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of <h1>Rule 4 Clarifies 'Relatives' for Insolvency Proceedings Involving Personal Guarantors to Corporate Debtors Under Section 79.</h1> Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, defines 'relatives' for the purposes of clause (ii) of the Explanation to sub-section (2) of section 79. The determination of relationships is guided by the Explanation to clause (24A) of section 5, specifying how relationships are to be identified in the context of insolvency proceedings involving personal guarantors to corporate debtors.
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