charge-holders rank equally for voting -
apparently yes

37 Corporate insolvency by Vinod Kothari


Overriding Preferential claims

 Provisions relating to preferential claims made applicable only


where the company is in liquidation
 where the company is in liquidation, sec 28 (6) of Provincial
Insolvency Act saves the rights of the secured creditors.
 This law appropriately overrides. However, subject to preferential
claims.
 Appropriately, the provisions should be applicable even where the
company is not in liquidation:
– sec 123 (1) of the Companies Act requires any receiver to forthwith
pay the debts which are preferential claims
– in case of debentures, the provisions of sec 123 shall be applicable
notwithstanding the SARFAESI Act
– Sec. 529A of the Companies Act also contains a notwithstanding
clause
 Sec 529A - workers’ dues and dues of secured creditors take
priority over other debts
 Leave of Companies Court not required in case of companies
38 under winding up - Allahabad Bank vCanara Bank (SC)
Corporate insolvency by Vinod Kothari
Enforcement of possession -sec 14

 For forcing possession of assets, possession by order


of CMM or DM of appropriate jurisdiction may be
requested.
– Does not bar self-help possession.
– Any action taken in good faith protected u/s 32
 CMM/ DM shall do the same
 No court shall call to question the action of any CMM /
DM
 Principle of exclusive jurisdiction in case of DRTs has
been approved by the SC in Allahabad Bank v Canara
Bank 101 Comp Cas 64 (2001)

39 Corporate insolvency by Vinod Kothari


Takeover of management

 Sec. 15 talks of takeover of management of business while the power


under sec. 13 (4) (b) is only to take over management of assets
 Sec 15 clearly exceeds sec. 13 (4).
 Sec 15 also divergent from the scheme of the SARFAESI Act on
enforcement of security: the powers granted under the law can be used
only to enforce security and not to run businesses:
– Delhi High Court ruling in Micronix India 96 Comp Cas 950 - vestation of
proeprty in the SFC only for enforcing security interest
 Takeover of management only in case of ARCs and securitisation
companies u/s 9.
 Takeover of assets u/s 13 (4) can only lead to sale of assets - not their
running by the lender. Essential rule of foreclosure versus sale
 Appointment of directors/ administrator to be appointed by the secured
creditors
– notice in newspapers
– on publication of notice, existing directors shall vacate office
– creditor-directors shall take over the office/ assets
 sec 15 (3) overrides the Companies Act.
 Sec 15 (4) - restoration of management
40 Corporate insolvency by Vinod Kothari
Appeals to DRT
 Surprisingly, number of “secured creditors” may not come under
DRT jurisdiction, but appellate powers conferred on DRTs.
 Appeal within 45 days of “measures having been taken”
 Jurisdiction - jurisdiction under sec. 19 (1) of DRT law is based on
the borrower’s residence
 Cannot do away with powers of making an appeal even before the
measures are taken.
 Sec 19 (12) allows DRT to order injunction
 Deposit of 75% of the notice amount
– Struck down by Supreme Court in Mardia Chemicals
 Appeal to Appellate Tribunal within 30 days
 The appellate authorities may hold the possession unauthorised
and order compensation.

41 Corporate insolvency by Vinod Kothari


Unresolved issues on possession/ sale of assets

 Claims of the Government - rights of a secured creditor rank above the


claims of the government - Bank of Bihar v State of Bihar (1971) SC and
Sitani Textiles 98 Comp Cas.(AP)
 whether involvement of liquidator necessary in case of companies under
liquidation - divergent view:
– Kerala HC held liquidator ’s involvement required: Titus Daniel 101 Comp Cas
117; Pennar Paterson - AP HC 106 Comp Cas 338 (power of advocate
commissioner appointed by DRT subject to leave of company court)
 Can a view be taken that of the two alternate remedies:
– DRT proceedings
– direct action under this law
– this law should be resorted only as a remedy of last resort? A debatable issue
 Can sale be made after repossession by instalments? Can banker give
credit to new buyer? How does original borrower get credit?

42 Corporate insolvency by Vinod Kothari

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