The Insolvency and Bankruptcy Code, 2016.

CourtMinistry of Corporate Affairs
Record Number201631
Act Number31
Enactment Date28 May 2016
1
THE INSOLVENCY AND BANKRUPTCY CODE, 2016
Last Update 18-8-2021
___________
ARRANGEMENT OF SECTIONS
___________
PART I
PRELIMINARY
SECTIONS
1. Short title, extent and commencement.
2. Application.
3. Definitions.
PART II
INSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS
CHAPTER I
PRELIMINARY
4. Application of this Part.
5. Definitions.
CHAPTER II
CORPORATE INSOLVENCY RESOLUTION PROCESS
6. Persons who may initiate corporate insolvency resolution process.
7. Initiation of corporate insolvency resolution process by financial creditor.
8. Insolvency resolution by operational creditor.
9. Application for initiation of corporate insolvency resolution process by operational creditor.
10. Initiation of corporate insolvency resolution process by corporate applicant.
10A. Suspension of initiation of corporate insolvency resolution process.
11. Persons not entitled to make application.
11A. Disposal of applications under section 54C and under section 7 or section 9 or section 10.
12. Time-limit for completion of insolvency resolution process.
12A. Withdrawal of application admitted under section 7, 9 or 10.
13. Declaration of moratorium and public announcement.
14. Moratorium.
15. Public announcement of corporate insolvency resolution process.
16. Appointment and tenure of interim resolution professional.
17. Management of affairs of corporate debtor by interim resolution professional.
18. Duties of interim resolution professional.
2
SECTIONS
19. Personnel to extend co-operation to interim resolution professional.
20. Management of operations of corporate debtor as going concern.
21. Committee of creditors.
22. Appointment of resolution professional.
23. Resolution professional to conduct corporate insolvency resolution process.
24. Meeting of committee of creditors.
25. Duties of resolution professional.
25A. Rights and duties of authorised representative of financial creditors.
26. Application for avoidance of transactions not to affect proceedings.
27. Replacement of resolution professional by committee of creditors.
28. Approval of committee of creditors for certain actions.
29. Preparation of information memorandum.
29A. Person not eligible to be resolution applicant.
30. Submission of resolution plan.
31. Approval of resolution plan.
32. Appeal.
32A. Liability for prior offences, etc.
CHAPTER III
LIQUIDATION PROCESS
33. Initiation of liquidation.
34. Appointment of liquidator and fee to be paid.
35. Powers and duties of liquidator.
36. Liquidation estate.
37. Powers of liquidator to access information.
38. Consolidation of claims.
39. Verification of claims.
40. Admission or rejection of claims.
41. Determination of valuation of claims.
42. Appeal against the decision of liquidator.
43. Preferential transactions and relevant time.
44. Orders in case of preferential transactions.
45. Avoidance of undervalued transactions.
46. Relevant period for avoidable transactions.
3
SECTIONS
47. Application by creditor in cases of undervalued transactions.
48. Order in cases of undervalued transactions.
49. Transactions defrauding creditors.
50. Extortionate credit transactions.
51. Orders of Adjudicating Authority in respect of extortionate credit transactions.
52. Secured creditor in liquidation proceedings.
53. Distribution of assets.
54. Dissolution of corporate debtor.
CHAPTER III-A
PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS
54A. Corporate debtors eligible for pre-packaged insolvency resolution process.
54B. Duties of insolvency professional before initiation of pre-packaged insolvency resolution
process.
54C. Application to initiate pre-packaged insolvency resolution process.
54D. Time-limit for completion of pre-packaged insolvency resolution process.
54E. Declaration of moratorium and public announcement during pre-packaged insolvency resolution
process.
54F. Duties and powers of resolution professional during pre-packaged insolvency resolution process.
54G. List of claims and preliminary information memorandum.
54H. Management of affairs of corporate debtor.
54-I. Committee of creditors.
54J. Vesting management of corporate debtor with resolution professional.
54K. Consideration and approval of resolution plan.
54L. Approval of resolution plan.
54M. Appeal against order under section 54L.
54N. Termination of pre-packaged insolvency resolution process.
54-O. Initiation of corporate insolvency resolution process.
54P. Application of provisions of Chapters II, III, VI and VII to this Chapter.
CHAPTER IV
FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS
55. Fast track corporate insolvency resolution process.
56. Time period for completion of fast track corporate insolvency resolution process.
57. Manner of initiating fast track corporate insolvency resolution process.
58. Applicability of Chapter II to this Chapter.

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT