Rule 3 of Insolvency and Bankruptcy Rules, 2016: Key Definitions for Corporate Insolvency Resolution Process and Financial Contracts

Rule 3 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, provides definitions for terms used within the rules. The "Code" refers to the Insolvency and Bankruptcy Code, 2016. The "corporate insolvency resolution process" is the process for resolving insolvency for corporate entities under the Code. A "credit information company" is defined as per the Credit Information Companies (Regulation) Act, 2005. A "financial contract" involves terms of financial debt between a corporate debtor and creditor. "Form" and "Schedule" refer to documents appended to these rules, and "identification number" pertains to corporate identity numbers. Unspecified terms follow definitions from the Code.

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