Section 3
The proviso shall be omitted by Act 1 of 2020, s. 2 (w.e.f. 28 -12 -2019).
3. The proviso shall be omitted by Act 1 of 2020, s. 2 (w.e.f. 28 -12 -2019).
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(15) " interim finance " means any financial debt raised by the resolution professional during the insolvency resolution process period 1 [or by the corporate debtor during the pre-packaged insolvency resolution process period, as the case may be] 2 [and such other debt as may be notified];
(16) " liquidation cost " means any cost incurred by the liquidator during the period of liquidation subject to such regulations, as may be specified by the Board;
(17) " liquidation commencement date " means the date on which proceedings for liquidation commence in accordance with section 33 or section 59, as the case may be;
(18) " liquidator " means an insolvency professional appointed as a liquidator in accordance with the provisions of Chapter III or Chapter V of this Part, as the case may be;
(19) " officer " for the purposes of 1 [Chapter VI and] Chapter VII of this Part, means an officer who is in default, as defined in clause (60) of section 2 of the Companies Act, 2013 (18 of 2013) or a designated partner as defined in clause (j) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), as the case may be;
(20) " operational creditor " means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred;
(21) " operational debt " means a claim in respect of the provision of goods or services including employment or a debt in respect of the 3 [payment] of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority;
(22) " personal guarantor " means an individual who is the surety in a contract of guarantee to a corporate debtor;
(23) " personnel " includes the directors, managers, key managerial personnel, designated partners and employees, if any, of the corporate debtor;
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