SARFAESI stands for

answer choices

Secularization and reconstruction of financial assets and Ensure of security interest Act

Securitization and reconstruction of financial assets and enforcement of security interest Act

Securitisation of financial assets and enforcement of security interest Act

Securitisation and reconstruction of financial assets and enforcement of security Act

Question 2
Who can initiate action under the sarfaesi act.
answer choices

Secured Creditor through empaneled advocate

Secured Creditor through Authorized officers

Unsecured Creditor

None of the above

Question 3
Who can be Authorized officer
answer choices

an officer OF SCALE IV AND ABOVE

Legal officer of our Bank

Empaneled advocate

None of the above

Question 4
Who is the competent authority to initiate SARFAESI for proposals falling under the
power of Zonal heads in the rank of general manager including The proposals falling in
the power of COCC-ED,CACB and MCB, subject to reporting to Recovery department ,
BCC.
answer choices

Zonal manager

Zonal manager in the rank of General Manager

Branch heads of concerned branch

None of the above

Question 5
Before initiating SARFAESI action, branch should ensure that ?/
answer choices

The account si declared NPA as per RBI norms

contratual dues should not be less than 1 lacs

Security document are in order and enforceable

all of the above

Question 6
SARFAESI action can not be initiated if ??
answer choices

contractual amount is below 1 lacs

Security interest is over agricultural land

Amount due is less 20% of principal amount and interest thereon

Any rights of unpaid seller/Properties not laible for attachment or sale

all of the above

Question 7
Demand notice under section _13(2) is issued with an instruction to discharge in full the
liability to secured creditor within ----- days from the date of notice??
answer choices

90

30

60

45

Question 8
Demand notice is to be issued by the secured creditor through its authorized officer as
per standard format on ?/
answer choices

Letter head of empaneled advocate

letter head of bank

Letter head of Authorized officer

None of the above

Question 9
Demand notice can be served by ------- modes
answer choices

Registered post with AD

Hand develivery against proper acknowledgement

Courier with POD

Any other means of transmission of documents like fax or electronics mail service

Any one the above

Question 10
if the notice could not be served on the party or returned undelivered, then the contents
needs to be published of the demand notice in ------- leading news paper one in -------
-- and one in -------- language
answer choices

2/English/Vernacular

2/English/English

2/Hindi/Hindi

2/English/Hindi

Question 11
Demand notice under section 13(2) needs to be issued to -------.
answer choices

Only principal borrower

all borrowers only

All individual borrower and guarantors if any.

None of the above

Question 12
Obejection / Representations to demand Notice can be served to secured creditor/AO
under section ---------- and aO has to communicate within -------- days of receipt of
such notice.
answer choices

13(3A)/45

13(3A)/15
13(3A)/30

13(3A)/365

Question 13
If any legal action by the borrower /Gurantor /mortgagor is anctipated against Bank's
action under section 13(4) of SARFAESI act then Bank may file CAVET application before
-------- and the validity period of such caveat is --------- days.
answer choices

Only in High court/ 90 days

Only in DRT/90 days

Either DRT or High court/90 days

None of the above

Question 14
Whihc of the following is not true regarding application to CMM/DM ??
answer choices

Section 14 of SARFAESi act provides AO this right.

CMM/DM has to pass a suitable orders for taking possession of the secured asset within a period of
30 days from the date of application/affidavit.

CMM/DM are empowered to delay it for maximum period of 60 days after recording of reason.

None of the above

Question 15
Valuation from two valuer is required if the value of secured assets is more than ------
crore.
answer choices

10 crore

5 crore

3 crore

None of the above

Question 16
SARFAESI act permitted secured credtior to sale the secured assets by ----modes
answer choices

quotation from persons dealing in similar assets

By inviting tenders

public e-auction

By private treaty

All one the above

Question 17
There should be clear ----- days between the date of publication of notice of sale in the
news paper and actual date of sale
answer choices

60

45

30

90

Question 18
If the first sale fail and the sale of movable assets is required to be conducted again the
authorized officer for conducting any subsequent sale has to serve affix and publish
fresh notice of sale of not less than ----- days to the borrower.
answer choices

30

15

45

60

Question 19
If the secured creditor acquires the immovable property in such sale, the secured
creditor has to dispose the assets acquired within a period of ---------- years from the
acquisition .
answer choices

5 years

7 years

8 years

10 years

Question 20
Any person aggrieved by any of the measures referred to in sub-section(4) of section 13
taken by secured creditor or his authorised officer may make an application to the DRT
within ---- days from the date on which such measures had been taken.
answer choices

30

45

60

90

Question 21
Which of the followings are features of SARFAESI act.
answer choices

a) Enforce security interest without the intervention of court/Tribunal.

B) priority of claims of secured creditor over the dues of other creditors including the dues of the
government

c) Both a and b

d) None of the above

Question 22
SARFAESI action can be imitated by Authorized officer as per applicable discretionary
lending powers, subject to reporting to the next higher authority?
answer choices

True

False

Question 23
In which of following instances SARFAESI actions can not be initiated?
answer choices

a) Contractual due is less than 1 lacs

b) Security interst over Agricultural land

c) Amount due is less than 20% of principal amount and interest thereon.

d) Security interest over aircraft or ship/vessel.

all of the above

Question 24
The SMM/DM has to pass suitable orders for taking posession of the secured assets
within a period of ----------- days from the date of application/receipt of avvidavit of the
Authorized officer
answer choices

30

45

60

None of the above