Asset Reconstruction - Law Dictionary Search Results
Sponsor
Sponsor, a surety; one who makes a promise or gives security for another, particularly a godfather in baptism.Means any person holding not less than ten per cent of the paid-up equity capital of a securitisation company or reconstruction company. [Securitisa-tion and Reconstruction of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1) (zh)]1. One who acts as surety for another 2. A legislator who proposes a bill 3. One who voluntarily intervenes for another without being requested to do so, Black's Law Dictionary, 7th Edn., p. 1410....
Qualified institutional buyer
Qualified institutional buyer, means a financial in-stitution, insurance company, bank, State financial corporation, State industrial development corpora-tion, trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund or a foreign institutional investor registered under the Securities and Exchange Board of India Act, 1992 or regulations made thereunder, or any other body corporate as may be specified by the Board. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(1)(u)]...
Default
Default, omission of that which a man ought to do; neglect.When a defendant neglects to take certain steps in an action, which are required by the rules of Court, the Court may thereupon give judgment against him by default. The defendant allows judgment by default either intentionally or through mistake or neglect; intentionally, where he has no merits, or where he does so according to a previous agreement with the plaintiff; through mistake, when he delivers a pleading so defective that it is treated as a nullity; and through neglect, when perhaps he has no merits, but omits to appear, plead, etc., within the time limited by the rules of the Court for that purpose. This is an implied confession of the action. See the titles JUDGMENT, APPEARANCE, and PLEADING.It is defined as the non-performance of a duty, a failure to perform a legal duty or an omission to do something required, S. Sundaram Pillai v. V.R. Pattabiraman, (1985) 1 SCC 591: AIR 1985 SC 582: (1985) 2 SCR 643.It means non-...
Bank
Bank, Commercially it is a place where money is deposited for the purpose of being lent out at interest, returned by exchange, disposed of to profit, or to be drawn out again as the owner shall call for it. Special provisions are contained in the (English) Companies Act, 1929 relating to Banks. By s. 358, no company, association or partnership consisting of more than ten members shall be formed for the purpose of carrying on a banking business unless it is registered under the Act or formed in pursuance of an Act of Parliament or of letters patent. By s. 360, the liability of the members of a banking limited company remains unlimited in respect of the bank's liability for bank-notes issued by it. As to signature of balance sheets, see s. 129 and ANNUAL RETURNS, ss. 108 and 361. See also JOINT STOCK BANKS and LIMITED LABILITY, and consult Grant, Paget, or Walker on Banking, Chitty's Statutes, tit. 'Bank.'Means financial institution engaged in the accepting of deposits of money, granting...
Banking company
Banking company, shall have same meaning assigned to it in clause (c) of s. 5 of the Banking Regulation Act, 1949 (10 of 1949) [Income Tax Act, 1961 (43 of 1961), s. 47 (vi-aa) Exp. (i).]--'Banking company' means a banking company as defined in the Banking Regulation Act, 1949. S. 5(c) of the Act of 1949 defines a banking company to mean any company which transacts the business of banking in India (subject to the provision contained in the Explanation to the section). Thus, in order that a bank may be a banking company, it is in the first place necessary that it must be a 'company', State Bank of Travancore v. Mohammed Mohammed Khan, AIR 1981 SC 1744: (1982) 1 SCR 338: (1981) 4 SCC 82 (88).does not include a foreign company within the meaning of s. 591 of the Companies Act, 1956. [Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), s. 2 (a)]means any company which transacts the business of banking in India. [The Banking Regulation Act, 1949 (10 of 1949)...
Borrower
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 fa...
Debts Recovery Tribunal
Debts Recovery Tribunal, means the Tribunal established under sub-s. (1) of s. 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2 (1) (i)]...
Financial Institution
Financial Institution, means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in s. 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(b)]Means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956;(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India by notification, specify. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (h)]Financial institution means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956 (1 of 1956);(ii) any institution specified by the Central Govern-ment under sub-clause (ii) of clause (h) of s. 2 of the Recovery of Debts Due to Banks and Fina...
Hypothecation
Hypothecation [fr. hypotheca, Civ. Law, a pledge in which the pledges retained possession of the thing pledged, as distinguished from pignus, where the possession was transferred to the pledge. See Sand. Just; Sith's dict. of Antiq., tit. 'Pignus'], the act of pledging a thing as security for a debt or demand without parting with the possession. There are few cases, if any, in our law where an hypothecation in the strict sense of the Roman Law exists. The nearest approaches, perhaps, are the cases of holders of bottomry bonds, and of seamen to whom wages are due in the merchant service, who have a claim against the ship in rem. But these are rather cases of liens or privileges than strict hypo-thecations. There are also cases where mortgages of chattels are held valid, without any actual possession by the mortgage, but they stand upon very peculiar grounds, and may be deemed exceptions to the general rule.It means a charge in or upon any movable property, existing or future, created by...
Secured debt
Secured debt, means a debt which is secured by any security interest [Securitisation and Reconstruction of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1)(ze)]...
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