Section 5(24) in Insolvency And Bankruptcy Code, 2016
(24)"related party", in relation to a corporate debtor, means-(a)a director or partner of the corporate debtor or a relative of a director or partner of the corporate debtor;(b)a key managerial personnel of the corporate debtor or a relative of a key managerial personnel of the corporate debtor;(c)a limited liability partnership or a partnership firm in which a director, partner, or manager of the corporate debtor or his relative is a partner;(d)a private company in which a director, partner or manager of the corporate debtor is a director and holds along with his relatives, more than two per cent. of its share capital;(e)a public company in which a director, partner or manager of the corporate debtor is a director and holds along with relatives, more than two per cent. of its paid-up share capital;(f)anybody corporate whose board of directors, managing director or manager, in the ordinary course of business, acts on the advice, directions or instructions of a director, partner or manager of the corporate debtor;(g)any limited liability partnership or a partnership firm whose partners or employees in the ordinary course of business, acts on the advice, directions or instructions of a director, partner or manager of the corporate debtor;(h)any person on whose advice, directions or instructions, a director, partner or manager of the corporate debtor is accustomed to act;(i)a body corporate which is a holding, subsidiary or an associate company of the corporate debtor, or a subsidiary of a holding company to which the corporate debtor is a subsidiary;(j)any person who controls more than twenty per cent. of voting rights in the corporate debtor on account of ownership or a voting agreement;(k)any person in whom the corporate debtor controls more than twenty per cent. of voting rights on account of ownership or a voting agreement;(l)any person who can control the composition of the board of directors or corresponding governing body of the corporate debtor;(m)any person who is associated with the corporate debtor on account of-(i)participation in policy making processes of the corporate debtor; or(ii)having more than two directors in common between the corporate debtor and such person; or(iii)interchange of managerial personnel between the corporate debtor and such person; or(iv)provision of essential technical information to, or from, the corporate debtor;
