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      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 тВ╣1 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?┬а
      A 1 and 2 only Correct Answer Incorrect Answer
      B 1 and 3 only Correct Answer Incorrect Answer
      C 2 and 3 only Correct Answer Incorrect Answer
      D 1, 2, and 3 Correct Answer Incorrect Answer
      E 1 only Correct Answer Incorrect Answer

      Solution

      Statement 2 is incorrect because the Act does not apply to cases where the amount due is less than тВ╣1 Lakh or less than 20% of the principal and interest.

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