Insolvency and bankruptcy definitions shape the Code's framework by clarifying creditors, debt, default, security interest, and key institutions. Section 3 of the Insolvency and Bankruptcy Code, 2016 supplies the principal definitions governing the Code's operation. It defines institutional and procedural terms such as the Board, bench, insolvency professional, information utility, regulations, notification, prescribed matters, and service provider, and also identifies the meaning of person, property, transaction, transfer, and transfer of property for purposes of the insolvency framework. The provision further defines core financial and creditor concepts, including claim, corporate debtor, debt, default, secured creditor, and security interest.