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      Question

      Section 37 of the SARFAESI Act contains a savings

      clause. What does Section 37 provide?
      A The provisions of this Act shall have effect to the exclusion of all other laws Correct Answer Incorrect Answer
      B The provisions of this Act shall be in addition to, and not in derogation of, the provisions of other laws relating to enforcement of security interests Correct Answer Incorrect Answer
      C Courts are barred from applying other laws where SARFAESI applies Correct Answer Incorrect Answer
      D The IBC, 2016 shall yield to SARFAESI in all insolvency situations Correct Answer Incorrect Answer
      E The Transfer of Property Act shall not apply to any SARFAESI proceeding Correct Answer Incorrect Answer

      Solution

      Section 37 of the SARFAESI Act, 2002 is the savings/non-derogation clause, which explicitly provides that the provisions of this Act (and the rules made thereunder) shall be in addition to, and not in derogation of, the Companies Act, the Securities Contracts (Regulation) Act, 1956, the SEBI Act, 1992, the Recovery of Debts Due to Banks and Financial Institutions Act (RDDB Act), 1993, or any other law for the time being in force.

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