A company intends to commence the business of asset reconstruction. Which statutory requirement under…
Section 3(1) bars an asset reconstruction company from commencing or carrying on that business without first obtaining a certificate of registration under that section, so…
Choose your answer
A company intends to commence the business of asset reconstruction. Which statutory requirement under Section 3 of the SARFAESI Act, 2002 must ordinarily be satisfied first?
Answer and explanation
Correct answer A
Section 3(1) bars an asset reconstruction company from commencing or carrying on that business without first obtaining a certificate of registration under that section, so registration under section 3 must ordinarily be satisfied first, not High Court approval or Central Registry registration.