Which of the following statements is correct under Section 37 of the SARFAESI Act, 2002?
Section 37 is headed "Application of other laws not barred": the Act is "in addition to, and not in derogation of" laws such as the Companies Act and the Recovery of Debts…
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Which of the following statements is correct under Section 37 of the SARFAESI Act, 2002?
Answer and explanation
Correct answer B
Section 37 is headed "Application of other laws not barred": the Act is "in addition to, and not in derogation of" laws such as the Companies Act and the Recovery of Debts and Bankruptcy Act, 1993. The overriding effect is section 35, the civil court bar section 34, and limitation section 36.