Explanation . — For the purposes of this sub-clause,— — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

1 [Explanation . — For the purposes of this sub-clause,— (i) any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing; and (ii) the expressions, " allottee " and " real estate project " shall have the meanings respectively assigned to them in clauses (d) and (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);] (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account; (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution; (i) the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub -clauses (a) to (h) of this clause; (9) " financial position " , in relation to any person, means the financial information of a person as on a certain date; (10) " information memorandum " means a memorandum prepared by resolution professional under sub -section (1) of section 29; (11) " initiation date " means the date on which a financial creditor, corporate applicant or operational creditor, as the case may be, makes an application to the Adjudicating Authority for initiating corporate insolvency resolution process 2 [or pre-packaged insolvency resolution process, as the case may be]; (12) " insolvency commencement date " means the date of admission of an application for initiating corporate insolvency resolution process by the Adjudicating Authority under sections 7, 9 or section 10, as the case may be; 3* * * (13) " insolvency resolution process costs " means— (a) the amount of any interim finance and the costs incurred in raising such finance; (b) the fees payable to any person acting as a resolution professional; (c) any costs incurred by the resolution professional in running the business of the corporate debtor as a going concern; (d) any costs incurred at the expense of the Government to facilitate the insolvency resolution process; and (e) any other costs as may be specified by the Board; (14) " insolvency resolution process period " means the period of one hundred and eighty days beginning from the insolvency commencement date and ending on one hundred and eightieth day;

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