Definition of 30) “secured creditor


30) “secured creditor means a creditor in favour of whom security interest is created; (31) “security interest” means right, title or interest or a claim to property, created in favour of, or provided for a secured creditor by a transaction which secures payment or performance of an obligation and includes mortgage, charge, hypothecation, assignment and encumbrance or any other agreement or arrangement securing payment or performance of any obligation of any person; Provided that security interest shall not include a performance guarantee;” The expression ‘financial creditor’ is defined in Section 5(7) thus: