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TMI BlogDefinition.X X X X Extracts X X X X X X X X Extracts X X X X ..... ed insolvency resolution process, as the case may be, ] under the constitutional document of the corporate debtor; or (c) an individual who is in charge of managing the operations and resources of the corporate debtor; or (d) a person who has the control and supervision over the financial affairs of the corporate debtor; 3 [ ( 5A ) corporate guarantor means a corporate person who is the surety in a contract of guarantee to a corporate debtor; ] (6) dispute includes a suit or arbitration proceedings relating to- (a) the existence of the amount of debt; (b) the quality of goods or service; or (c) the breach of a representation or warranty; (7) financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to; (8) financial debt means a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money and includes- (a) money borrowed against the payment of interest; (b) any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be; 9 [****] (13) insolvency resolution process costs means - (a) the amount of any interim finance and the costs incurred in raising such finance; (b) the fees payable to any person acting as a resolution professional; (c) any costs incurred by the resolution professional in running the business of the corporate debtor as a going concern; (d) any costs incurred at the expense of the Government to facilitate the insolvency resolution process; and (e) any other costs as may be specified by the Board; (14) insolvency resolution process period means the period of one hundred and eighty days beginning from the insolvency commencement date and ending on one hundred and eightieth day; (15) interim finance means any financial debt raised by the resolution professional during the insolvency resolution process period 14 [ or by the corporate debtor during the pre-packaged insolvency resolution process period, as the case may be, ] 10 [ and such other debt as may be notified ] ; (16) liquidation cost means any cost incurred by the liquidator during the period of liquidation subject to such regulations, as may be specified by the Board; (17) liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of section 54J; (d) any costs incurred at the expense of the Government to facilitate the pre-packaged insolvency resolution process; and (e) any other costs as may be specified; (23D) pre-packaged insolvency resolution process period means the period beginning from the pre-packaged insolvency commencement date and ending on the date on which an order under sub-section (1) of section 54L, or sub-section (1) of section 54N, or sub-section (2) of section 54-O, as the case may be, is passed by the Adjudicating Authority; ] (24) related party , in relation to a corporate debtor, means- (a) a director or partner of the corporate debtor or a relative of a director or partner of the corporate debtor; (b) a key managerial personnel of the corporate debtor or a relative of a key managerial personnel of the corporate debtor; (c) a limited liability partnership or a partnership firm in which a director, partner, or manager of the corporate debtor or his relative is a partner; (d) a private company in which a director, partner or manager of the corporate debtor is a director and holds along with his relatives, more than two per cent of its share capital; (e) a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidual is a director and holds along with his relatives, more than two per cent. of its share capital; (e) a public company in which the individual is a director and holds along with relatives, more than two per cent. of its paid-up share capital; (f) a body corporate whose board of directors, managing director or manager, in the ordinary course of business, acts on the advice, directions or instructions of the individual; (g) a limited liability partnership or a partnership firm whose partners or employees in the ordinary course of business, act on the advice, directions or instructions of the individual; (h) a person on whose advice, directions or instructions, the individual is accustomed to act; (i) a company, where the individual or the individual along with its related party, own more than fifty per cent. of the share capital of the company or controls the appointment of the board of directors of the company. Explanation .-For the purposes of this clause,- (a) relative , with reference to any person, means anyone who is related to another, in the following manner, namely:- (i) members of a Hindu Undivided Family, (ii) husband, (iii) wife, (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, any person 3. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 4. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 5. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 6. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as repayment 7. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 8. Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2019 w.e.f. 16-08-2019 9. Omitted vide Insolvency and Bankruptcy Code (Amendment) Act, 2020 w.e.f. 28-12-2019 before it was read as 5 [ Provided that where the interim resolution professional is not appointed in the order admitting application under section 7, 9 or section 10, the insolvency commencement date shall be the date on which such interim resolution professional is appointed by the Adjudicating Authority; ] 10. Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2020 w.e.f. 28-12-2019 11. Inserted v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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