CONTENTS 1. List of cases referred; 2. List of Abbreviations; 3. Introduction; Research Methodology; 1.1 Objective of the study; 1.2 The main hypothesis; 1.3 Research Questions; 1.4 Mode of Citation; 1.5 Chapterisation; 4. The dilemma of Non- Performing Assets ailing the Indian banking sector; 2.1 Causative Factors of NPAs; 2.2 Classification of non-performing assets; 2.3 Why should we tackle NPAs?; 2.4 Specialised Legal measures initiated to manage NPAs; 3. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - An Overview; 3.1 Evolution of the Act; 3.2 The SARFAESI Act, 2002 -An Overview; 3.2.1 Securitization and Reconstruction of Financial Assets; 3.2.2 Enforcement of Security Interest; 3.3 The Act not to be applicable in certain cases (Sec. 31); 3.4 Effect of takeover of management (Sec. 15); 3.5 Directors' personal liability; 3.6 Grievance settlement mechanism and penal provisions; 4. The interface between SARFAESI Act, 2002 and other Statutes;. 4.1 State Financial Corporations Act, 1951; 4.2 DRT Act, 1993; 4.3 Companies Act, 1955; 5. Constitutionality of the Act; 5.1 Doctrine of election; 6. Securitisation- Concept & Procedure; 6.1 Parties to Securitisation; 6.2 Process of Securitisation; 6.3 Impact on Banking; 7. Asset Reconstruction Companies; 7.1 ARCs- The Global Scenario; 7.2 ARCs- The Indian experience; 8. SARFAESI Act, 2002- A Critical Analysis; 9. Conclusion and Suggestions; 10. Bibliography; 11. Annexure I.