Question
Under Section 2(g), regarding 'debt securities', a
liability towards debt securities is included in the definition of 'debt' only when it remains unpaid after a notice of how many days?Solution
Section 2(g), as amended by Act 44 of 2016, extends the definition of 'debt' to include any liability towards debt securities which remains unpaid in full or part after a notice of ninety days served upon the borrower by the debenture trustee or any other authority in whose favour security interest is created for the benefit of holders of debt securities. The companion definition in Section 2(ga) defines 'debt securities' as those listed in accordance with SEBI regulations. The 90-day notice period mirrors the NPA classification norms under RBI guidelines and ensures that DRT jurisdiction extends to listed debt security defaults, aligning the Act with modern capital market realities.
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