Section 3 – Definitions

In this Code, unless the context otherwise requires,

1. "Board" means the Insolvency and Bankruptcy Board of India established under sub-section (1) of section 188;
2. "bench" means a bench of the Adjudicating Authority;
3. "bye-laws" mean the bye-laws made by the insolvency professional agency under section 205;
4. "charge" means an interest or lien created on the property or assets of any person or any of its undertakings or both, as the case may be, as security and includes a mortgage;
5. "Chairperson" means the Chairperson of the Board;
6. "claim" means -
   1. a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured;
   2. right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured;
7. "corporate person" means a company as defined in clause (20) of section 2 of the Companies Act, 2013 (18 of 2013), a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), or any other person incorporated with limited liability under any… Read the complete text with KanoonGPT Pro.