bona fide (not comparable) 1  In good faith. 2  Genuine; not counterfeit.
What is a 'Debtor in Possession (DIP)' A debtor in possession (DIP) is a person or corporation who has filed for bankruptcy protection but still holds property that a creditor has a right to.  It is part of U.S. bankruptcy law and is the term used to describe a corporation that continues to do business while under Chapter 11 bankruptcy proceedings.
Further Reading. A deliberate failure to exercise a legal right (e.g. to sue for a debt). A forbearance to sue at a debtorâs request may be *consideration for some fresh promise by the debtor. A promise not to enforce a claim that is bad in law may still be consideration if the claim is believed to be valid.