Related party definition under IBC clarifies commercial and familial connections that constitute relatedness for insolvency proceedings. Definition of Related Party under the Insolvency and Bankruptcy Code, 2016 defines relatedness for a corporate debtor to include relatives of directors, ... Summary
Related party definition under IBC clarifies commercial and familial connections that constitute relatedness for insolvency proceedings.
Definition of Related Party under the Insolvency and Bankruptcy Code, 2016 defines relatedness for a corporate debtor to include relatives of directors, partners and key managerial personnel; entities where such persons hold directorships, partnerships, or significant shareholding; bodies that act on their advice or directions; holding, subsidiary or associate companies; persons with control of voting rights or board composition; and associations via policy participation, common directors, interchange of managerial personnel, or provision of essential technical information. For an individual, related parties include relatives, partner entities, trustees of beneficial trusts, companies where the individual (with relatives) holds specified shareholding as director, and entities acting on the individual's advice or subject to their control.
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