Banking · SARFAESI, DRT and IBC Acts

Consider the following statements regarding banking and debt recovery laws in India: Statement 1: The SARFAESI Act 2002 allows for the sale of secured assets through four modes: inviting quotations, inviting public tenders, holding a public auction, or by private treaty. Statement 2: Under Security Interest Enforcement Rules, a private treaty for sale of a secured asset can be entered into only if the public auction has failed. Statement 3: The Recovery of Debts and Bankruptcy Act 1993 permits a bank to file a joint application if the borrower defaults on consortium loans. Statement 4: Under the IBC 2016, if the corporate debtor is an MSME, the promoters are exempted from certain disqualifications under Section 29A for submitting a resolution plan. Statement 5: The SARFAESI Act 2002 defines a 'Qualified Institutional Buyer' (QIB) as an entity eligible to purchase security receipts issued by an ARC. Statement 6: The provisions of the Civil Procedure Code 1908 apply to regular proceedings under the recovery process despite the authorized officer's special administrative powers. Statement 7: The DRT has the power to issue a Certificate of Recovery which is executable by the Recovery Officer through attachment/sale of property or arrest. Which of the following assessments is correct?