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of <h1>Key Definitions in Section 79 of Insolvency and Bankruptcy Code: Adjudicating Authority, Bankrupt, Excluded Assets, and More.</h1> Section 79 of the Insolvency and Bankruptcy Code, 2016, outlines definitions relevant to insolvency proceedings. Key terms include 'Adjudicating Authority,' referring to the Debt Recovery Tribunal; 'associate,' encompassing various personal and business relations of a debtor; and 'bankrupt,' indicating a debtor declared bankrupt by a legal order. The section also defines 'bankruptcy debt,' 'bankruptcy commencement date,' 'bankruptcy order,' and 'bankruptcy trustee.' It specifies 'excluded assets' and 'excluded debt,' which are not subject to insolvency proceedings. Other definitions include 'immediate family,' 'qualifying debt,' 'repayment plan,' and 'resolution professional.'
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