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Definitions.

Section 79 - Act - PRELIMINARY - Insolvency and Bankruptcy - Section 79 - 79. In this Part, unless the context otherwise requires,- (1) "Adjudicating Authority" means the Debt Recovery Tribunal constituted under sub-section (1) of section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993); (2) "associate" of the debtor means- (a) a person who belongs to the immediate family of the debtor; (b) a person who is a relative of the debtor or a .....

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or or the debtor along with his associates, own more than fifty per cent of the share capital of the company or control the appointment of the board of directors of the company. Explanation.-For the purposes of this sub-section, "relative", with reference to any person, means anyone who is related to another, if- (i) they are members of a Hindu Undivided Family; (ii) one person is related to the other in such manner as may be prescribed. (3) "bankrupt" means- (a) a debtor who .....

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ement date but before his discharge by reason of any transaction entered into before the bankruptcy commencement date; and (c) any interest which is a part of the debt under section 171; (6) "bankruptcy commencement date" means the date on which a bankruptcy order is passed by the Adjudicating Authority under section 126; (7) "bankruptcy order" means an order passed by an Adjudicating Authority under section 126; (8) "bankruptcy process" means a process against a de .....

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ctions 92, 119 and section 138, as the case may be; (14) "excluded assets" for the purposes of this part includes- (a) unencumbered tools, books, vehicles and other equipment as are necessary to the debtor or bankrupt for his personal use or for the purpose of his employment, business or vocation; (b) unencumbered furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his immediate family; (c) any unencumbered personal .....

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