Section 2 g defines lsquo Debt rsquo which does not include the following ........

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Section 2(g) defines ‘Debt’ which does not include the following:

Payable under a decree

Payable under an order of any civil court or any arbitration award.

Legally unenforceable on the date of the application.

Secured, unsecured or assigned

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Explanation:

“debt”
means any liability (inclusive of interest) which is claimed as due from any person by a bank of a financial institution or by a consortium of banks or financial institutions during the course of any business activity undertaken by the bank or the financial institution or the consortium under any law for the time being in force, in cash or otherwise, whether secured or unsecured, or assigned, or whether payable under a decree or order of any civil court or any arbitration award or otherwise or under a mortgage and subsisting on, and legally recoverable on, the date of the application.