Section 3(12) in Insolvency And Bankruptcy Code, 2016
(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 [paid] [Substituted 'repaid' by Act No. 26 of 2018, dated 17.8.2018.] by the debtor or the corporate debtor, as the case may be;
