valid as on 18/06/2024

1.5.2. The Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019

2. Definitions.-

In these rules, unless the context otherwise requires,-

(a) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016) ;

(b) family mean,-

(i) self;
(ii) spouse;
(iii) parents(female employee can have either her parents or her parents- in-law as dependents);
(iv) sisters, widowed sisters, widowed daughters, minor brothers and minor sisters;
(v) children and step-children normally residing with the employee (son up to the age of twenty-five years or till his marriage, whichever is earlier, and daughter till she gets married);
(vi) divorced or separated daughters (including their minor children) and step-mother;
Explanation.- For the purposes of this clause, it is hereby clarified that, except for spouse, the family members must be dependent on the employee;

(c) “Group Mediclaim Policy” means health insurance policy as being purchased by the Insolvency and Bankruptcy Board of India for their employees.

(d) words and expressions used in these rules but not defined, and defined in the Code shall have the meanings respectively assigned to them in the Code.

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