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of <h1>Understanding Key Terms in Insolvency and Bankruptcy Code: Adjudicating Authority, Financial Creditor, and Liquidation Costs Explained</h1> The Insolvency and Bankruptcy Code, 2016, defines key terms related to insolvency proceedings. The 'Adjudicating Authority' refers to the National Company Law Tribunal. 'Corporate applicant' includes entities like corporate debtors or individuals managing corporate debtor operations. 'Financial creditor' and 'operational creditor' are persons owed financial or operational debts, respectively. 'Financial debt' encompasses various forms of borrowed money, including loans and bonds. 'Insolvency resolution process costs' cover expenses incurred during insolvency proceedings. Definitions also cover 'liquidation costs,' 'resolution professional,' and 'related party,' which includes entities with significant influence over the corporate debtor. The Code outlines processes for insolvency resolution and liquidation.
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