Willful Defaulter definition
Willful Defaulter means a member who commits default as per the directives and guidelines issued by the Reserve Bank of India from time to time.
Willful Defaulter means a person or an issuer who or which is categorized as a willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India;
Willful Defaulter means a member who commits default and is identified as willful defaulter as per the directives and guidelines issued by the Reserve Bank of India from time to time in the matter.
More Definitions of Willful Defaulter
Willful Defaulter as per definition given as per RBI directions/guidelines and/or who has been named in any list of defaulters circulated by RBI, CIBIL, ECGC or any banking company and/or whose name appears in any caution list of any nature published by RBI or any similar regulatory or Government Authority. If any director who is willful defaulter as per the above provisions is on the Board or analogous body or becomes so while being director on the Board or analogous body, the Borrower undertakes to get him removed from its Board.