In this Part, unless the context otherwise requires,—

1. "Adjudicating Authority" means the Debt Recovery Tribunal constituted under sub-section (1) of section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993;
2. "associate" means a person who is an associate of the debtor or the bankrupt as per the criteria specified in the Fifth Schedule;
3. "bankrupt" means—
   1. a debtor who has been adjudged as bankrupt by a bankruptcy order under section 126;
   2. each of the partners of a firm, where a bankruptcy order under section 126 has been made against the firm; or
   3. any person adjudged as an undischarged insolvent;
4. "bankruptcy" means the state of being bankrupt;
5. "bankruptcy commencement date" means the date on which a bankruptcy order is passed under section 126;
6. "bankruptcy debt" means—
   1. any debt owed by the bankrupt;
   2. any debt to which the bankrupt may become subject after the bankruptcy commencement date by reason of any transaction entered into before the bankruptcy commencement date; and
   3. any interest provable as a bankruptcy debt;
7. "bankruptcy process" includes the administration and distribution of the estate of the bankrupt;
8. "bankruptcy order" means an order passed by the Adjudicating Authority under section 126;
9. "bankruptcy trustee" means the insolvency professional appointed as a trustee for the estate of the bankrupt under section 125;
10. "Chapter" means a Chapter of this Part;
11. "committee of creditors" means the committee of creditors constituted under sections 107 and 134;
12. "debtor" includes a judgment-debtor;
13. "discharge order" means an order passed by the Adjudicating Authority discharging the debtor under sections 92, 119 and section 138, as the case may be;
14. "estate", in relation to a bankrupt, shall have the meaning as assigned to it in section 155;
15. "excluded debt" means—
    1. liability to pay fine imposed by a court or tribunal;
    2. liability to pay damages for negligence, nuisance or breach of a statutory, contractual or other legal obligation;
    3. liability to pay maintenance to any person under any law for the time being in force;
    4. liability in relation to a student loan; and
    5. any other debt as may be prescribed;
16. "excluded asset" means—
    1. unencumbered tools, books, vehicles and other equipment as are necessary to the debtor or bankrupt for his personal use or for the purpose of his employment, business or vocation;
    2. unencumbered furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his immediate family;
    3. any unencumbered personal ornaments of such value, as may be prescribed, of the bankrupt and his immediate family which cannot be parted with, in accordance with religious usage;
    4. life insurance policy held by the bankrupt or the debtor; and
    5. any other assets as may be prescribed;
17. "firm" shall have the same meaning as assigned to it under section 4 of the Indian Partnership Act, 1932;
18. "fresh start order" means an order passed by the Adjudicating Authority under section 92;
19. "insolvency commencement date" means the date of admission of the application for initiating the insolvency resolution process of the debtor by the Adjudicating Authority under section 100;
20. "partnership debt" means any debt of the firm;
21. "qualifying debt" means the amount due, including interest, as on the date of the application, which is less than such amount as may be prescribed;
22. "repayment plan" means a plan prepared by the debtor in consultation with the resolution professional under section 105;
23. "resolution professional" means an insolvency professional appointed by the Adjudicating Authority for conducting the fresh start process or the insolvency resolution process under this Part.