Borrower, means any person who has been granted loan or any other credit facility by a credit institution and includes a client of a credit institution [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(b)]
--Means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted by any bank or financial institution and includes a person who becomes borrower of a securitisation company or recon-struction company consequent upon acquisition by it of any rights or interest of any bank of financial institution in relation to such financial assistance. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(1) (f)] The expression 'borrower' in s. 7 need not be given a restricted meaning merely because the Act applies to all communities. Hence a father who is the Karta of the Joint family consisting of himself and his sons can become a borrower in his capacity as Karta and if the loans is for legal necessity or for the benefit of the joint family estate he would render the joint family property liable for such debt and it is for his personal benefit the joint family property even in the hands of the sons would be liable if the debt is not tainted with illegality or immorality, Venkatesh Dhonddev Deshpande v. Sou. Kusum Dattatraya Kulkarni, (1979) 1 SCC 98 (114): (1979) 1 SCR 955: AIR 1978 SC 1791. (Loans Act, 1883, s. 7)
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