Aarna Ltd. (Company) is engaged in the manufacturing of Sponge Iron, IMT bars and Galvanized wires. It has availed various credit facilities from a total of 9 secured creditors with an outstanding debt of ₹ 100 crores. D

Aarna Ltd. (Company) is engaged in the manufacturing of Sponge Iron, IMT bars and Galvanized wires. It has availed various credit facilities from a total of 9 secured creditors with an outstanding debt of ₹ 100 crores. Due to adverse market conditions, its financial position took a downturn and hence it filed a reference with the Board for Industrial and Financial Reconstruction (BIFR). The reference was duly registered. During the proceedings before BIFR, one of the secured creditors, after taking consent of the other creditors of the company, filed an application for abatement of the reference before BIFR. Meanwhile, one of the unsecured creditors filed an application before BIFR for the impleadment in the proceedings. The BIFR dismissed the said application due to non-prosecution. Subsequently, upon coming into force of the Insolvency and Bankruptcy Code (IBC), 2016, the company filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) before National Company Law Tribunal (NCLT) on 09.12.2016. However, in the first meeting of the Committee of Creditors held on 05.01.2017, the financial creditors of the company decided to liquidate the company. Immediately after this decision, but before intimating the decision to the NCLT, one of the financial creditors of the company applied to Resolution Professional (RP) giving proof of his claim and seeking his inclusion in the Committee of Creditors. Based on the above situation, answer the following questions: Can the creditors initiate SARFAESI action against the company? (a) Yes, if they constitute more than 75% of the total financial debt. (b) Yes, with the consent of the Liquidator. (c) Yes, with the consent of the National Company Law Tribunal (NCLT). (d) No, they cannot.