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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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