Subs. by s. 2, ibid., for clause (e) (w.e.f. 23-11-2017). — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

2. Subs. by s. 2, ibid., for clause (e) (w.e.f. 23-11-2017). (b) safe and accurate recording of financial information; (c) authenticating and verifying the financial information submitted by a person; and (d) providing access to information stored with the information utility to persons as may be specified; (10) " creditor " means any person to whom a debt is owed and includes a financial creditor, an operational creditor, a secured creditor, an unsecured creditor and a decree-holder; (11) " debt " means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt; (12) " default " means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not 1 [Paid] by the debtor or the corporate debtor, as the case may be; (13) " financial information " , in relation to a person, means one or more of the following categories of information, namely:— (a) records of the debt of the person; (b) records of liabilities when the person is solvent; (c) records of assets of person over which security interest has been created; (d) records, if any, of instances of default by the person against any debt; (e) records of the balance sheet and cash-flow statements of the person; and (f) such other information as may be specified; (14) " financial institution " means— (a) a scheduled bank; (b) financial institution as defined in section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934); (c) public financial institution as defined in clause (72) of section 2 of the Companies Act, 2013 (18 of 2013); and (d) such other institution as the Central Government may by notification specify as a financial institution; (15) " financial product " means securities, contracts of insurance, deposits, credit arrangements including loans and advances by banks and financial institutions, retirement benefit plans, small savings instruments, foreign currency contracts other than contracts to exchange one currency (whether Indian or not) for another which are to be settled immediately, or any other instrument as may be prescribed; (16) " financial service " includes any of the following services, namely:— (a) accepting of deposits; (b) safeguarding and administering assets consisting of financial products, belonging to another person, or agreeing to do so; (c) effecting contracts of insurance;

Section 2