TaxTMI 
TaxTMI 
Definition.
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.... to make an application for the corporate insolvency resolution process ^12[or the pre-packaged insolvency resolution process, as the case may be,] under the constitutional document of the corporate debtor; or (c) an individual who is in charge of managing the operations and resources of the corporate debtor; or (d) a person who has the control and supervision over the financial affairs of the corporate debtor; ^3[(5A) "corporate guarantor" means a corporate person who is the surety in a contract of guarantee to a corporate debtor;] (6) "dispute" includes a suit or arbitration proceedings relating to- (a) the existence of the amount of debt; (b) the quality of goods or service; or (c) the breach of a representation or warranty; (7) "financial creditor" means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to; (8) "financial debt" means a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money and includes- (a) money borrowed against the payment of interest; (b) any amount raised by a....
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....13[or prepackaged insolvency resolution process, as the case may be]; ^22[Provided that where multiple applications for initiation of the corporate insolvency resolution process in respect of a corporate debtor are pending before the Adjudicating Authority on the insolvency commencement date, the initiation date shall be the date on which the first such application was made before the Adjudicating Authority.] (12) "insolvency commencement date" means the date of admission of an application for initiating corporate insolvency resolution process by the Adjudicating Authority under sections 7, 9 or section 10, as the case may be; ^9[****] (13) "insolvency resolution process costs" means - (a) the amount of any interim finance and the costs incurred in raising such finance; (b) the fees payable to any person acting as a resolution professional; (c) any costs incurred by the resolution professional in running the business of the corporate debtor as a going concern; (d) any costs incurred at the expense of the Government to facilitate the insolvency resolution process; and (e) any other costs as may be specified by the Board; (1....
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....er clause (a) of sub-section (4) of section 54C; (23C) "pre-packaged insolvency resolution process costs" means- (a) the amount of any interim finance and the costs incurred in raising such finance; (b) the fees payable to any person acting as a resolution professional and any expenses incurred by him for conducting the pre-packaged insolvency resolution process during the prepackaged insolvency resolution process period, subject to sub-section (6) of section 54F; (c) any costs incurred by the resolution professional in running the business of the corporate debtor as a going concern pursuant to an order under sub-section (2) of section 54J; (d) any costs incurred at the expense of the Government to facilitate the pre-packaged insolvency resolution process; and (e) any other costs as may be specified; (23D) "pre-packaged insolvency resolution process period" means the period beginning from the pre-packaged insolvency commencement date and ending on the date on which an order under sub-section (1) of section 54L, or sub-section (1) of section 54N, or sub-section (2) of section 54-O, as the case may be, is passed by the Adjudicating A....
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.... (iii) interchange of managerial personnel between the corporate debtor and such person; or (iv) provision of essential technical information to, or from, the corporate debtor; ^7[(24A) "related party", in relation to an individual, means- (a) a person who is a relative of the individual or a relative of the spouse of the individual; (b) a partner of a limited liability partnership, or a limited liability partnership or a partnership firm, in which the individual is a partner; (c) a person who is a trustee of a trust in which the beneficiary of the trust includes the individual, or the terms of the trust confers a power on the trustee which may be exercised for the benefit of the individual; (d) a private company in which the individual is a director and holds along with his relatives, more than two per cent. of its share capital; (e) a public company in which the individual is a director and holds along with relatives, more than two per cent. of its paid-up share capital; (f) a body corporate whose board of directors, managing director or manager, in the ordinary course of business, acts on the advice, directi....
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....to such conditions as may be specified];] (27) "resolution professional", for the purposes of this Part, means an insolvency professional appointed to conduct the corporate insolvency resolution process ^18[or the prepackaged insolvency resolution process, as the case may be,] and includes an interim resolution professional; and (28) "voting share" means the share of the voting rights of a single financial creditor in the committee of creditors which is based on the proportion of the financial debt owed to such financial creditor in relation to the financial debt owed by the corporate debtor ^24[to the members of the committee of creditors who are eligible to vote]. **************** NOTES:- ** Come into the force w.e.f. 01-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3594(E) dated 30-11-2016 1. Substituted vide Section 3 of the Insolvency and Bankruptcy Code (Amendment) Act, 2018 before it was read as, "(25) "resolution applicant" means any person who submits a resolution plan to the resolution professional;" 2. Substituted vide Section 3 of the Insolvency and Bankruptcy Code (Amendment) Act, 2018 before it....