Section 2(1)(j) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002

[Cites 0, Cited by 9] [Section 2(1)] [Section 2] [Entire Act]

Union of India - Subsection

Section 2(1)(j) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002

(j)[ "default" means- [Substituted by Act No. 44 of 2016.]

(i)non-payment of any debt or any other amount payable by the borrower to any secured creditor consequent upon which the account of such borrower is classified as non-performing asset in the books of account of the secured creditor; or

(ii)non-payment of any debt or any other amount payable by the borrower with respect to debt securities after notice of ninety days demanding payment of dues served upon such borrower by the debenture trustee or any other authority in whose favour security interest is created for the benefit of holders of such debt securities;]

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Union of India - Subsection

Section 2(1)(j) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002