Under Section 2(g), the definition of 'debt' includes

Solution

Section 2(g) defines 'debt' broadly as any liability (inclusive of interest) claimed as due from any person by a bank or financial institution or consortium - during the course of any business activity - in cash or otherwise, whether secured or unsecured, or assigned, or payable under a decree or order of a civil court, or an arbitration award, or under a mortgage, and subsisting and legally recoverable on the date of application. The 2016 Amendment added liability towards debt securities unpaid after a 90-day notice by the debenture trustee. The definition is intentionally wide, encompassing all forms of financial liability, regardless of the mode of creation, which is central to the jurisdiction of DRTs.