Answer-Under Section 19(3A), every application for recovery of debt must disclose which of the following pa...

Section 193A, 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 banks recovery prospects.

Question

Under Section 19(3

A , every application for recovery of debt must disclose which of the following particulars?

A Only the name and address of the defendant

B Only the amount of debt and the date of default

C Only the particulars of the security interest created

D Only the bank's internal classification of the account as NPA

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

Practice Next