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 24-9-2020
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ARRANGEMENT OF SECTIONS
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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.
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.
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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 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.
CHAPTER V
VOLUNTARY LIQUIDATION OF CORPORATE PERSONS
59. Voluntary liquidation of corporate persons.
CHAPTER VI
ADJUDICATING AUTHORITY FOR CORPORATE PERSONS
60. Adjudicating Authority for corporate persons.
61. Appeals and Appellate Authority.
62. Appeal to Supreme Court.
63. Civil court not to have jurisdiction.
64. Expeditious disposal of applications.
65. Fraudulent or malicious initiation of proceedings.
66. Fraudulent trading or wrongful trading.
67. Proceedings under section 66.
CHAPTER VII
OFFENCES AND PENALTIES
68. Punishment for concealment of property.
69. Punishment for transactions defrauding creditors.
70. Punishment for misconduct in course of corporate insolvency resolution process.

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