Legal Manager Interview Questions and Answers for Freshers

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 the loan as a non-performing asset (NPA), and the bank serv...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 involves appointing a liquidator, realization of assets, and dis...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 give them an opportunity to make the payment.

• If the drawer fa...read more

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 and sell them without the intervention of the court.

• It app...read more