Question

Before which for an asset reconstruction company can file an application for enforcement of its security interest:
O Debt Recovery Tribunal
O High Court
O District Court
O National Company Law Tribunal​

Answer 1

Answer:

Before which for an asset reconstruction company can file an application for enforcement of its security interest:

O Debt Recovery Tribunal

O High Court

O District Court

O National Company Law Tribunal

Answer 2

Option 1) Debt Recovery Tribunal

Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act (SARFAESI Act), 2002

The SARFAESI Act, 2002 aims to regulate securitization and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights and for connected matters therewith

Borrowers can file applications in the Debts Recovery Tribunals (DRTs) against action taken for enforcement of security interest under this Act, with the appellate jurisdiction for such applications lying with the Debts Recovery Appellate Tribunals (DRATs).The Act is applicable to cases where security interest for securing repayment of any financial asset is more than Rs.1 lakh and the amount due is 20% or more of the principal amount and interest thereon. The Act is not applicable to any security interest created in agricultural land and certain properties not liable to attachment under some specified Acts.

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