Multiple choice

Which of the following is/are the right(s) of the borrower as per SARFAESI Act, 2002?

  1. The borrowers can at any time before the sale is concluded, remit the dues and avoid loosing the security.

  2. In case any unhealthy/illegal act is done by the Authorised Officer, he will be liable for penal consequences.

  3. The borrowers will be entitled to get compensation for such acts.

  4. All of the above
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D Correct answer
Explanation

Rights of the borrower as per SARFAESI Act, 2002: 

  • The borrowers can at any time before the sale is concluded, remit the dues and avoid loosing the security.
  • In case any unhealthy/illegal act is done by the Authorised Officer, he will be liable for penal consequences.
  • The borrowers will be entitled to get compensation for such acts.
  • For redressing the grievances, the borrowers can firstly approach the DRT and thereafter, the DRAT in appeal. The limitation period is 45 days and 30 days, respectively.

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