Sections 12 and 13 of the Banning of Unregulated Deposit Schemes Act, 2019 both begin with the phrase:
Both section 12 and section 13(1) open with "Save as otherwise provided in" the SARFAESI Act, 2002 or the Insolvency and Bankruptcy Code, 2016. The words make the…
Choose your answer
Sections 12 and 13 of the Banning of Unregulated Deposit Schemes Act, 2019 both begin with the phrase:
Answer and explanation
Correct answer C
Both section 12 and section 13(1) open with "Save as otherwise provided in" the SARFAESI Act, 2002 or the Insolvency and Bankruptcy Code, 2016. The words make the depositors' priority and the precedence of attachment yield to those two laws; they do not override them, as a non obstante clause would.