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of <h1>Insolvency and Bankruptcy Code, 2016: Key Definitions and Roles Explained, Including 'Corporate Debtor' and 'Secured Creditor' Terms</h1> The Insolvency and Bankruptcy Code, 2016, defines key terms used within the legislation. It establishes the Insolvency and Bankruptcy Board of India and outlines the roles of various entities such as benches, bye-laws, and information utilities. Definitions include 'corporate debtor,' 'creditor,' 'financial institution,' and 'secured creditor,' among others. The Code specifies what constitutes a 'claim,' 'debt,' 'default,' and 'financial product.' It also defines 'transaction' and 'transfer of property,' and provides the meaning of 'workman' and other terms. The Code clarifies that terms not defined within it but found in other Acts will carry their respective meanings from those Acts.
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