Is zakat due on the lender or the borrower if a person borrows an amount that reaches the nisab and a hawl (lunar year) passes before its repayment?

Zakat on wealth is obligatory for its owner. The lender pays zakat on the money he lent if the debtor is solvent and not procrastinating, because it is considered like a deposit. However, if the debtor is insolvent or procrastinating, the owner of the money pays zakat on this debt for one year upon its recovery. As for the debtor, if he has other wealth not subject to zakat that is sufficient to cover the debt, then zakat on the debt becomes obligatory for him; otherwise, it does not.