Borrower means under the SARFAESI ACT ........

Professional Legal Knowledge SARFAESI Act

Borrower means under the SARFAESI ACT

any person who has been granted financial assistance by any bank

who has given any guarantee for the financial assistance granted by any bank

a person who becomes borrower of a asset reconstruction company consequent upon acquisition by it of any rights or interest of any bank

all of the above

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Explanation:

“borrower” 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 asset reconstruction company consequent upon acquisition by
it of any rights or interest of any bank or financial institution in relation to such financial assistance or who has raised funds through issue of debt securities.