Section 79 of IBC : Section 79: Definitions
IBC
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Explanation using Example
Here's a hypothetical scenario demonstrating the use of Section 79 of the Insolvency and Bankruptcy Code, 2016:
Rahul, a small business owner, has accumulated significant debt and is unable to repay his creditors. He decides to file for bankruptcy. On filing the application, the Debt Recovery Tribunal (DRT) is appointed as the Adjudicating Authority to handle his case, as per the definition in clause 1 of Section 79.
The DRT examines Rahul's assets and liabilities and discovers that he owns 60% of the shares in a company, making the company his associate as defined in clause 2(g). Rahul's wife, who is part of his immediate family as d...
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