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of <h1>Understanding 'Relative' in Insolvency: Section 5(23) Covers Family Ties, Spouses, and Descendants in Bankruptcy Cases.</h1> The Insolvency and Bankruptcy Code, 2016, defines 'relative' in Section 5(23) as individuals related to a person through various familial connections. These include members of a Hindu Undivided Family, spouses, parents, children, grandchildren, siblings, and their respective descendants. Additionally, the code includes the spouses of sons, daughters, brothers, and sisters as relatives. This definition is crucial for understanding relationships in legal contexts within insolvency and bankruptcy proceedings.
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