Question
Regarding the SARFAESI Act, 2002, consider these
statements: 1. It allows banks to auction properties without the intervention of a court. 2. It can be invoked even if the security interest is less than ā¹1 Lakh. 3. The borrower has the right to approach the Debt Recovery Tribunal (DRT) after the 60-day notice period. Which of the statements above is/are correct?ĀSolution
Statement 2 is incorrect because the Act does not apply to cases where the amount due is less than ā¹1 Lakh or less than 20% of the principal and interest.
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