Question
Section 13(4) of the SARFAESI Act lists the measures
available to a secured creditor after the 60-day notice period expires. Which of the following is NOT one of the measures enumerated under Section 13(4)?Solution
Section 13(4) enumerates four specific measures: (a) taking possession of secured assets including the right to transfer by lease, assignment or sale; (b) taking over management of the borrower's business; (c) appointing a manager to manage the possessed assets; and (d) requiring persons from whom money is due to the borrower to pay the secured creditor directly. Filing a winding-up petition before the NCLT is not a measure under Section 13(4) - that is governed separately under the Companies Act and IBC. The SARFAESI measures are self-help remedies available without court intervention, which is the distinct feature of this Act.
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