Explain "Property" under Recovery of Debts (and Bankruptcy) Act 1993.
CS Professional · Corporate Restructuring, Valuation and Insolvency · PYQS · June 2017
Explain "Property" under Recovery of Debts (and Bankruptcy) Act 1993.
Answer & Explanation:
Section 2(jb) of the Recovery of Debts (and Bankruptcy) Act, 1993 defines 'Property' as: Immovable property; Movable property; Any debt or any right to receive payment of money whether secured or unsecured; Receivables, whether existing or future; and 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 RBI.
Topics: Recovery of Debts
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