2.18.2. Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021

(1) In these Regulations, unless the context otherwise requires,-

(a) “applicant” means the corporate applicant, filing an application for initiation of pre-packaged insolvency resolution process under section 54C;

(b) “class of creditors” means a class with at least ten financial creditors under clause (b) of sub-section (6A) of section 21 and the expression, “creditors in a class” shall be construed accordingly;

(c) “Code” means the Insolvency and Bankruptcy Code, 2016;

(d) “committee” means the committee of creditors constituted under section 54I;

(e) “electronic form” shall have the meaning assigned to it in the Information Technology Act, 2000 (21 of 2000);

(f) “electronic means” means an authorised and secured computer programme which is capable of producing confirmation of sending communication to the participant entitled to receive such communication at the latest electronic mail address as made available by such participant and keeping record of such communication;

(g) “fair value” means the estimated realisable value of the assets of the corporate debtor, if they were to be exchanged on the pre-packaged insolvency commencement date between a willing buyer and a willing seller in an arm‘s length transaction, after proper marketing and where the parties had acted knowledgeably, prudently and without compulsion;

(h) “Form” means a Form specified in the Schedule;

(i) “identification number” means the limited liability partnership identification number or the corporate identity number, as the case may be;

(j) “insolvency professional entity” means an entity recognised as such under the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;

(k) “liquidation value” means the estimated realisable value of the assets of the corporate debtor, if it were to be liquidated on the pre-packaged insolvency commencement date;

(l) “participant” means a person entitled to attend the meeting of the committee under section 24 or any other person authorised by the committee to attend the meeting;

(m) “process” means pre-packaged insolvency resolution process for corporate debtors under Chapter III-A of Part II of the Code;

(n) “registered valuer” means a person registered as such in accordance with the Companies Act, 2013 (18 of 2013) and the rules made thereunder;

(o) “Schedule” means the schedule to these Regulations;

(p) “section” means section of the Code;

(q) “video conferencing or other audio and visual means” means such audio and visual facility which enables the participants in a meeting to communicate concurrently with one another and to participate effectively in the meeting.

(2) Unless the context otherwise requires, words and expressions used and not defined in these Regulations, but
defined in the Code, shall have the meanings respectively assigned to them in the Code.