Section 3. In section 424,

33. In section 424,— (i) in sub-section (1), after the words, "other provisions of this Act", the words and figures "or of the Insolvency and Bankruptcy Code, 2016" shall be inserted; (ii) in sub-section (2), after the words, "under this Act", the words and figures "or under the Insolvency and Bankruptcy Code, 2016" shall be inserted. 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— (a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured; (b) 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 law for the time being in force but shall not include any financial service provider; (8) "corporate debtor" means a corporate person who owes a debt to any person; (9) "core services" means services rendered by an information utility for— (a) accepting electronic submission of financial information in such form and manner as may be specified; 1. The word "and" omitted by Act 8 of 2018, s. 2 (w.e.f. 23-11-2017). 3. In section 3, after sub-section (1), the following sub-section shall be inserted, namely:— "(1A) The Central Government shall by notification establish such number of Debts Recovery Tribunals and its benches as it may consider necessary, to exercise the jurisdiction, powers and authority of the Adjudicating Authority conferred on such Tribunal by or under the Insolvency and Bankruptcy Code, 2016.". 3. In section 66, in sub-section (8), for the words, brackets and figures "is unable, within the meaning of sub-section (2) of section 271, to pay the amount of his debt or claim,", the words and figures "commits a default, within the meaning of section 6 of the Insolvency and Bankruptcy Code, 2016, in respect of the amount of his debt or claim," shall be substituted.