Sangli Urban Co-operative Bank LAW Officer Interview Questions and Answers

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

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

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

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

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