Regulations 2. Definitions. —

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

• (a) “applicant” means the person(s) filing an application under sections 7, 9 or 10, as the case may be;
• ²[(aa) “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” shallbe construed accordingly.]
• (b) “Code” means the Insolvency and Bankruptcy Code, 2016;
• (c) “Code of Conduct” means the code of conduct for insolvency professionals as setout in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;
• (d) “committee” means a committee of creditors established under section 21,;
• (e) “corporate insolvency resolution process” means the insolvency resolution process for corporate persons under Chapter II of Part II of the Code;
• (f) 3[***]
• (g) “electronic form” shall have the meaning assigned to it in the Information Technology Act, 2000 (21 of 2000);
• (h) “electronic means” mean an authorized 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.

• ⁴[“(ha) “evaluation matrix” means such parameters to be applied and the manner of applying such parameters, as approved by the committee, for consideration of resolution plans for its approval;
• (hb) “fair value” means the estimated realizable value of the assets of the corporate debtor, if they were to be exchanged on the 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.]
• (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) ⁵[“liquidation value” means the estimated realizable value of the assets of the corporate debtor, if the corporate debtor were to be liquidated on the insolvency commencement date.]
• (l) “participant” means a person entitled to attend a meeting of the committee under section 24, or any other person authorised by the committee to attend the meeting;
• (m) “registered valuer” means a person registered as such in accordance with the Companies Act, 2013 (18 of 2013) and rules made thereunder;
• (n) “Schedule” means the schedule to these Regulations;
• (o) “section” means section of the Code;
• (p) “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 assigned to them in the Code.

²Inserted by Notification No. IBBI/2018-19/GN/REG031, dated 3rd July, 2018 (w.e.f. 04-07-2018).

³Omitted by Notification No. IBBI/2018-19/GN/REG032, dated 5th October, 2018 (w.e.f. 05.10.2018). Prior to omission, clause (f) stood as under:-
“dissenting financial creditor” means a financial creditor who voted against the resolution plan or abstained from voting for the resolution plan, approved by the committee;”
⁴Inserted by Notification No. IBBI/2017-18/GN/REG024, dated 6th February, 2018 (w.e.f. 06-02-2018).
⁵Substituted by Notification no. IBBI/2017-18/GN/REG024, dated 6th February, 2018 (w.e.f. 06-02-2018). Clause (k), before substitution, stood as under: –
“2(k) “liquidation value” means the amount determined in accordance with Regulation 35;”