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      Question

      Under Section 19(3A), every application for recovery of

      debt must disclose which of the following particulars?
      A Only the name and address of the defendant Correct Answer Incorrect Answer
      B Only the amount of debt and the date of default Correct Answer Incorrect Answer
      C Only the particulars of the security interest created Correct Answer Incorrect Answer
      D Only the bank's internal classification of the account as NPA Correct Answer Incorrect Answer
      E Particulars of debt secured by security interest and estimated value, particulars of other properties if security is insufficient, and if still insufficient, a prayer for directing defendant to disclose other assets Correct Answer Incorrect Answer

      Solution

      Section 19(3A), inserted by the 2016 Amendment, mandates that every applicant shall: (a) state particulars of the debt secured by security interest and the estimated value of such securities; (b) if the estimated value of securities is not sufficient to satisfy the debt, state particulars of any other properties or assets owned by the defendant; and (c) if the estimated value of such other assets is also not sufficient, seek an order directing the defendant to disclose other properties. This three-tier disclosure framework ensures comprehensive asset identification from the outset, allowing the Tribunal to issue appropriate freezing and attachment orders to protect the bank's recovery prospects.

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