Section 12 of the Banning of Unregulated Deposit Schemes Act, 2019 is subject to:
Section 12 opens "Save as otherwise provided in" the SARFAESI Act, 2002 or the Insolvency and Bankruptcy Code, 2016, so the depositors' priority yields to those two laws.…
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Section 12 of the Banning of Unregulated Deposit Schemes Act, 2019 is subject to:
Answer and explanation
Correct answer B
Section 12 opens "Save as otherwise provided in" the SARFAESI Act, 2002 or the Insolvency and Bankruptcy Code, 2016, so the depositors' priority yields to those two laws. The Companies Act and the Banking Regulation Act are not named in the saving.