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CAIIB SUCCESS
Class-8 Date: 7 Nov. 2023
Class Time: 7 PM
(BRBL Module-C Part-2)

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1. Sponsor is an entity holding not less than _____ of the paid-up equity
capital of Asset Reconstruction Company.
a) 5%
b) 10%
c) 15%
d) 20%

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2. Statement I: The Act empowers secured creditors to take possession of
the collateral without the intervention of the court.
Statement II: The Act provides for the creation of a Security Interest
Receipt which can be transferred or endorsed like a negotiable
instrument.
Statement III: The Act allows the borrower to challenge the notice issued
by the secured creditor within a period of 10 days.
(a) Only statement I is correct.
(b) Only statement II is correct.
(c) Statements I and II are correct.
(d) All statements are correct.

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3. Which of the following is true with respect to the right of the borrower
to inspect the particulars of securitization under SARFAESI Act, 2002?
(a) The borrower has an absolute right to inspect the particulars of
securitization
(b) The borrower has a limited right to inspect the particulars of
securitization
(c) The borrower has no right to inspect the particulars of securitization
(d) The right of the borrower to inspect the particulars of securitization is
at the discretion of the secured creditor

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4. Under the Recovery of Debts and Bankruptcy Act, 1993, what is the
maximum period of imprisonment for a debtor who fails to comply with the
orders of the Debt Recovery Tribunal (DRT)?
(a) 1 year
(b) 2 years
(c) 3 years
(d) 4 years

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5 . ABC Bank has taken possession of a property after initiating SARFAESI
proceedings against the borrower who defaulted on his loan repayment.
However, the borrower claims that the bank has not followed the proper
procedure for taking possession of the property. What should the bank do in
this situation?
(a) The bank should ignore the borrower's claim and sell the property.
(b) The bank should seek the advice of the RBI before taking any action.
(c) The bank should provide a proper response to the borrower's claim and
provide him with an opportunity to be heard.
(d) The bank should file a criminal case against the borrower for defaulting on
his loan repayment.

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6. When do the rules, framed by the Central Government, under the Act
get valid?
(a) After the appellate tribunal of DRT approves them.
(b) On Supreme Court approving the same.
(c) Immediately on framing of the rules by the Government and notifying
the same.
(d) When both the Houses of Parliament approve the Rule so framed.

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7. Statement I: Primary agricultural credit societies are exempted from
SARFAESI Act’s purview.
Statement II: Regional Rural Banks are exempted from the Act's provisions.
Statement III: The Act does not apply to non-banking financial companies
registered with RBI.
(a) Only statement I is true
(b) Only statements I and II are true
(c) Only statements II and III are true
(d) All statements are true

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8. Statement I: The Recovery of Debts and Bankruptcy Act, 199 Act provides
for the establishment of the Debt Recovery Appellate Tribunal (DRAT).
Statement II: The Act allows a debtor to file an appeal with the DRAT against
an order passed by the DRT.
Statement III: The Act provides for the establishment of a separate Recovery
of Debts and Bankruptcy Fund.
(a) Only statement I is true.
(b) Statements I and II are true.
(c) Statements II and III are true.
(d) All statements are true.

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9. A person is qualified for appointment as presiding officer of a tribunal if
he is, or has been, or is qualified to be appointed as a ______
a) District Judge
b) High court judge
c) Supreme court judge
d) None of the above

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10. What is the time limit for the central government to rectify any
defect or discrepancy in the registration of security interest under the
SARFAESI Act, 2002?
(a) 15 days
(b) 30 days
(c) 45 days
(d) 60 days

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11. While filing appeal before the appellate tribunal if any amount is
required to be deposited?
(a) No, amount is required to be deposited until the appellate tribunal
decides.
(b) Yes, Court-fee on the appeal amount is required to be paid.
(c) Yes, 50 per cent of the amount determined by the tribunal is required to
be deposited at the time of filing of the appeal.
(d) Yes, after admission of the appeal 50 per cent of the amount determined
by the tribunal is required to be deposited.

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