Module: | Operational Procedures & Miscellaneous
Q15: The implementation of enforcement measures under the SARFAESI Act involves specific procedural roles and notices. Which of the following statements are correct?
1. The auction and sale of secured assets are conducted by a designated "Authorised Officer" acting on behalf of the bank.
2. When a bank takes physical control of an asset, a "Possession Notice" must be affixed on the property to inform the public and the borrower of the bank's action.
2. When a bank takes physical control of an asset, a "Possession Notice" must be affixed on the property to inform the public and the borrower of the bank's action.
✅ Correct Answer: C
The enforcement rules mandate that an "Authorised Officer" of the secured creditor is responsible for executing the sale and auction process.
Additionally, affixing a Possession Notice on the property is a mandatory step to publicly declare the bank's possession and warn third parties against dealing with the asset.
Additionally, affixing a Possession Notice on the property is a mandatory step to publicly declare the bank's possession and warn third parties against dealing with the asset.