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of <h1>Definition of Default in Insolvency and Bankruptcy Code: Non-payment of due debt as per Section 3(12).</h1> Default refers to the non-payment of a debt when the entire amount, or any part or installment, becomes due and payable but remains unpaid by the debtor or corporate debtor. This definition is outlined in section 3(12) of the Insolvency and Bankruptcy Code, 2016.
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