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    Question

    Under SARFAESI Act, for a secured creditor to take

    possession of secured assets without court intervention, the asset must be classified as:
    A Special Mention Account Correct Answer Incorrect Answer
    B Sub-standard asset Correct Answer Incorrect Answer
    C Doubtful asset Correct Answer Incorrect Answer
    D NPA Correct Answer Incorrect Answer
    E Loss asset Correct Answer Incorrect Answer

    Solution

    SARFAESI allows banks to enforce security interest only on accounts classified as Non-Performing Assets (NPA), after 60 days’ notice under Section 13(2).

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