Default under schedule xiii

Schedule XIII specifies  the company has not made any default in repayment of any of its debts (including public deposits) or debentures or interest payable thereon for a continuous period of thirty days in the preceding financial year before the date of appointment of such managerial person.

Schedule XIII has nothing to do with regard to declaring a Company as defaulter by Bank , even if Bank has not declared a Company defaulter after 30 days it will be a default under Schedule XIII of the Companies and case may be vise versa if Bank has declared Company defaulter before 30 days  it will not be default under the said Schedule.