Proper definition of creditor and debtor of class 11
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A creditor is an entity or person that lends money or extends credit to another party. A debtor is an entity or person that owes money to another party. Thus, there is a creditor and a debtor in every lending arrangement.
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"A creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future. ... Creditors can be classified as either personal or real. People who loan money to friends or family are personal creditors."
"a person, country, or organization that owes money.
"generally, debtors must negotiate with each creditor separately"
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