Start learning 50% faster. Sign in now
Get Started with ixamBee
Start learning 50% faster. Sign in nowBanks 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
The focal length of a diverging lens is 50 cm. The power of the lens is:
Consider the following statements:
1. The World Bank assigns the world’s economies to four income groups, low, lower-middle, upper-middle, and ...
Which Venn diagram represents the correct relationship among: Female, Dog, Whale.
A shopkeeper sold an article after giving a discount of 20% and made a profit of Rs. 70. Find the marked price of the article if cost price of the artic...
Branch Account under Debtors System is
In India, the accounting standard board was set up in the year
Consider the following in regards to Stanford University's AI Index Report 2023?
1.This was the 6th edition of this report.
2.India is ran...
Ratio of length to width of a rectangular field is 8:3. If the perimeter of the field is 330 metres, then find the area (in m2) of the field.
Find out which of the answer figures completes the figure matrix:
Problem Figure:
Right to Property, according to Indian Constitution is a: