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UNIT 17D DONE

What is the condition for making an appeal as per the amendments made in November 2004? a) No condition for making an appeal b) Borrower must deposit 50% of the debt claimed by the secured creditor c) Borrower must deposit 100% of the debt claimed by the secured creditor d) Borrower must deposit 25% of the debt claimed by the secured creditor

What is the time limit to make an appeal to the Appellate Authority? a) Fifteen days from the date of receipt of the order of the debts recovery tribunal b) Thirty days from the date of receipt of the order of the debts recovery tribunal c) Forty-five days from the date of receipt of the order of the debts recovery tribunal d) Sixty days from the date of receipt of the order of the debts recovery tribunal

What happens if the Tribunal finds that the recourse taken by the secured creditor is in accordance with the Act and rules? a) The creditor can no longer take any measures to recover the debt b) The creditor can continue to take measures to recover the debt c) The Tribunal will take over the management of the secured asset d) The borrower is automatically discharged of all debt obligations

What action must be taken by a secured creditor or Asset Reconstruction Company when taking over the management of a borrower’s business under the SARFAESI Act? a) They must publish a notice in an English newspaper only. b) They must seek consent from the existing directors or administrators. c) They must take control over all the borrower’s property, effects, and claims. d) They must terminate all existing contracts with suppliers and customers.

What assistance can the Chief Metropolitan Magistrate or District Magistrate or authorized officer provide to the secured creditor? a. Help with filing a lawsuit against the borrower b. Assistance with taking possession or control of the secured asset c. Assistance with negotiating with the borrower d. None of the above