Definition
A creditor holding a security interest over the assets of the borrower. Under SARFAESI, "secured creditor" means any bank or financial institution (including qualifying NBFCs and HFCs) that has security interest over any property. Secured creditors have priority in distribution over unsecured creditors in liquidation proceedings.
Need Expert Advice on Secured Creditor?
For specific advice on how Secured Creditor 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