PTS Consulting Legal Counsel Interview Questions and Answers

Q1. Tell me about your work experience?
Ans. 
I have over 10 years of experience working as a Legal Manager in various industries.
• Managed a team of legal professionals to ensure compliance with laws and regulations

• Drafted and reviewed contracts, agreements, and legal documents

• Provided legal advice and guidance to senior management

• Handled litigation and dispute resolution processes

• Developed and implemented company policies and procedures to mitigate legal risks
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Q2. What do you know about the SARFAESI ACT.
Ans. 
SARFAESI Act stands for Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
• SARFAESI Act allows banks and financial institutions to auction residential or commercial properties to recover loans in case of default.

• It provides a faster mechanism for recovery of non-performing assets without court intervention.

• The Act empowers banks to take possession of the secured assets ...read more
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Q3. Tell me about section 13 (8) of SARFAESI ACT and also explain pre requisites for issuing demand notice under SARFAESI ACT.
Ans. 
Section 13(8) of SARFAESI Act allows the borrower to appeal against the measures taken by the bank under the Act.
• Section 13(8) of SARFAESI Act states that the borrower can make an appeal to the Debt Recovery Tribunal (DRT) against the measures taken by the bank under the Act.

• The pre-requisites for issuing a demand notice under SARFAESI Act include the borrower defaulting on repayment of the loan, the bank classifying t...read more
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Q4. What is the notice period under section 138 of NI act and also when the cause of action arises to file a case under section 138.
Ans. 
Notice period under section 138 of NI act and cause of action to file a case.
• Notice period under section 138 is 15 days from the date on which the payee receives the notice of dishonor.

• Cause of action to file a case under section 138 arises when the cheque is dishonored by the bank due to insufficient funds or other reasons.

• The payee must send a legal notice to the drawer within 30 days of dishonor of the cheque to giv...read more
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Q5. Tell me something about Nclt and under which section financial creditors are defined. What is the procedure of liquidation.
Ans. 
NCLT is a quasi-judicial body that adjudicates insolvency and company law cases. Financial creditors are defined under Section 5(7) of the Insolvency and Bankruptcy Code, 2016.
• NCLT stands for National Company Law Tribunal.

• It is a quasi-judicial body established under the Companies Act, 2013.

• Financial creditors are defined under Section 5(7) of the Insolvency and Bankruptcy Code, 2016.

• The procedure of liquidation involv...read more
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Efficient, hardworking, timemanagement, legal ability

Q1. How confident are you of this role?
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Q1. How confident are you to take this on?
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Contract review drafting

About the company and related legal issues

Mental and psychological assessment

Latest topic and mostly current affairs

Q1. Interview about personal life
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Q1. How was your day
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Q2. Do you have any questions for us
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It was very easy and yeah

Mathematical calculation test

How is law related to IT?

Q1. How can you balance work and personal life
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Q1. Essential of a valid contract
Ans. 
A valid contract must have offer, acceptance, consideration, legal capacity, and legal purpose.
• Offer: One party must make a clear and definite proposal to another party.

• Acceptance: The other party must accept the offer without any changes or modifications.

• Consideration: Both parties must exchange something of value, such as money or services.

• Legal capacity: Both parties must have the legal ability to enter into a contr...read more
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Q2. What are different types of contracts and important clauses in the contract
Ans. 
Different types of contracts include employment, lease, sales, and service contracts. Important clauses include termination, indemnification, and confidentiality.
• Employment contracts outline the terms of employment, including salary and benefits.

• Lease contracts outline the terms of renting a property, including rent and security deposit.

• Sales contracts outline the terms of buying or selling goods, including price and d...read more
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