Definition
Failure to repay loan installments or interest as per the repayment schedule. Under SARFAESI, default triggers the NPA classification process. For SARFAESI enforcement, a "default" means failure to discharge a liability under a security agreement; under IBC, a "default" means non-payment of a debt that is due, payable, and not being disputed.
Need Expert Advice on Default?
For specific advice on how Default applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates