Under Section 14 of the SARFAESI Act, 2002, when a secured creditor applies to the Chief Metropolitan Magistrate (CM

Q: Answer-Under Section 14 of the SARFAESI Act, 2002, when a secured creditor applies to the Chief Metropolita...

Detailed Explanation Section 14 of the SARFAESI Act, 2002 provides a mechanism for secured creditors to seek the assistance of the Chief Metropolitan Magistrate CMM or District Magistrate DM within whose jurisdiction the secured asset is located for taking possession or control of the secured asset. The CMMDM, upon receiving the application accompanied by an affidavit from the secured creditor, is required to Pass an order within 30 days of the date of application, and The total time period shall not exceed 60 days , the period can be extended for reasons to be recorded in writing, but the cap is 60 days in all

M or District Magistrate (D
M for assistance in taking possession of secured assets, within what time must the CMM/DM pass an order after receiving the affidavit from the secured creditor?

A Within 15 days, extendable to 30 days Correct Incorrect

B Within 30 days, extendable up to a maximum of 60 days Correct Incorrect

C Within 45 days, extendable up to 90 days Correct Incorrect

D Within 60 days, extendable up to 4 months Correct Incorrect

Detailed Solution

Detailed Explanation:
Section 14 of the SARFAESI Act, 2002 provides a mechanism for secured creditors to seek the assistance of the Chief Metropolitan Magistrate (CMM) or District Magistrate (DM) (within whose jurisdiction the secured asset is located) for taking possession or control of the secured asset. The CMM/DM, upon receiving the application accompanied by an affidavit from the secured creditor, is required to:

Pass an order within 30 days of the date of application, and
The total time period shall not exceed 60 days , the period can be extended for reasons to be recorded in writing, but the cap is 60 days in all

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Under Section 14 of the SARFAESI Act, 2002, when a secured creditor applies to the Chief Metropolitan Magistrate (CM

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