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    Question

    Under the SARFAESI Act, secured creditors can enforce

    their security and take possession of assets without court intervention if the borrowerтАЩs account is classified as:
    A Standard Asset Correct Answer Incorrect Answer
    B Special Mention Account Correct Answer Incorrect Answer
    C Sub-standard Asset Correct Answer Incorrect Answer
    D Non-Performing Asset Correct Answer Incorrect Answer
    E Doubtful Asset Correct Answer Incorrect Answer

    Solution

    The SARFAESI Act, 2002 allows banks and financial institutions to take over secured assets of borrowers if the loan is classified as an NPA and the borrower fails to repay even after a 60-day notice.

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