Indian Polity · Polity
Consider the following statements regarding the CERSAI registry under the SARFAESI Act: Statement I: CERSAI registration is mandatory for all types of mortgages, including Equitable Mortgage by deposit of title deeds and Registered Mortgage. Statement II: If a bank fails to register a charge on a company's asset with CERSAI, the charge becomes void against the liquidator, even if it is registered with the Registrar of Companies (ROC). Statement III: The Search Report from CERSAI provides a Certificate of Interest which acts as a conclusive proof of title in a court of law. Statement IV: Modification of a charge, such as an increase in the sanctioned limit or a change in the interest rate, must also be filed with CERSAI within 30 days. Statement V: Registration with CERSAI is now extended to include Factors and Assignees of receivables under the Factoring Regulation Act. Which of the following combinations of statements is correct?
- 1All statements are correct.
- 2Only III and V
- 3Only I, IV, V✓
- 4Only I, II, IV
Correct answer
Only I, IV, V
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