The bank served a notice under the SARFAESI Act, 2002, after the account became an NPA. Which specific section of the Act mandates the borrower to repay the debt, and what is the minimum mandatory notice period required before the bank can take further recovery actions?

Consider the following statements regarding the SARFAESI Act, 2002 in the context of retail borrowers: Statement 1: Under the SARFAESI Act, if a retail borrower provides a valid objection to the 60-day notice issued under Section 13(2), the bank is legally obligated to examine the objection and communicate the reasons for non-acceptance within 15 days of receipt. Statement 2: The communication of the bank's rejection of the borrower's representation gives the borrower an immediate right to file an appeal in the Debt Recovery Tribunal even before the bank takes physical possession of the property. Statement 3: In cases of retail loans, the bank can proceed against the guarantor under the SARFAESI Act only after it has completely exhausted all recovery measures against the primary borrower and the primary security. Which of the statements given above is/are correct?

A large infrastructure company, 'MegaBuild Corp,' has a multi-crore credit facility with 'Apex National Bank.' The security structure includes a registered mortgage of its office building, hypothecated machinery, a pledge of 20% promoter shares, and assigned rights from a government contract. After the company fails to pay the interest for 91 days, the bank classifies the account as an NPA and issues a notice under Section 13(2) of the SARFAESI Act. The company subsequently attempts to sell one of the hypothecated cranes to a third party. Which of the following statements is true regarding the bank's rights?