N. S. Toor Solutions for Chapter: Loan Policy and Loan Documentation, Exercise 9: TEST YOUR SELF

Under the provisions of SARFAESI Act 2002, where the borrower contests the seizure of assets proposed for possession by the bank, whom can he approach without deposit of any amount in advance?

What kind of advances out of the following are covered under the provisions SARFAESI Act 2002?

What is the time period of the notice which is required to be given by a bank for sale of security after taking possession under SARFAESI Act 2002?

What is the time period of the notice to be given by a bank for taking possession of a security SARFAESI Act 2002:

Report on wilful defaulters is to be sent to RBI

(a) for all wilful defaulters

(b) on quarterly basis

(c) for wilful defaulters of Rs.25 lac and above

(d) on half yearly basis

Securities available with the borrower whether charged to bank or not, can be sold under SARFAESI Act.
True / False

Sale of assets can be confirmed when the buyer deposits 25% of the amount while the balance 75% can be deposited within 15 days.

In a loan account referred to DRT, the process of sale of securities can be initiated as per Supreme Court judgement (Transcore vs Union of India) under SARFESI Act 2002.