CERSAI beyond SARFAESI – The multi-faceted effects of security interest registration
– Sikha Bansal and Anirudh Grover | finserv@vinodkothari.com
Introduction
The rights of secured creditors are spread across various laws: common law, Companies Act, Insolvency and Bankruptcy Code (IBC) and the SARFAESI Act. In equal measure, the preconditions which are requisite to assert these rights are also spread over those very laws.
It is lamentable that the security interest registration regime in India is fragmented, without any obvious sense of purpose or direction. This was discussed in our previous article Fragmented Framework for Perfection of Security Interest[1].
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