Consider the following statements regarding Sarfaesi Act
I. It was brought in to guard financial institutions against loan defaulters.
II. Co-operative banks and NBFCs cannot invoke Sarfaesi Act.
III. The law is applicable throughout the country and covers both movable an immovable assets. Which of the following statements is/are correct?

Banks have invoked the Sarfaesi Act against telecom infrastructure provider GTL to recover their pending dues. Aim: ·         It was brought in to guard financial institutions against loan defaulters. ·         Taking control of the secured assets ·         Take over management of the secured assets, as well as the right to transfer the secured assets via lease, assignment, or sale ·         Designate someone to administer the secured assets ·         To recover their bad debts, the banks under this law can take control of securities pledged against the loan, manage or sell them to recover dues without court intervention. Coverage: Co-operative banks can also invoke Sarfaesi Act. ·         The non-banking financial companies (NBFCs) can initiate recovery in Rs 20 lakh loan default cases. ·         Application: The law is applicable throughout the country and covers all assets, movable or immovable, promised as security to the lender. Powers: ·         The Act comes into play if a borrower defaults on his or her payments for more than six months. ·         The lender then can send a notice to the borrower to clear the dues within 60 days. ·         In case that doesn’t happen, the financial institution has the right to take possession of the secured assets and sell, transfer or manage them. ·         The defaulter, meanwhile, has recourse to move an appellate authority set up under the law within 30 days of receiving a notice from the lender. Modes of recovery under the SARFAESI Act ·         Securitisation ·         Asset reconstruction ·         Enforcement of security without the interruption of the court