Question
(PYQ) Under the SARFAESI Act, 2002, a 'secured creditor'
can take possession of assets only after the account is classified as: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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