Which of the following are correct regarding SARFAESI Act, 2002?
(a) It is applicable in the entire India, including Jammu & Kashmir.
(b) It provides for sale of security without court intervention subject to fulfillment.
(c) It provides for setting up of Central Registry for registration of securitisation transactions.
(d) It covers all types of loan accounts.
-
Only (a), (b) and (d)
-
Only (a), (b) and (c)
-
Only (a), (c) and (d)
-
All of the above
B
Correct answer
Explanation
The act allows taking the matter to high courts only in some matters related to the implementation of the act in Jammu & Kashmir. However, high courts have been entertaining writ petitions under Article 226 (Power to issue writs) of the Constitution of India. It is possible where non-performing assets are backed by securities charged to the bank by way of hypothecation or mortgage or assignment.