Definition of relative clarifies which family links determine related party status in insolvency proceedings under the Code. The statutory definition of "relative" under the Insolvency and Bankruptcy Code, 2016 specifies included kinship categories: members of a Hindu Undivided ... Summary
Definition of relative clarifies which family links determine related party status in insolvency proceedings under the Code.
The statutory definition of "relative" under the Insolvency and Bankruptcy Code, 2016 specifies included kinship categories: members of a Hindu Undivided Family; spouses; parents; children; multiple generations of descendants; siblings; children of siblings; and parents' siblings. It also expressly includes the spouses of a son, daughter, sister or brother, thereby incorporating certain in laws. This definition serves as the operative benchmark for determining related-party status in insolvency and bankruptcy contexts.
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