Legal Glossary

Corporate Insolvency Resolution Process — a time-bound process under IBC to resolve insolvency of a corporate debtor within 180 days (extendable to 330 days).

A body comprising all financial creditors of a corporate debtor, constituted during CIRP to approve or reject resolution plans and take major decisions during insolvency proceedings.

A corporate person who owes a debt to a creditor under the Insolvency and Bankruptcy Code, 2016. Includes companies and LLPs against whom CIRP can be initiated.

Director Identification Number — a unique 8-digit identification number allotted by MCA to individuals intending to be appointed as directors of a company.

A process under FEMA where contraventions are settled by paying a penalty to RBI or ED, avoiding prosecution. Governed by FEMA (Compounding Proceedings) Rules, 2000.

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 — governs the obligations of listed entities towards stock exchanges and shareholders.

Liberalised Remittance Scheme — RBI scheme allowing resident individuals to remit up to USD 250,000 per financial year for permissible current and capital account transactions.

Annual Return form that every company must file with the Registrar of Companies within 60 days of holding its Annual General Meeting.

A person who submits a resolution plan to the Resolution Professional for approval by the Committee of Creditors (CoC) during CIRP.

Unpublished Price Sensitive Information — information not in public domain that, if published, would materially affect the price of securities of a company.