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      Question

      (PYQ) Under the SARFAESI Act, 2002, a 'secured creditor'

      can take possession of assets only after the account is classified as:
      A Sub-standard Correct Answer Incorrect Answer
      B Loss Asset Correct Answer Incorrect Answer
      C Non-Performing Asset (NPA) Correct Answer Incorrect Answer
      D Doubtful Asset Correct Answer Incorrect Answer
      E Overdue Correct Answer Incorrect Answer

      Solution

      Section 13(2) of the SARFAESI Act allows a secured creditor to require the borrower to discharge liabilities only after the debt has been classified by the secured creditor as a Non-Performing Asset in accordance with RBI guidelines.

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