Kotak - Sr Associate - Resolutions

Phoenix ARC Private Limited is an Asset Reconstruction Company established to carry on the business of asset reconstruction having its license issued by the Reserve Bank of India under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short “SARFAESI”)..

Phoenix has been sponsored by the Kotak Bank group which has been one of the pioneers in the business of distressed assets in India.

By virtue of this license, Phoenix in its normal course of business acquires the Bad Debts / Non-Performing Assets (NPAs) from the banks and financial institutions, with the intent of recovering this debt either by restructuring the assets or through the legal recovery process.

Being in the business of dealing with bad debts, Phoenix requires a team of professionals with diverse background like, Finance, Legal and Accounts etc. The business of Phoenix being strictly regulated by the RBI necessitates that its legal team plays a very prominent role its operations, which includes interpretation of different laws and rules/guidelines issued by the regulators among other things

Key responsibilities include:

- Due Diligence - Verifying/analysing document/files of the NPA accounts proposed to be acquired by Phoenix including the facility and security documents, title documents, current status of the account, legal steps initiated/proposed to be initiated by the banks for recovery of the debt, pending litigations filed or being defended, whether the debts are time barred, taking note of impediments if any for recovery etc and submitting the report to the management team who based on the inputs provided takes an informed pricing decision.

- Legal Documentation: Drafting of various legal documents at the stage of acquisition like Assignment Agreement, Trust Deed, Offer Document, etc. and in case of fresh funding documents like loan agreements, hypothecation agreements, guarantee agreement, mortgage deed, settlement memorandum, etc.

- Resolution - Upon acquisition, the NPA account is required to be reassessed and a formal strategy is evolved / formulated with respect to the resolution and recovery of the debt. Various, methods of recovery, will have to be adopted, which, includes, negotiating a settlement with the borrowers, filing suits in the DRT, continuing to pursue the pending legal proceedings in the various forums like, DRT, High Court, Civil Court, etc. The job of a legal officer also involves travelling to different locations where courts and/or secured assets (mortgaged properties) are situated; liasoning with local advocates and briefing senior advocates; liasoning with valuers / security agencies / advertising agencies, taking possession of the secured assets etc.

Please note that apart from an eye for detail, sharp legal acumen and a desire to continuously upgrade your skill and knowledge, the aforesaid job profile requires lots of travelling to various corners of the country.