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SARFAESI Act, 2002 MCQs Set-2 (English Medium)
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1. Which of the following statements is correct under Section 20B?
a. Section 20B deals with the establishment of the Central Registry.
b. Section 20B deals with integration of registration systems.
c. Section 20B provides for delegation of powers.
d. Section 20B deals with appeals before the Appellate Tribunal.
2. Section 21 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Filing of transactions of securitisation
b. Central Registrar
c. Central Registry
d. Registration of security receipts
3. The statutory authority specifically provided under Section 21 for administering matters relating to the Central Registry is the:
a. Registrar of Companies
b. Central Registrar
c. Reserve Bank of India
d. Debts Recovery Tribunal
4. The principal object of Section 21 is:
a. To provide for filing of transactions.
b. To provide for the office of the Central Registrar.
c. To regulate asset reconstruction companies.
d. To provide for appeals.
5. If the Act refers to the authority designated as the Central Registrar, the relevant provision is:
a. Section 20
b. Section 21
c. Section 22
d. Section 23
6. Which of the following statements is correct under Section 21?
a. Section 21 deals with filing of transactions of securitisation.
b. Section 21 provides for the Central Registrar.
c. Section 21 deals with the Register of securitisation transactions.
d. Section 21 deals with delegation of powers.
7. Section 22 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Filing of transactions of securitisation
b. Register of securitisation, reconstruction and security interest transactions
c. Central Registrar
d. Integration of registration systems
8. The statutory register maintained under Section 22 relates to:
a. Companies incorporated under the Companies Act
b. Securitisation, reconstruction and security interest transactions
c. Civil Court decrees
d. Appeals before the Appellate Tribunal
9. Which of the following is specifically included in the register contemplated under Section 22?
a. Security interest transactions only
b. Reconstruction transactions only
c. Securitisation, reconstruction and security interest transactions
d. Company incorporation documents
10. The principal object of Section 22 is:
a. Appointment of the Central Registrar
b. Maintenance of a statutory register relating to securitisation, reconstruction and security interest transactions
c. Delegation of powers
d. Registration of asset reconstruction companies
11. Which of the following statements is correct under Section 22?
a. Section 22 deals with the Central Registrar.
b. Section 22 deals with the Register of securitisation, reconstruction and security interest transactions.
c. Section 22 deals with filing of transactions.
d. Section 22 deals with audit and inspection.
12. Section 23 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Filing of transactions of securitisation, reconstruction and creation of security interest
b. Central Registry
c. Central Registrar
d. Delegation of powers
13. The statutory obligation contemplated under Section 23 relates to the filing of:
a. Appeals before the Appellate Tribunal
b. Transactions of securitisation, reconstruction and creation of security interest
c. Company annual returns
d. Criminal complaints
14. Which of the following transactions is specifically covered under Section 23?
a. Creation of security interest only
b. Securitisation only
c. Reconstruction only
d. Securitisation, reconstruction and creation of security interest
15. The principal legislative object of Section 23 is:
a. To provide for filing of specified statutory transactions.
b. To establish the Central Registry.
c. To appoint the Central Registrar.
d. To confer appellate jurisdiction.
16. Which of the following statements is correct under Section 23?
a. Section 23 deals with filing of transactions of securitisation, reconstruction and creation of security interest.
b. Section 23 deals with the Register of securitisation, reconstruction and security interest transactions.
c. Section 23 deals with the Central Registrar.
d. Section 23 deals with integration of registration systems with the Central Registry.
17. Section 24 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Satisfaction of security interest
b. Modification of security interest registered under this Act
c. Right to inspect particulars
d. Rectification by the Central Government
18. Where a security interest already registered under the Act undergoes a statutory change, the relevant provision governing such change is:
a. Section 23
b. Section 24
c. Section 25
d. Section 26
19. The principal object of Section 24 is:
a. Registration of security interest
b. Modification of security interest already registered under the Act
c. Satisfaction of security interest
d. Inspection of records
20. Which of the following statements is correct under Section 24?
a. Section 24 deals with modification of security interest registered under the Act.
b. Section 24 deals with filing of transactions.
c. Section 24 deals with inspection of records.
d. Section 24 deals with rectification by the Central Government.
21. Section 25 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Modification of security interest
b. Asset reconstruction company or secured creditors to report satisfaction of security interest
c. Right to inspect particulars
d. Central Registrar
22. Upon satisfaction of a security interest, the statutory obligation under Section 25 is imposed upon:
a. The borrower alone
b. The Debts Recovery Tribunal
c. The asset reconstruction company or secured creditors
d. The Central Government
23. The principal statutory requirement under Section 25 is the reporting of:
a. Registration of financial assets
b. Satisfaction of security interest
c. Filing of appeals
d. Registration of companies
24. Which of the following statements is correct under Section 25?
a. Section 25 deals with inspection of records.
b. Section 25 requires the asset reconstruction company or secured creditors to report satisfaction of security interest.
c. Section 25 deals with modification of security interest.
d. Section 25 deals with rectification by the Central Government.
25. Section 26 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Right to inspect particulars of securitisation, reconstruction and security interest transactions
b. Modification of security interest
c. Reporting satisfaction of security interest
d. Rectification by the Central Government
26. The statutory right created under Section 26 is the right to inspect particulars relating to:
a. Companies registered under the Companies Act only
b. Securitisation, reconstruction and security interest transactions
c. Civil Court decrees
d. Reserve Bank directions
27. The principal object of Section 26 is:
a. Registration of security interest
b. Conferment of the right to inspect statutory particulars
c. Rectification of registration
d. Cancellation of registration
28. Which of the following statements is correct under Section 26?
a. Section 26 deals with modification of security interest.
b. Section 26 provides the right to inspect particulars of securitisation, reconstruction and security interest transactions.
c. Section 26 deals with reporting satisfaction of security interest.
d. Section 26 deals with rectification by the Central Government.
29. Section 26A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Right to inspect particulars
b. Rectification by the Central Government in matters of registration, modification and satisfaction, etc.
c. Reporting satisfaction of security interest
d. Registration of asset reconstruction companies
30. Under Section 26A, the authority empowered to carry out rectification is:
a. Reserve Bank of India
b. Central Registrar
c. Central Government
d. Debts Recovery Tribunal
31. The statutory power of rectification under Section 26A extends to matters relating to:
a. Registration, modification and satisfaction
b. Appeals and revisions
c. Audit and inspection
d. Registration of companies only
32. A rectification is sought in relation to an entry concerning the satisfaction of a security interest. Which provision specifically governs such rectification?
a. Section 24
b. Section 25
c. Section 26
d. Section 26A
33. Which of the following statements is correct under Section 26A?
a. Section 26A confers upon the Central Government the power of rectification in matters of registration, modification and satisfaction, etc.
b. Section 26A deals with the right to inspect particulars.
c. Section 26A requires secured creditors to report satisfaction of security interest.
d. Section 26A deals with modification of security interest only.
34. Section 26B of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Right of enforcement of securities
b. Registration by secured creditors and other creditors
c. Priority to secured creditors
d. Central Registrar
35. The principal object of Section 26B is:
a. Registration by secured creditors and other creditors
b. Creation of the Central Registry
c. Modification of security interest
d. Inspection of records
36. Under Section 26B, the statutory responsibility relating to registration is imposed upon:
a. Borrowers only
b. Secured creditors and other creditors
c. Asset reconstruction companies only
d. The Central Government
37. A creditor seeks to comply with the statutory requirement regarding registration after creation of a security interest. Which provision primarily governs such registration?
a. Section 26A
b. Section 26B
c. Section 26C
d. Section 26D
38. Which of the following statements is correct under Section 26B?
a. Section 26B provides for registration by secured creditors and other creditors.
b. Section 26B deals with the effect of registration.
c. Section 26B confers the right of enforcement of securities.
d. Section 26B provides priority to secured creditors.
39. Section 26C of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Priority to secured creditors
b. Effect of the registration of transactions, etc.
c. Registration by secured creditors
d. Enforcement of security interest
40. The principal purpose of Section 26C is to prescribe:
a. The procedure for registration
b. The legal effect of registration of transactions
c. The power of rectification
d. The appellate remedy
41. Which provision primarily governs the legal consequences flowing from registration of transactions under the Act?
a. Section 26B
b. Section 26C
c. Section 26D
d. Section 26E
42. The expression "effect of the registration of transactions" under Section 26C relates to:
a. Legal consequences attached to registration
b. Appointment of the Central Registrar
c. Filing of appeals
d. Inspection of records
43. Which of the following statements is correct under Section 26C?
a. Section 26C provides for the effect of the registration of transactions.
b. Section 26C provides for registration by secured creditors.
c. Section 26C provides for priority to secured creditors.
d. Section 26C deals with modification of security interest.
44. Section 26D of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Registration of transactions
b. Right of enforcement of securities
c. Priority to secured creditors
d. Central Registry
45. The principal statutory object of Section 26D is:
a. Conferment of the right of enforcement of securities
b. Registration of security interests
c. Satisfaction of security interests
d. Rectification of entries
46. Where a secured creditor seeks to exercise the statutory right to enforce securities, the governing provision is:
a. Section 26B
b. Section 26C
c. Section 26D
d. Section 26E
47. Which of the following statements is correct under Section 26D?
a. Section 26D provides for registration by secured creditors.
b. Section 26D provides for the effect of registration.
c. Section 26D confers the right of enforcement of securities.
d. Section 26D provides priority to secured creditors.
48. Section 26E of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Priority to secured creditors
b. Enforcement of securities
c. Registration of security interest
d. Central Registry
49. The principal statutory benefit conferred by Section 26E is:
a. Registration of financial assets
b. Priority to secured creditors
c. Inspection of records
d. Cancellation of registration
50. Where competing claims arise over secured assets and the Act expressly recognizes the precedence of one class of creditors, the relevant provision is:
a. Section 26C
b. Section 26D
c. Section 26E
d. Section 27
51. The legislative object of Section 26E is to:
a. Provide for registration of transactions
b. Confer priority upon secured creditors
c. Establish the Central Registry
d. Confer appellate jurisdiction
52. Which of the following statements is correct under Section 26E?
a. Section 26E provides for registration by secured creditors.
b. Section 26E provides for the effect of registration.
c. Section 26E provides for the right of enforcement of securities.
d. Section 26E provides priority to secured creditors.
53. Section 27 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Offences
b. Penalties
c. Cognizance of offences
d. Appeals
54. The principal object of Section 27 is:
a. To define offences.
b. To prescribe penalties under the Act.
c. To regulate cognizance of offences.
d. To provide appellate remedies.
55. Where the Act specifically provides for the imposition of statutory penalties, the relevant provision is:
a. Section 26E
b. Section 27
c. Section 29
d. Section 30
56. The statutory consequence contemplated under Section 27 is:
a. Registration of transactions.
b. Imposition of penalties.
c. Institution of appeals.
d. Cancellation of registration.
57. Which of the following statements is correct under Section 27?
a. Section 27 deals with offences.
b. Section 27 deals with penalties.
c. Section 27 deals with cognizance of offences.
d. Section 27 deals with appeals.
58. Section 28 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002:
a. Deals with compounding of offences.
b. Deals with adjudication of penalties.
c. Has been omitted.
d. Deals with appeals.
59. Which of the following statements is correct under Section 28?
a. Section 28 deals with penalties.
b. Section 28 deals with offences.
c. Section 28 has been omitted.
d. Section 28 deals with cognizance of offences.
60. Section 29 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Penalties
b. Cognizance of offences
c. Offences
d. Appeals
61. The principal purpose of Section 29 is:
a. To provide for penalties.
b. To specify offences under the Act.
c. To regulate appeals.
d. To provide for inspection of records.
62. Where an act is alleged to constitute an offence under the SARFAESI Act, the governing provision is:
a. Section 27
b. Section 28
c. Section 29
d. Section 30
63. The statutory focus of Section 29 is:
a. Civil liability.
b. Criminal offences under the Act.
c. Registration requirements.
d. Priority of secured creditors.
64. Which of the following statements is correct under Section 29?
a. Section 29 deals with penalties.
b. Section 29 deals with offences.
c. Section 29 deals with cognizance of offences.
d. Section 29 deals with appeals.
65. Section 30 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Penalties
b. Offences
c. Cognizance of offences
d. Compounding of offences
66. The principal object of Section 30 is:
a. To define offences.
b. To prescribe punishment.
c. To regulate cognizance of offences.
d. To provide appellate jurisdiction.
67. A criminal court is required to determine whether it can take cognizance of an offence under the Act. Which provision primarily governs this issue?
a. Section 27
b. Section 28
c. Section 29
d. Section 30
68. The statutory subject matter of Section 30 concerns:
a. Registration of offences.
b. Cognizance of offences.
c. Investigation of offences.
d. Trial of offences.
69. Which of the following statements is correct under Section 30?
a. Section 30 deals with penalties.
b. Section 30 deals with offences.
c. Section 30 deals with cognizance of offences.
d. Section 30 deals with appeals.
70. Section 30A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Appeal against penalties
b. Power of adjudicating authority to impose penalty
c. Recovery of penalties
d. Appellate Authority
71. The statutory authority empowered under Section 30A to impose penalty is:
a. Appellate Authority
b. Adjudicating Authority
c. Debts Recovery Tribunal
d. Central Registrar
72. The principal object of Section 30A is:
a. Recovery of penalties
b. Conferment of power upon the Adjudicating Authority to impose penalty
c. Constitution of the Appellate Authority
d. Appeal against penalties
73. A person becomes liable to a penalty under the Act. Which provision empowers the competent authority to impose such penalty?
a. Section 30
b. Section 30A
c. Section 30B
d. Section 30D
74. Which of the following statements is correct under Section 30A?
a. Section 30A provides for appeal against penalties.
b. Section 30A empowers the Adjudicating Authority to impose penalty.
c. Section 30A provides for recovery of penalties.
d. Section 30A constitutes the Appellate Authority.
75. Section 30B of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Appellate Authority
b. Appeal against penalties
c. Recovery of penalties
d. Cognizance of offences
76. A person aggrieved by an order imposing penalty seeks the statutory remedy provided under the Act. Which provision governs such remedy?
a. Section 30A
b. Section 30B
c. Section 30C
d. Section 30D
77. The principal object of Section 30B is:
a. Constitution of the Appellate Authority
b. Recovery of penalties
c. Providing an appeal against penalties
d. Imposition of penalties
78. Which of the following statements is correct under Section 30B?
a. Section 30B provides for appeal against penalties.
b. Section 30B empowers the Adjudicating Authority to impose penalty.
c. Section 30B deals with recovery of penalties.
d. Section 30B constitutes the Central Registry.
79. Section 30C of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Recovery of penalties
b. Appellate Authority
c. Appeal against penalties
d. Adjudicating Authority
80. The statutory authority established under Section 30C is the:
a. Adjudicating Authority
b. Appellate Authority
c. Debts Recovery Tribunal
d. Central Registrar
81. The principal purpose of Section 30C is:
a. To provide for the Appellate Authority.
b. To provide for recovery of penalties.
c. To prescribe offences.
d. To impose penalties.
82. Which of the following statements is correct under Section 30C?
a. Section 30C deals with recovery of penalties.
b. Section 30C provides for the Appellate Authority.
c. Section 30C deals with appeal against penalties.
d. Section 30C empowers the Adjudicating Authority to impose penalties.
83. Section 30D of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Recovery of penalties
b. Appeal against penalties
c. Appellate Authority
d. Cognizance of offences
84. The principal object of Section 30D is:
a. Constitution of the Appellate Authority
b. Imposition of penalties
c. Recovery of penalties
d. Registration of security interests
85. After a penalty has been validly imposed under the Act, the provision specifically governing its recovery is:
a. Section 30A
b. Section 30B
c. Section 30C
d. Section 30D
86. Which of the following statements is correct under Section 30D?
a. Section 30D deals with recovery of penalties.
b. Section 30D deals with appeals against penalties.
c. Section 30D constitutes the Appellate Authority.
d. Section 30D empowers the Adjudicating Authority to impose penalties.
87. Section 31 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Protection of action taken in good faith
b. Provisions of this Act not to apply in certain cases
c. Offences by companies
d. Exemption of banks
88. The principal object of Section 31 is:
a. To provide penalties.
b. To specify cases to which the Act does not apply.
c. To provide protection to public servants.
d. To regulate appeals.
89. Where a transaction is claimed to fall outside the operation of the SARFAESI Act by virtue of an express statutory exclusion, the relevant provision is:
a. Section 30D
b. Section 31
c. Section 31A
d. Section 32
90. The statutory focus of Section 31 is:
a. Application of the Act to all transactions.
b. Exceptions to the applicability of the Act.
c. Registration of security interests.
d. Recovery of penalties.
91. Which of the following statements is correct under Section 31?
a. Section 31 provides for exemption of banks.
b. Section 31 specifies the cases in which the provisions of the Act shall not apply.
c. Section 31 provides protection for acts done in good faith.
d. Section 31 deals with offences by companies.
92. Section 31A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Protection of action taken in good faith
b. Power to exempt a class or classes of banks or financial institutions
c. Offences by companies
d. Recovery of penalties
93. The statutory power under Section 31A is the power to:
a. Exempt borrowers.
b. Exempt a class or classes of banks or financial institutions.
c. Exempt secured creditors only.
d. Exempt asset reconstruction companies only.
94. The principal object of Section 31A is:
a. To provide protection for actions taken in good faith.
b. To empower the competent authority to exempt a class or classes of banks or financial institutions.
c. To regulate appeals.
d. To prescribe penalties.
95. Which of the following statements is correct under Section 31A?
a. Section 31A empowers exemption of a class or classes of banks or financial institutions.
b. Section 31A provides protection for acts done in good faith.
c. Section 31A deals with offences by companies.
d. Section 31A deals with cognizance of offences.
96. Section 32 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Offences by companies
b. Protection of action taken in good faith
c. Penalties
d. Recovery of penalties
97. The principal object of Section 32 is:
a. To provide immunity for action taken in good faith under the Act.
b. To prescribe punishment for offences.
c. To exempt banks.
d. To regulate the Central Registry.
98. A public authority is sued for an action honestly performed under the Act. Which provision primarily provides statutory protection?
a. Section 31
b. Section 31A
c. Section 32
d. Section 33
99. Which of the following statements is correct under Section 32?
a. Section 32 deals with offences by companies.
b. Section 32 provides protection for action taken in good faith.
c. Section 32 deals with exemption of banks.
d. Section 32 deals with penalties.
100. Section 33 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Protection of action taken in good faith
b. Offences by companies
c. Recovery of penalties
d. Cognizance of offences
101. The principal object of Section 33 is:
a. To regulate appeals.
b. To provide for offences committed by companies.
c. To exempt financial institutions.
d. To provide immunity for public authorities.
102. Where an offence under the Act is alleged to have been committed by a company, the governing provision is:
a. Section 32
b. Section 33
c. Section 31A
d. Section 30A
103. The statutory focus of Section 33 is:
a. Liability relating to offences by companies.
b. Protection of officers acting in good faith.
c. Recovery of penalties.
d. Registration of security interests.
104. Which of the following statements is correct under Section 33?
a. Section 33 provides protection of action taken in good faith.
b. Section 33 deals with offences by companies.
c. Section 33 provides exemption to financial institutions.
d. Section 33 deals with appeals against penalties.
105. Section 34 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Limitation
b. Civil court not to have jurisdiction
c. Application of other laws not barred
d. Overriding effect of the Act
106. The principal object of Section 34 is:
a. To prescribe limitation.
b. To exclude the jurisdiction of Civil Courts in specified matters under the Act.
c. To provide an appellate remedy.
d. To regulate registration of security interests.
107. A borrower institutes a civil suit in respect of a matter for which the Act provides a statutory forum. Which provision is primarily relevant?
a. Section 33
b. Section 34
c. Section 35
d. Section 36
108. The statutory consequence contemplated by Section 34 is:
a. Conferment of jurisdiction upon Civil Courts.
b. Exclusion of Civil Court jurisdiction.
c. Constitution of a Special Court.
d. Conferment of revisional jurisdiction.
109. Which of the following statements is correct under Section 34?
a. Section 34 prescribes the period of limitation.
b. Section 34 bars the jurisdiction of Civil Courts in matters covered by the Act.
c. Section 34 gives overriding effect to the Limitation Act.
d. Section 34 deals with application of other laws.
110. Section 35 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Civil court not to have jurisdiction
b. Limitation
c. The provisions of this Act to override other laws
d. Application of other laws
111. The principal purpose of Section 35 is:
a. To preserve the operation of all other enactments.
b. To give overriding effect to the provisions of the Act.
c. To prescribe limitation for enforcement.
d. To regulate appeals.
112. Where there is an inconsistency between the provisions of the SARFAESI Act and another law, the relevant provision governing such inconsistency is:
a. Section 34
b. Section 35
c. Section 36
d. Section 37
113. The legal effect contemplated under Section 35 is:
a. The Act operates subject to every other law.
b. The provisions of the Act override inconsistent laws.
c. Only the Limitation Act overrides the SARFAESI Act.
d. The Act has no overriding effect.
114. Which of the following statements is correct under Section 35?
a. Section 35 bars the jurisdiction of Civil Courts.
b. Section 35 provides that the provisions of the Act override other laws.
c. Section 35 prescribes limitation.
d. Section 35 deals with offences by companies.
115. Section 36 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Application of other laws not barred
b. Limitation
c. Jurisdiction of Civil Courts
d. Priority to secured creditors
116. The principal object of Section 36 is:
a. To prescribe limitation.
b. To provide for appeals.
c. To regulate registration.
d. To provide immunity.
117. A secured creditor seeks to enforce a security interest after expiry of the prescribed limitation period. Which provision of the Act is directly relevant?
a. Section 35
b. Section 36
c. Section 37
d. Section 38
118. The statutory subject matter of Section 36 is:
a. Jurisdiction.
b. Limitation.
c. Registration.
d. Compensation.
119. Which of the following statements is correct under Section 36?
a. Section 36 deals with limitation.
b. Section 36 gives overriding effect to the Act.
c. Section 36 bars Civil Court jurisdiction.
d. Section 36 deals with application of other laws.
120. Section 37 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Limitation
b. Civil court not to have jurisdiction
c. Application of other laws not barred
d. Cognizance of offences
121. The principal object of Section 37 is:
a. To exclude the operation of all other laws.
b. To clarify that the application of other laws is not barred.
c. To confer exclusive jurisdiction upon Civil Courts.
d. To prescribe limitation.
122. Which provision indicates that the operation of other applicable laws continues unless specifically excluded?
a. Section 34
b. Section 35
c. Section 36
d. Section 37
123. The statutory effect of Section 37 is:
a. Other applicable laws are not barred merely because the Act applies.
b. The Act repeals all inconsistent and consistent laws alike.
c. Only the Limitation Act continues to apply.
d. Civil Courts regain jurisdiction under all circumstances.
124. Which of the following statements is correct under Section 37?
a. Section 37 bars the application of all other laws.
b. Section 37 provides that the application of other laws is not barred.
c. Section 37 gives overriding effect to every other law.
d. Section 37 prescribes limitation.
125. Section 38 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Power to remove difficulties
b. Power of the Central Government to make rules
c. Repeal and saving
d. Amendments to certain enactments
126. The authority empowered under Section 38 to make rules is:
a. Reserve Bank of India
b. Central Government
c. Central Registrar
d. Debts Recovery Tribunal
127. The principal object of Section 38 is:
a. To confer rule-making power upon the Central Government.
b. To confer power upon the Reserve Bank to issue directions.
c. To regulate appeals.
d. To prescribe penalties.
128. A question arises regarding the authority competent to frame rules under the Act. Which provision is directly applicable?
a. Section 37
b. Section 38
c. Section 39
d. Section 40
129. Which of the following statements is correct under Section 38?
a. Section 38 empowers the Reserve Bank of India to make rules.
b. Section 38 empowers the Central Government to make rules.
c. Section 38 empowers the Central Registrar to make rules.
d. Section 38 empowers the Debts Recovery Tribunal to make rules.
130. Section 39 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Repeal and saving
b. Certain provisions of the Act to apply after the Central Registry is set up or caused to be set up
c. Amendments to certain enactments
d. Removal of difficulties
131. The principal object of Section 39 is:
a. To postpone the application of certain provisions until the Central Registry is set up or caused to be set up.
b. To establish the Central Registry.
c. To confer rule-making power.
d. To amend other enactments.
132. Under Section 39, the operation of certain provisions depends upon:
a. Publication of rules by the Reserve Bank.
b. Constitution of the Appellate Tribunal.
c. The Central Registry being set up or caused to be set up.
d. Notification by the High Court.
133. Which of the following statements is correct under Section 39?
a. Section 39 establishes the Central Registry.
b. Section 39 provides that certain provisions of the Act shall apply after the Central Registry is set up or caused to be set up.
c. Section 39 empowers the Central Government to make rules.
d. Section 39 deals with repeal and saving.
134. Section 40 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Amendments to certain enactments
b. Repeal and saving
c. Power to remove difficulties
d. Rule-making power
135. The principal purpose of Section 40 is:
a. To amend existing enactments.
b. To remove difficulties arising in giving effect to the Act.
c. To provide for appeals.
d. To establish the Central Registry.
136. Where difficulty arises in implementing the provisions of the Act and the statute confers a specific power to address such difficulty, the relevant provision is:
a. Section 38
b. Section 39
c. Section 40
d. Section 41
137. Which of the following statements is correct under Section 40?
a. Section 40 empowers the Central Government to remove difficulties.
b. Section 40 empowers the Reserve Bank to issue directions.
c. Section 40 deals with repeal and saving.
d. Section 40 deals with amendments to enactments.
138. Section 41 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Repeal and saving
b. Amendments to certain enactments
c. Rule-making power
d. Limitation
139. The principal object of Section 41 is:
a. To repeal existing enactments.
b. To amend certain enactments.
c. To remove difficulties.
d. To prescribe limitation.
140. Which provision specifically provides for amendments to other enactments consequent upon the SARFAESI Act?
a. Section 40
b. Section 41
c. Section 42
d. Section 38
141. Which of the following statements is correct under Section 41?
a. Section 41 provides for repeal and saving.
b. Section 41 provides for amendments to certain enactments.
c. Section 41 empowers the Central Government to make rules.
d. Section 41 deals with removal of difficulties.
142. Section 42 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 deals with:
a. Repeal and saving
b. Amendments to certain enactments
c. Removal of difficulties
d. Rule-making power
143. The principal object of Section 42 is:
a. To amend certain enactments.
b. To provide for repeal and saving.
c. To establish the Central Registry.
d. To prescribe penalties.
144. Which provision governs the legal consequences of repeal while preserving specified rights, liabilities or actions under the Act?
a. Section 40
b. Section 41
c. Section 42
d. Section 38
145. Which of the following statements is correct under Section 42?
a. Section 42 deals with amendments to certain enactments.
b. Section 42 provides for repeal and saving.
c. Section 42 empowers the Central Government to make rules.
d. Section 42 deals with removal of difficulties.
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