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SARFAESI Act, 2002 MCQs Set-1 (English Medium)
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1. The Preamble to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 primarily declares that the Act has been enacted:
a. To consolidate the law relating to negotiable instruments
b. To regulate banking companies and insurance companies
c. To regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto
d. To establish Debts Recovery Tribunals
2. According to the Preamble of the SARFAESI Act, 2002, the Act seeks to regulate:
a. Insolvency proceedings only
b. Securitisation, reconstruction of financial assets and enforcement of security interest
c. Company liquidation
d. Registration of mortgages only
3. Which of the following expressions does NOT expressly occur in the Preamble of the SARFAESI Act, 2002?
a. Securitisation
b. Reconstruction of financial assets
c. Enforcement of security interest
d. Winding up of companies
4. The legislative intent reflected in the Preamble of the SARFAESI Act, 2002 is to regulate:
a. Only securitisation of financial assets
b. Only enforcement of security interest
c. Securitisation, reconstruction of financial assets and enforcement of security interest
d. Recovery of tax dues
5. The Preamble of the SARFAESI Act, 2002 also extends the scope of the Act to:
a. Matters connected therewith or incidental thereto
b. Criminal prosecution of borrowers only
c. Insolvency proceedings only
d. Company amalgamations
6. A court is required to ascertain the broad legislative purpose of the SARFAESI Act, 2002. Which part of the Act would primarily indicate that purpose?
a. Section 1
b. Section 2
c. The Preamble
d. The Schedule
7. The phrase "and for matters connected therewith or incidental thereto" in the Preamble indicates that the Act:
a. Is confined strictly to securitisation only
b. Extends only to criminal matters
c. Covers ancillary and incidental matters connected with its main object
d. Applies only to proceedings before the Debts Recovery Tribunal
8. Which of the following statements is correct according to the Preamble of the SARFAESI Act, 2002?
a. The Act has been enacted only to regulate banks.
b. The Act has been enacted only to enforce security interests.
c. The Act has been enacted to regulate securitisation, reconstruction of financial assets, enforcement of security interest and matters connected therewith or incidental thereto.
d. The Act has been enacted only to establish the Central Registry.
9. Section 1 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Definitions
b. Short title, extent and commencement
c. Registration of asset reconstruction companies
d. Acquisition of financial assets
10. The Central Government appoints different dates for bringing different provisions of the Act into force by notification. Which of the following is consistent with Section 1?
a. Different provisions cannot commence on different dates.
b. Different provisions may commence on different dates appointed by notification.
c. Commencement can be fixed only by Parliament.
d. Commencement requires approval of the Reserve Bank of India.
11. A litigant contends that the Act became enforceable immediately on receiving Presidential assent. Which of the following best accords with Section 1?
a. The contention is correct in every case.
b. The Act comes into force only upon publication of rules.
c. The Act comes into force on the date or dates appointed by the Central Government by notification.
d. The Act comes into force only after registration of asset reconstruction companies.
12. Which of the following is the correct statutory component of Section 1?
a. Short title, definitions and application.
b. Short title, extent and commencement.
c. Extent, registration and enforcement.
d. Definitions, commencement and penalties.
13. The power to appoint the date of commencement under Section 1 is vested in:
a. Parliament
b. Reserve Bank of India
c. Central Government
d. Central Registry
14. A notification appoints one date for Chapter II and another date for Chapter III. Which statement is legally sustainable under Section 1?
a. Such notification is invalid because one Act can have only one commencement date.
b. Such notification is valid only if approved by Parliament.
c. Such notification is valid as different dates may be appointed for different provisions.
d. Such notification is valid only after approval of the Supreme Court.
15. Which of the following statements is correct under Section 1?
a. The commencement of the Act is automatic upon enactment.
b. The Central Government may appoint different dates for commencement of different provisions by notification.
c. Only the Reserve Bank of India may notify the commencement of the Act.
d. The Act contains no provision regarding commencement.
16. Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Registration of asset reconstruction companies
b. Definitions
c. Enforcement of security interest
d. Appeals
17. In construing the provisions of the Act, the expressions used therein are to be understood primarily by reference to:
a. The Code of Civil Procedure, 1908
b. The Indian Contract Act, 1872
c. The definitions contained in Section 2
d. The Transfer of Property Act, 1882
18. A court is required to determine the meaning of the expression "asset reconstruction company" occurring in the Act. Which provision should it first consult?
a. Section 1
b. Section 2
c. Section 3
d. Section 5
19. Which of the following is the principal statutory purpose of Section 2?
a. To regulate registration
b. To define expressions used in the Act
c. To confer appellate jurisdiction
d. To prescribe penalties
20. Where an expression is specifically defined under Section 2:
a. Its ordinary dictionary meaning must always prevail.
b. The statutory definition ordinarily governs its interpretation.
c. It must be interpreted according to judicial precedents only.
d. It has no relevance in construing the Act.
21. Section 2 primarily serves as:
a. A procedural provision.
b. An interpretative provision.
c. A penal provision.
d. A rule-making provision.
22. Which of the following statements is correct under Section 2?
a. Section 2 prescribes the procedure for acquisition of financial assets.
b. Section 2 contains the definitions governing expressions used in the Act.
c. Section 2 regulates appeals before the Debts Recovery Tribunal.
d. Section 2 deals with cancellation of registration.
23. Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Cancellation of certificate of registration
b. Registration of asset reconstruction companies
c. Acquisition of financial assets
d. Definitions
24. A company intends to commence the business of asset reconstruction. Which statutory requirement under Section 3 must ordinarily be satisfied first?
a. Registration in accordance with Section 3.
b. Approval of the High Court.
c. Registration with the Central Registry.
d. Registration under the Companies Act alone.
25. The authority empowered to grant registration under Section 3 is:
a. Central Government
b. Securities and Exchange Board of India
c. Reserve Bank of India
d. Debts Recovery Tribunal
26. A company begins carrying on the business of asset reconstruction without obtaining the statutory registration contemplated under Section 3. Which statement is correct?
a. Such business is permissible if subsequently ratified.
b. Registration is a statutory pre-condition for carrying on such business.
c. Registration is optional.
d. Registration is required only after commencement of business.
27. Which of the following best reflects the object of Section 3?
a. To regulate acquisition of secured assets.
b. To ensure statutory registration before carrying on the business of asset reconstruction.
c. To regulate enforcement of security interest.
d. To regulate appeals.
28. Which of the following statements is correct under Section 3?
a. Registration is granted by the Central Government.
b. Registration of an asset reconstruction company is governed by Section 3 and is a statutory requirement before carrying on business.
c. Registration is optional where the company is already incorporated.
d. Registration is granted by the Debts Recovery Tribunal.
29. Section 4 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Acquisition of financial assets
b. Cancellation of certificate of registration
c. Definitions
d. Security interest
30. The power contemplated under Section 4 relates to:
a. Grant of licence.
b. Cancellation of the certificate of registration.
c. Appointment of Directors.
d. Registration of security interests.
31. Before exercising the power under Section 4, the competent authority acts in relation to:
a. The certificate of registration already granted.
b. The incorporation certificate of the company.
c. The memorandum of association.
d. The security agreement.
32. Which authority exercises the power under Section 4?
a. Debts Recovery Tribunal
b. Reserve Bank of India
c. Central Government
d. High Court
33. The statutory consequence contemplated by Section 4 concerns:
a. Transfer of financial assets.
b. Cancellation of the certificate of registration.
c. Recovery of secured debt.
d. Sale of secured assets.
34. Which of the following statements is correct under Section 4?
a. Section 4 provides for registration of asset reconstruction companies.
b. Section 4 deals with cancellation of the certificate of registration.
c. Section 4 governs acquisition of financial assets.
d. Section 4 deals with enforcement of security interest.
35. Section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Registration of asset reconstruction companies
b. Acquisition of rights or interest in financial assets
c. Appeals
d. Definitions
36. Under Section 5, the statutory focus is upon:
a. Cancellation of registration.
b. Acquisition of rights or interest in financial assets.
c. Enforcement of security interest.
d. Rule-making powers.
37. An asset reconstruction company acquires the rights of a bank in specified financial assets. Which provision primarily governs such acquisition?
a. Section 3
b. Section 4
c. Section 5
d. Section 6
38. Which expression is central to Section 5?
a. Certificate of registration.
b. Rights or interest in financial assets.
c. Security receipt.
d. Central Registry.
39. The legal effect contemplated under Section 5 primarily concerns:
a. Registration of companies.
b. Acquisition of rights or interest in financial assets.
c. Cancellation of licence.
d. Enforcement of possession.
40. Which of the following statements is correct under Section 5?
a. Section 5 governs cancellation of registration.
b. Section 5 deals with acquisition of rights or interest in financial assets.
c. Section 5 provides for commencement of the Act.
d. Section 5 contains statutory definitions.
41. Section 5A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Acquisition of rights or interest in financial assets
b. Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases
c. Issue of security receipts
d. Measures for asset reconstruction
42. Where multiple proceedings are pending before different Debts Recovery Tribunals and the statutory conditions under Section 5A are fulfilled, the principal object of the provision is:
a. Automatic dismissal of all proceedings
b. Transfer of pending applications to any one Debts Recovery Tribunal
c. Mandatory institution of fresh proceedings
d. Transfer of proceedings to the High Court
43. The transfer contemplated under Section 5A relates to:
a. Appeals pending before the High Court
b. Pending applications before Debts Recovery Tribunals
c. Criminal proceedings
d. Arbitration proceedings
44. Which authority is the subject of the transfer mechanism under Section 5A?
a. Civil Court
b. Commercial Court
c. Debts Recovery Tribunal
d. National Company Law Tribunal
45. Section 5A is intended to deal with transfer:
a. In every case
b. Only in certain cases
c. Only after decree
d. Only after appeal
46. Which of the following statements is correct under Section 5A?
a. Section 5A deals with registration of asset reconstruction companies.
b. Section 5A provides for transfer of pending applications to any one of the Debts Recovery Tribunals in certain cases.
c. Section 5A deals with issue of security receipts.
d. Section 5A provides for cancellation of registration.
47. Section 6 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Measures for asset reconstruction
b. Notice to obligor and discharge of obligation of such obligor
c. Registration of security receipts
d. Functions of asset reconstruction company
48. The principal statutory requirement under Section 6 is the issuance of:
a. Demand notice to borrower
b. Notice to the obligor
c. Notice to the Registrar of Companies
d. Notice to the Central Government
49. An obligor wishes to obtain a valid discharge of his obligation after acquisition of a financial asset. Which provision primarily governs such discharge?
a. Section 5
b. Section 6
c. Section 7
d. Section 10
50. The statutory consequence dealt with in Section 6 relates to:
a. Registration of financial assets
b. Discharge of the obligation of the obligor
c. Cancellation of certificate of registration
d. Enforcement of security interest
51. Which of the following statements is correct under Section 6?
a. Section 6 deals with notice to the obligor and discharge of the obligation of such obligor.
b. Section 6 regulates registration of security receipts.
c. Section 6 provides measures for asset reconstruction.
d. Section 6 deals with transfer of pending applications.
52. Section 7 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Measures for asset reconstruction
b. Issue of security by raising of receipts or funds by asset reconstruction company
c. Notice to obligor
d. Other functions of asset reconstruction company
53. Under Section 7, an asset reconstruction company raises resources primarily through:
a. Issue of security receipts
b. Issue of equity shares only
c. Government grants
d. Borrowings from the Central Government alone
54. The statutory mechanism contemplated under Section 7 is intended to enable an asset reconstruction company to:
a. Cancel security interests
b. Raise receipts or funds
c. Register financial institutions
d. Conduct recovery proceedings
55. Which entity is empowered under Section 7 to issue security receipts?
a. Reserve Bank of India
b. Asset Reconstruction Company
c. Debts Recovery Tribunal
d. Central Government
56. Which of the following statements is correct under Section 7?
a. Section 7 deals with issue of security by raising receipts or funds by an asset reconstruction company.
b. Section 7 provides for cancellation of registration.
c. Section 7 deals with notice to obligor.
d. Section 7 provides measures for enforcement of security interest.
57. Section 8 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Registration of asset reconstruction companies
b. Exemption from registration of security receipt
c. Measures for asset reconstruction
d. Acquisition of financial assets
58. The statutory relief contemplated under Section 8 relates to exemption from:
a. Registration of financial assets
b. Registration of security receipt
c. Registration of mortgages
d. Registration of companies
59. Which of the following statements is correct under Section 8?
a. Section 8 provides exemption from registration of security receipt.
b. Section 8 regulates acquisition of financial assets.
c. Section 8 deals with cancellation of registration.
d. Section 8 governs notice to obligor.
60. Section 9 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Measures for asset reconstruction
b. Registration of asset reconstruction companies
c. Security receipts
d. Appeals
61. The statutory purpose of Section 9 is to specify:
a. Conditions for registration
b. Measures for asset reconstruction
c. Procedure for filing appeals
d. Grounds for cancellation of registration
62. The measures contemplated under Section 9 are intended to facilitate:
a. Asset reconstruction
b. Criminal prosecution
c. Registration of mortgages
d. Creation of security interests
63. Which of the following statements is correct under Section 9?
a. Section 9 deals with measures for asset reconstruction.
b. Section 9 deals with transfer of pending applications.
c. Section 9 provides for exemption from registration.
d. Section 9 regulates commencement of the Act.
64. Section 10 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Other functions of asset reconstruction company
b. Security receipts
c. Acquisition of financial assets
d. Enforcement of security interest
65. The legislative object of Section 10 is to:
a. Enumerate other functions of an asset reconstruction company
b. Cancel registration of companies
c. Provide appellate jurisdiction
d. Regulate the Central Registry
66. Which entity is the subject of the functions referred to in Section 10?
a. Debts Recovery Tribunal
b. Reserve Bank of India
c. Asset Reconstruction Company
d. Central Government
67. Which of the following statements is correct under Section 10?
a. Section 10 deals with other functions of an asset reconstruction company.
b. Section 10 provides for registration of security receipts.
c. Section 10 governs notice to obligor.
d. Section 10 deals with acquisition of rights in financial assets.
68. Section 11 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Resolution of disputes
b. Power of the Reserve Bank to issue directions
c. Audit and inspection
d. Security receipts
69. Where a dispute arises in relation to matters governed by the Act and the statute specifically provides a mechanism for its resolution under Section 11, the provision primarily concerns:
a. Registration of asset reconstruction companies
b. Resolution of disputes
c. Enforcement of security interest
d. Transfer of financial assets
70. The principal object of Section 11 is to:
a. Confer appellate jurisdiction upon the High Court
b. Provide for resolution of disputes arising under the Act
c. Regulate issue of security receipts
d. Provide for cancellation of registration
71. A dispute concerning the exercise of statutory powers by an asset reconstruction company is required to be addressed under the statutory mechanism specifically dealing with dispute resolution. Which provision is attracted?
a. Section 10
b. Section 11
c. Section 12
d. Section 12B
72. Which of the following statements is correct under Section 11?
a. Section 11 deals with registration of asset reconstruction companies.
b. Section 11 deals with resolution of disputes.
c. Section 11 deals with issue of security receipts.
d. Section 11 deals with audit and inspection.
73. Section 12 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Resolution of disputes
b. Power of the Reserve Bank to determine policy and issue directions
c. Audit and inspection
d. Calling for statements
74. Under Section 12, the authority empowered to determine policy is:
a. Central Government
b. Debts Recovery Tribunal
c. Reserve Bank of India
d. Central Registry
75. The statutory power conferred under Section 12 enables the Reserve Bank to:
a. Determine policy and issue directions
b. Register security receipts
c. Acquire financial assets
d. Cancel mortgages
76. If the Reserve Bank issues directions in exercise of the statutory power specifically conferred upon it under the Act, such power is traceable to:
a. Section 10
b. Section 11
c. Section 12
d. Section 12A
77. Which of the following statements is correct under Section 12?
a. Section 12 empowers the Reserve Bank to determine policy and issue directions.
b. Section 12 empowers the Central Government to issue directions.
c. Section 12 deals with resolution of disputes.
d. Section 12 deals with audit and inspection.
78. Section 12A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Audit and inspection
b. Power of the Reserve Bank to call for statements and information
c. Resolution of disputes
d. Acquisition of financial assets
79. The statutory authority empowered under Section 12A to call for statements and information is:
a. Central Government
b. Debts Recovery Tribunal
c. Reserve Bank of India
d. Central Registrar
80. Which of the following best reflects the purpose of Section 12A?
a. Registration of asset reconstruction companies
b. Calling for statements and information by the Reserve Bank
c. Cancellation of certificate of registration
d. Enforcement of security interest
81. A statutory requirement directing an asset reconstruction company to furnish specified information originates from the Reserve Bank's power under:
a. Section 11
b. Section 12
c. Section 12A
d. Section 12B
82. Which of the following statements is correct under Section 12A?
a. Section 12A empowers the Reserve Bank to call for statements and information.
b. Section 12A deals with audit and inspection only.
c. Section 12A deals with registration of security receipts.
d. Section 12A provides for dispute resolution.
83. Section 12B of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Calling for statements and information
b. Power of the Reserve Bank to carry out audit and inspection
c. Resolution of disputes
d. Registration of asset reconstruction companies
84. The statutory authority empowered under Section 12B to carry out audit and inspection is:
a. Central Government
b. Debts Recovery Tribunal
c. Reserve Bank of India
d. Registrar of Companies
85. The principal purpose of Section 12B is to confer upon the Reserve Bank the power to:
a. Acquire financial assets
b. Carry out audit and inspection
c. Register security receipts
d. Resolve disputes
86. An asset reconstruction company is subjected to a statutory inspection by the Reserve Bank. Which provision specifically authorises such action?
a. Section 12
b. Section 12A
c. Section 12B
d. Section 13
87. Which of the following statements is correct under Section 12B?
a. Section 12B empowers the Reserve Bank to carry out audit and inspection.
b. Section 12B deals with calling for statements and information.
c. Section 12B provides for resolution of disputes.
d. Section 12B deals with acquisition of rights in financial assets.
88. Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Assistance by the Chief Metropolitan Magistrate or District Magistrate
b. Enforcement of security interest
c. Compensation to directors
d. Take over of management
89. The principal statutory object of Section 13 is:
a. Registration of security receipts
b. Enforcement of security interest
c. Resolution of disputes
d. Audit of asset reconstruction companies
90. A secured creditor seeks to enforce the security created in its favour under the Act. Which provision primarily governs such action?
a. Section 12B
b. Section 13
c. Section 14
d. Section 15
91. The statutory power under Section 13 is exercised in relation to:
a. Security interest
b. Security receipts
c. Registration certificates
d. Pending applications
92. The focus of Section 13 is:
a. Assistance by Magistrates
b. Enforcement of security interest by the secured creditor
c. Transfer of financial assets
d. Audit and inspection
93. Which of the following statements is correct under Section 13?
a. Section 13 deals with takeover of management.
b. Section 13 deals with enforcement of security interest.
c. Section 13 deals with compensation to directors.
d. Section 13 deals with cancellation of registration.
94. Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Manner and effect of takeover of management
b. Assistance by the Chief Metropolitan Magistrate or District Magistrate in taking possession of secured asset
c. Resolution of disputes
d. Security receipts
95. Under Section 14, assistance in taking possession of the secured asset may be sought from:
a. Civil Judge
b. Sessions Judge
c. Chief Metropolitan Magistrate or District Magistrate
d. High Court
96. The statutory role assigned under Section 14 is to assist the secured creditor in:
a. Recovery of unsecured debts
b. Taking possession of the secured asset
c. Registration of security interest
d. Cancellation of mortgage
97. Which authority is specifically recognised under Section 14 for rendering statutory assistance?
a. Reserve Bank of India
b. Central Government
c. Chief Metropolitan Magistrate or District Magistrate
d. Registrar of Companies
98. A secured creditor is unable to obtain physical possession of the secured asset despite exercising statutory rights. Which provision enables assistance from the specified authority?
a. Section 13
b. Section 14
c. Section 15
d. Section 16
99. Which of the following statements is correct under Section 14?
a. Section 14 provides for assistance by the Chief Metropolitan Magistrate or District Magistrate in taking possession of the secured asset.
b. Section 14 deals with enforcement of security interest.
c. Section 14 regulates compensation payable to directors.
d. Section 14 provides for issue of security receipts.
100. Section 15 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. No compensation to directors
b. Manner and effect of takeover of management
c. Enforcement of security interest
d. Audit and inspection
101. The principal purpose of Section 15 is to regulate:
a. Registration of asset reconstruction companies
b. The manner and legal effect of takeover of management
c. Transfer of pending applications
d. Resolution of disputes
102. Where management of the business is taken over under the Act, the statutory provision governing both the procedure and its consequences is:
a. Section 13
b. Section 14
c. Section 15
d. Section 16
103. Section 15 is concerned not merely with takeover of management but also with:
a. Audit of management
b. The legal effect of such takeover
c. Registration of management
d. Transfer of management to the Central Government
104. Which of the following statements is correct under Section 15?
a. Section 15 deals with the manner and effect of takeover of management.
b. Section 15 deals with compensation payable to directors.
c. Section 15 deals with acquisition of financial assets.
d. Section 15 deals with issue of security receipts.
105. Section 16 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Enforcement of security interest
b. No compensation to directors for loss of office
c. Resolution of disputes
d. Audit and inspection
106. The statutory consequence contemplated by Section 16 is that:
a. Directors are entitled to statutory compensation for every loss of office.
b. No compensation is payable to directors for loss of office.
c. Compensation is payable only with the approval of the Reserve Bank.
d. Compensation is payable by the Central Government.
107. A director ceases to hold office solely because of action taken under the Act and claims statutory compensation for such loss of office. Which provision directly governs the claim?
a. Section 14
b. Section 15
c. Section 16
d. Section 17
108. The prohibition contained in Section 16 relates specifically to:
a. Recovery of debts
b. Compensation to directors for loss of office
c. Cancellation of registration
d. Acquisition of financial assets
109. Which of the following statements is correct under Section 16?
a. Section 16 provides for compensation to directors for loss of office.
b. Section 16 provides that no compensation shall be payable to directors for loss of office.
c. Section 16 deals with assistance by the District Magistrate.
d. Section 16 deals with takeover of management.
110. Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Appeal to the Appellate Tribunal
b. Application against measures to recover secured debts
c. Right to receive compensation and costs
d. Right to lodge a caveat
111. A borrower aggrieved by measures taken by the secured creditor for recovery of secured debt seeks statutory redress. Which provision primarily governs such remedy?
a. Section 16
b. Section 17
c. Section 18
d. Section 19
112. The statutory remedy provided under Section 17 is in the nature of:
a. A revision
b. An application against measures to recover secured debts
c. A civil suit
d. A writ petition
113. The principal object of Section 17 is to provide:
a. Registration of security receipts
b. A statutory application challenging measures for recovery of secured debts
c. Compensation to directors
d. Validation of fees
114. Which of the following statements is correct under Section 17?
a. Section 17 deals with appeal to the Appellate Tribunal.
b. Section 17 provides for an application against measures to recover secured debts.
c. Section 17 deals with compensation payable to borrowers.
d. Section 17 deals with lodging of caveats.
115. Section 17A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002:
a. Deals with review by the Appellate Tribunal.
b. Deals with transfer of proceedings.
c. Has been omitted.
d. Deals with interim compensation.
116. Which of the following statements is correct under Section 17A?
a. Section 17A provides for review of orders.
b. Section 17A has been omitted from the Act.
c. Section 17A deals with appeals.
d. Section 17A deals with caveats.
117. Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Right to lodge a caveat
b. Appeal to the Appellate Tribunal
c. Validation of fees
d. Compensation to borrowers
118. A person aggrieved by an order passed under the Act seeks the statutory appellate remedy. Which provision governs such appeal?
a. Section 17
b. Section 18
c. Section 18A
d. Section 19
119. The appellate forum specifically contemplated under Section 18 is:
a. Civil Court
b. Appellate Tribunal
c. High Court
d. Supreme Court
120. The statutory object of Section 18 is to provide:
a. A remedy by way of appeal.
b. A remedy by way of review.
c. A remedy by way of revision.
d. A remedy by way of arbitration.
121. Which of the following statements is correct under Section 18?
a. Section 18 deals with an application before the Debts Recovery Tribunal.
b. Section 18 deals with appeal to the Appellate Tribunal.
c. Section 18 deals with compensation.
d. Section 18 deals with caveats.
122. Section 18A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Validation of fees levied
b. Appeals against recovery proceedings
c. Review of orders
d. Registration of security receipts
123. The legislative purpose of Section 18A is:
a. To validate fees levied.
b. To determine compensation.
c. To provide appellate jurisdiction.
d. To regulate security receipts.
124. Which of the following statements is correct under Section 18A?
a. Section 18A deals with appeals.
b. Section 18A validates fees levied.
c. Section 18A deals with caveats.
d. Section 18A deals with compensation.
125. Section 18B of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002:
a. Deals with revision.
b. Deals with review.
c. Has been omitted.
d. Deals with compensation.
126. Which of the following statements is correct under Section 18B?
a. Section 18B provides for review.
b. Section 18B provides for revision.
c. Section 18B has been omitted.
d. Section 18B deals with caveats.
127. Section 18C of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Appeal to the Appellate Tribunal
b. Right to lodge a caveat
c. Compensation to borrower
d. Validation of fees
128. A person seeks to exercise the statutory right of caveat under the Act. Which provision is attracted?
a. Section 18
b. Section 18A
c. Section 18C
d. Section 19
129. The statutory right created by Section 18C is the:
a. Right to appeal.
b. Right to review.
c. Right to lodge a caveat.
d. Right to compensation.
130. Which of the following statements is correct under Section 18C?
a. Section 18C deals with validation of fees.
b. Section 18C confers the right to lodge a caveat.
c. Section 18C deals with appeals.
d. Section 18C deals with compensation.
131. Section 19 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Right of borrower to receive compensation and costs in certain cases
b. Appeal to the Appellate Tribunal
c. Enforcement of security interest
d. Right to lodge a caveat
132. A borrower establishes that he is entitled to statutory compensation and costs under the Act. Which provision primarily governs such entitlement?
a. Section 18
b. Section 18C
c. Section 19
d. Section 20
133. The statutory benefit contemplated by Section 19 accrues to:
a. Every secured creditor.
b. Every guarantor.
c. The borrower in certain cases.
d. Every asset reconstruction company.
134. The principal object of Section 19 is:
a. To provide an appellate remedy.
b. To confer the right of caveat.
c. To confer upon the borrower the right to receive compensation and costs in certain cases.
d. To validate fees levied.
135. Which of the following statements is correct under Section 19?
a. Section 19 deals with the borrower's right to receive compensation and costs in certain cases.
b. Section 19 deals with appeals.
c. Section 19 deals with caveats.
d. Section 19 deals with validation of fees.
136. Section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Delegation of powers
b. Integration of registration systems with Central Registry
c. Central Registry
d. Registration of asset reconstruction companies
137. The principal statutory purpose of Section 20 is the establishment and regulation of:
a. Debts Recovery Tribunal
b. Central Registry
c. Central Vigilance Commission
d. Reserve Bank of India
138. Where the Act refers to a statutory repository for matters relating to registration under the Act, the relevant provision is:
a. Section 19
b. Section 20
c. Section 20A
d. Section 20B
139. Which of the following institutions is specifically dealt with under Section 20?
a. Appellate Tribunal
b. Central Registry
c. Civil Court
d. Asset Reconstruction Company
140. The legislative object of Section 20 is to provide for:
a. Delegation of statutory powers
b. Creation of the Central Registry
c. Registration of companies
d. Inspection by the Reserve Bank
141. Which of the following statements is correct under Section 20?
a. Section 20 deals with the Central Registry.
b. Section 20 deals with integration of registration systems.
c. Section 20 deals with delegation of powers.
d. Section 20 deals with compensation to borrowers.
142. Section 20A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Delegation of powers
b. Integration of registration systems with Central Registry
c. Central Registry
d. Security receipts
143. The principal object of Section 20A is:
a. Registration of asset reconstruction companies
b. Integration of registration systems with the Central Registry
c. Enforcement of security interest
d. Cancellation of registration
144. Where different statutory registration systems are required to function in coordination with the Central Registry, the governing provision is:
a. Section 20
b. Section 20A
c. Section 20B
d. Section 21
145. Section 20A is concerned specifically with:
a. Establishment of the Central Registry
b. Integration of registration systems with the Central Registry
c. Appeals to the Appellate Tribunal
d. Compensation to borrowers
146. Which of the following statements is correct under Section 20A?
a. Section 20A provides for integration of registration systems with the Central Registry.
b. Section 20A establishes the Central Registry.
c. Section 20A deals with delegation of powers.
d. Section 20A provides for audit by the Reserve Bank.
147. Section 20B of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Central Registry
b. Delegation of powers
c. Registration of security receipts
d. Appeals
148. The statutory authority empowered under Section 20B may exercise its functions through:
a. Review
b. Delegation of powers
c. Transfer of proceedings
d. Adjudication by Civil Courts
149. The legislative object of Section 20B is to provide for:
a. Registration of financial assets
b. Delegation of statutory powers
c. Enforcement of security interest
d. Compensation to borrowers
150. Where the Act expressly authorises the delegation of powers, the relevant provision is:
a. Section 20
b. Section 20A
c. Section 20B
d. Section 21
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