legislate in
the field of Income Tax has done so by borrowing the
definition of NRI from the Income ... that the
20 W.P No.14826/2017 &
Bunch
definition has been borrowed from the Income Tax Act
and has been incorporated
borrower". Therefore the
provision itself envisages that appeal can be filed either
by a "borrower", or by a "non-borrower ... used in the Act, the definition would necessarily has to
be read therein. The definition of the word "borrower"
does not include
another to bolster
his aforesaid contention. He submits that the definition of borrower
mentioned in section 2(f) shows that any person who has been ... granted
financial assistance by any bank is covered within the definition of
borrower. The 'Security Interest' is defined in section
Regarding Swavalamban Scheme Meant For Differently Abled Persons. on 31 July, 2018
Sixteenth Loksabha
an
conceded that in case a guarantor, who
is included within the definition of borrower in Section 2(1)(f) of the
SARFAESI Act, claims that ... would not be barred
when a guarantor, who is a borrower within the definition as set out
in Section 2(1)(f) of the SARFAESI
Section 2(f) of the said Act as a ‘borrower’. Not only
this expression, the definition clauses dealing with
‘debt securities’, ‘financial assistance’, ‘financial
assets ... Institution, i.e., the appellant. It was argued that the
definition of the term borrower is clear and un-ambiguous
itself and the rule
over management in the event of default, i.e. classification of the borrower's account as non-performing asset in accordance with the directions ... raised funds through a debt securities. Thus, the definition of ''borrower' is quite exhaustive which covers not only the "borrower
borrower". The borrower has been defined in Section 2(f) of
the SARFAESI Act, which reads as under:-
2(f) "borrower" means ... such financial assistance;
18. On a reading of the aforesaid definition of "borrower",
the same would include a guarantor as well
Court though was
dwelling upon Clause 4.1 of the Policy; however, borrowed the
definition of 'family' from M.P. Fundamental Rules
petition is at the instance of a person covered
under the definition of borrower given in the Securitisation
and Reconstruction of Financial Assets and Enforcement
