valid as on 07/12/2021

2.17.2. Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

2. Definitions.

In these regulations, unless the context otherwise requires, –

(a) “associate” in relation to a creditor, a bankruptcy trustee or professionals appointed by the bankruptcy trustee shall have the same meaning as assigned to it in relation to a debtor in sub-section (2) of section 79, as may be applicable;

(b) “bankruptcy process costs” shall mean –

(i) the fees payable to the bankruptcy trustee;

(ii) payments and expenses referred to in sub-regulation (1) of regulation 5, sub-regulation (4) of regulation 6, subclause (ii) of clause (c) and clause (f) of sub-regulation (3) of regulation 10, sub-regulation (3) of regulation 28, and sub-regulation (3) of regulation 31;

(iii) such other costs and expenses directly relatable to the bankruptcy process, to the extent approved or ratified by the committee;

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

(d) “committee” means the committee of creditors as defined in sub-section (11) of section 79;

(e) “corporate debtor” means a corporate person for whom the guarantor has given a personal guarantee;

(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 last electronic mail address provided by such participant and keeping record of such communication;

(g) “form” means a form appended to these regulations;

(h) “participant” means a person entitled to attend a meeting of the committee and includes a creditor, , bankrupt, bankruptcy trustee, and any other person authorised by the committee to attend such meeting;

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

(j) “related party” in relation to a corporate debtor shall have the meaning assigned to it in sub-section (24) of section 5;

(k) “section” means a section of the Code;

(l) words and expressions used and not defined in these regulations, but defined in the Code and the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019, shall have the respective meanings assigned to them in the Code and in the said rules.


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