Evaluate the following statements about the SARFAESI Act, 2002:
I. The SARFAESI Act empowers eligible secured creditors to enforce security interests without first obtaining the intervention of a court or tribunal, subject to the conditions and procedure prescribed under the Act, including classification of the borrower’s account as an NPA in applicable cases and issuance of the statutory demand notice.
II. A borrower aggrieved by measures taken by the secured creditor under Section 13(4) may seek remedy before the Debt Recovery Tribunal under Section 17 of the Act. Which of the above is/are correct?

Both statements are correct. Under the SARFAESI Act, eligible secured creditors may enforce security interests without first filing a recovery suit before a court or tribunal, subject to statutory conditions and procedures. Under Section 13(2), the secured creditor generally issues a 60-day demand notice. If the borrower fails to discharge the liability, the creditor may take measures under Section 13(4), including taking possession of the secured asset. A person aggrieved by measures taken under Section 13(4) may approach the Debt Recovery Tribunal under Section 17 within the prescribed period. The Act also contains specific exclusions and applicability conditions, so its operation should not be reduced merely to the statement that outstanding dues exceed ₹1 lakh.