Q: What is default in IBC, 2016 ?

Ans: According to section 3(12) of IBC, 2016, 'default' means non-payment of debt when the whole or any part or installment of the amount of debt has become due and payable and is not paid by the debtor or the corporate debtor. This means that the default can be for the entire debt or part of the debt owed by the debtor to the creditor. 

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