Under Section 2(jb), the definition of 'property' under

Solution

Section 2(jb), inserted by the 2016 Amendment, defines 'property' comprehensively to mean: (a) immovable property; (b) movable property; (c) any debt or right to receive payment of money, whether secured or unsecured; (d) receivables, whether existing or future; and (e) intangible assets, being know-how, patent, copyright, trade mark, licence, franchise or any other business or commercial right of similar nature as may be prescribed by the Central Government in consultation with the Reserve Bank. This wide definition ensures that the Recovery Officer can attach and realise all categories of assets - not just land and buildings - for satisfying a recovery certificate.