Related party definition expanded to include specified relatives, firms and control relationships affecting insolvency proceedings. The Act inserts a definition of corporate guarantor, deems amounts raised from an allottee under a real estate project to have the commercial effect of a borrowing (importing the Real Estate Act's meanings of 'allottee' and 'real estate project'), substitutes 'payment' for 'repayment', provides that the insolvency commencement date is the date an interim resolution professional is appointed when not named in the admission order, and expands the related party definition for individuals to enumerate relatives, partnerships, trustees, companies, bodies corporate, persons acting on the individual's directions, and companies controlled by the individual or with related parties.
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Provisions expressly mentioned in the judgment/order text.
Related party definition expanded to include specified relatives, firms and control relationships affecting insolvency proceedings.
The Act inserts a definition of corporate guarantor, deems amounts raised from an allottee under a real estate project to have the commercial effect of a borrowing (importing the Real Estate Act's meanings of "allottee" and "real estate project"), substitutes "payment" for "repayment", provides that the insolvency commencement date is the date an interim resolution professional is appointed when not named in the admission order, and expands the related party definition for individuals to enumerate relatives, partnerships, trustees, companies, bodies corporate, persons acting on the individual's directions, and companies controlled by the individual or with related parties.
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