IBC, 2016 – S 5(24) – ‘related party’ – ‘related party’ regarding an individual includes someone who is a relative of the individual or a relative of the individual’s spouse – Additionally, if an individual is a director of a private or public company and, along with relatives, holds more than two percent of the company’s share capital or paid-up share capital, that company is considered a ‘related party.’ – The explanation also specifies that both maternal and paternal uncles fall under the definition of ‘related party.’
SUPREME COURT OF INDIA DIVISION BENCH EVA AGRO FEEDS PRIVATE LIMITED — Appellant Vs. PUNJAB NATIONAL BANK AND ANOTHER — Respondent ( Before : B. V. Nagarathna and Ujjal Bhuyan,…



