The INSOLVENCY AND BANKRUPTCY CODE, 2016
chandigarh · 2016
- S. 1Subs
- S. 2Subs by s 32, ibid, for “for the registration” (w
- S. 3Ins
- S. 4Subs
- S. 5—
- S. 6Persons who may initiate corporate insolvency resolution process
- S. 7—
- S. 8Insolvency resolution by operational creditor
- S. 9Application for initiation of corporate insolvency resolution process by operational creditor
- S. 10Initiation of corporate insolvency resolution process by corporate applicant
Chapter PART II
Chapter PART II
- S. 12Time-limit for completion of insolvency resolution process
- S. 12AWithdrawal of application admitted under section 7, 9 or 10
- S. 13Declaration of moratorium and public announcement
- S. 14For section 280, the following section shall be substituted, namely:— “280
- S. 15Public announcement of corporate insolvency resolution process
- S. 16Appointment and tenure of interim resolution professional
- S. 17Management of affairs of corporate debtor by interim resolution professional
- S. 18Duties of interim resolution professional
- S. 19For section 326, the following section shall be substituted, namely:— “326
- S. 20Management of operations of corporate debtor as going concern
- S. 21Committee of creditors
- S. 22Appointment of resolution professional
- S. 23Resolution professional to conduct corporate insolvency resolution process
- S. 24Meeting of committee of creditors
- S. 25Duties of resolution professional
- S. 25ARights and duties of authorised representative of financial creditors
- S. 26—
- S. 27Replacement of resolution professional by committee of creditors
- S. 28Approval of committee of creditors for certain actions
- S. 29Preparation of information memorandum
- S. 29APerson not eligible to be resolution applicant
- S. 30Submission of resolution plan
- S. 31Approval of resolution plan
- S. 32Appeal
- S. 32ALiability for prior offences, etc
- S. 33Initiation of liquidation
- S. 34Appointment of liquidator and fee to be paid
- S. 35For section 434, the following section shall be substituted, namely:— “434
- S. 36Liquidation estate
- S. 37—
- S. 38Consolidation of claims
- S. 39Verification of claims
- S. 40Admission or rejection of claims
- S. 41Determination of valuation of claims
- S. 42Appeal against the decision of liquidator
- S. 43Preferential transactions and relevant time
- S. 44Orders in case of preferential transactions
- S. 45Avoidance of undervalued transactions
- S. 46Relevant period for avoidable transactions
- S. 47Application by creditor in cases of undervalued transactions
- S. 48Order in cases of undervalued transactions
- S. 49Transactions defrauding creditors
- S. 50Extortionate credit transactions
- S. 51Order of Adjudicating Authority in respect of extortionate credit transactions
- S. 52Second creditor in liquidation proceedings
- S. 53Distribution of assets
- S. 54Dissolution of corporate debtor
Chapter PART II
- S. 54-ICommittee of creditors.--
- S. 54-OInitiation of corporate insolvency resolution process.--
- S. 54ACorporate debtors eligible for pre-packaged insolvency resolution process.--
- S. 54BDuties of insolvency professional before initiation of pre-packaged insolvency resolution process.--
- S. 54CApplication to initiate pre-packaged insolvency resolution process.--
- S. 54DTime-limit for completion of pre-packaged insolvency resolution process.--
- S. 54EDeclaration of moratorium and public announcement during prepackaged insolvency resolution process.--
- S. 54FDuties and powers of resolution professional during prepackaged insolvency resolution process.--
- S. 54GList of claims and preliminary information memorandum.--
- S. 54HManagement of affairs of corporate debtor.--
- S. 54JVesting management of corporate debtor with resolution professional.--
- S. 54KConsideration and approval of resolution plan.--
- S. 54LApproval of resolution plan.--
- S. 54MAppeal agains order under section 54L.--
- S. 54NTermination of prepackaged insolvency resolution process.--
- S. 54PApplication of provisions of Chapters II, III, VI and VII to this Chapter.--
- S. 55Fast track corporate insolvency resolution process
- S. 56Time period for completion of fast track corporate insolvency resolution process
- S. 57Manner of initiating fast track corporate insolvency resolution process
- S. 58Applicability of Chapter II to this Chapter
- S. 59Voluntary liquidation of corporate persons
- S. 60Adjudicating authority for corporate persons
- S. 61Appeals and Appellate Authority
- S. 62Appeal to Supreme Court
- S. 63Civil court not to have jurisdiction
- S. 64Expeditious disposal of applications
- S. 65Fraudulent or malicious initiation of proceedings
- S. 66Fraudulent trading or wrongful trading
- S. 67Proceedings under section 66
Chapter PART II
- S. 68Punishment for concealment of property
- S. 69Punishment for transactions defrauding creditors
- S. 70Punishment for misconduct in course of corporate insolvency resolution process
- S. 71Punishment for falsification of books of corporate debtor
- S. 72Punishment for wilful and material omissions from statements relating to affairs of corporate debtor
- S. 73Punishment for false representations to creditors
- S. 74Punishment for contravention of moratorium or the resolution plan
- S. 75Punishment for false information furnished in application
- S. 76Punishment for non-disclosure of dispute or 1[payment] of debt by operational creditor
- S. 77Punishment for providing false information in application made by corporate debtor
Chapter PART II
- S. 78Application
- S. 79Definitions
- S. 80Eligibility for making an application
- S. 81Application for fresh start order
- S. 82Appointment of resolution professional
- S. 83Examination of application by resolution professional
- S. 84Admission or rejection of application by Adjudicating Authority
- S. 85Effect of admission of application
- S. 86Objections by creditor and their examination by resolution professional
- S. 87Application against decision of resolution professional
- S. 88General duties of debtor
- S. 89Replacement of resolution professional
- S. 90Directions for compliances of restrictions, etc
- S. 91Revocation of order admitting application
- S. 92Discharge order
- S. 93Standard of conduct
- S. 94Application by debtor to initiate insolvency resolution process
- S. 95Application by creditor to initiate insolvency resolution process
- S. 96Interim moratorium
- S. 97Appointment of resolution professional
- S. 98Replacement of resolution professional
- S. 99Submission of report by resolution professional
- S. 100Admission or rejection of application
- S. 101Moratorium
- S. 102Public notice and claims from creditors
- S. 103Registering of claims by creditors
- S. 104Preparation of list of creditors
- S. 105Repayment plan
- S. 106Report of resolution professional on repayment plan
- S. 107Summoning of meeting of creditors
- S. 108Conduct of meeting of creditors
- S. 109Voting rights in meeting of creditors
- S. 110Rights of secured creditors in relation to repayment plan
- S. 111Approval of repayment plan by creditors
- S. 112Report of meeting of creditors on repayment plan
- S. 113Notice of decisions taken at meeting of creditors
- S. 114Order of Adjudicating Authority on repayment plan
- S. 115Effect of order of Adjudicating Authority on repayment plan
- S. 116Implementation and supervision of repayment plan
- S. 117Completion of repayment plan
- S. 118Repayment plan coming to end prematurely
- S. 119Discharge order
- S. 120Standard of conduct
- S. 121Application for bankruptcy
- S. 122Application by debtor
- S. 123Application by creditor
- S. 124Effect of application
- S. 125Appointment of insolvency professional as bankruptcy trustee
- S. 126Bankruptcy order
- S. 127Validity of bankruptcy order
- S. 128Effect of bankruptcy order
- S. 129Statement of financial position
- S. 130Public notice inviting claims from creditors
- S. 131Registration of claims
- S. 132Preparation of list of creditors
- S. 133Summoning of meeting of creditors
- S. 134Conduct of meeting of creditors
- S. 135Voting rights of creditors
- S. 136Administration and distribution of estate of bankrupt
- S. 137Completion of administration
- S. 138Discharge order
- S. 139Effect of discharge
- S. 140Disqualification of bankrupt
- S. 141Restrictions on bankrupt
- S. 142Modification or recall of bankruptcy order
- S. 143Standard of conduct
- S. 144Fees of bankruptcy order
- S. 145Replacement of bankruptcy order
- S. 146Resignation by bankruptcy trustee
- S. 147Vacancy in office of bankruptcy trustee
- S. 148Release of bankruptcy trustee
- S. 149Functions of bankruptcy trustee
- S. 150Duties of bankrupt towards bankruptcy trustee
- S. 151Rights of bankruptcy trustee
- S. 152General powers of bankruptcy trustee
- S. 153Approval of creditors for certain acts
- S. 154Vesting of estate of bankrupt in bankruptcy trustee
- S. 155Estate of bankrupt
- S. 156Delivery of property and documents to bankruptcy trustee
- S. 157Acquisition of control by bankruptcy trustee
- S. 158Restrictions on disposition of property
- S. 159After-acquired property of bankrupt
- S. 160Onerous property of bankrupt
- S. 161Notice to disclaim onerous property
- S. 162Disclaimer of leaseholds
- S. 163Challenge against disclaimed property
- S. 164Undervalued transactions
- S. 165Preference transactions
- S. 166Effect of order
- S. 167Extortionate credit transactions
- S. 168Obligation under contracts
- S. 169Continuance of proceedings on death of bankrupt
- S. 170Administration of estate of deceased bankrupt
- S. 171Proof of debt
- S. 172Proof of debt by secured creditors
- S. 173Mutual credit and set-off
- S. 174Distribution of interim dividend
- S. 175Distribution of property
- S. 176Final dividend
- S. 177Claims of creditors
- S. 178Priority of payment of debts
- S. 179Adjudicating authority for individuals and partnership firms
- S. 180Civil court not to have jurisdiction
- S. 181Appeal to Debt Recovery Appellate Tribunal
- S. 182Appeal to Supreme Court
- S. 183Expeditious disposal of applications
- S. 184Punishment for false information, etc
- S. 185Punishment for contravention of provisions
- S. 186Punishment for false information, concealment, etc
- S. 187Punishment for certain actions
- S. 188Establishment and incorporation of Board
- S. 189Constitution of Board
- S. 190Removal of member from office
- S. 191Powers of Chairperson
- S. 192Meetings of Board
- S. 193Member not to participate in meetings in certain cases
- S. 194Vacancies, etc
- S. 195Power to designate financial sector regulator
- S. 196Powers and functions of Board
- S. 197Constitution of advisory committee, executive committee or other committee
- S. 198Condonation of delay
- S. 199No person to function as insolvency professional agency without valid certificate of registration
- S. 200Principles governing registration of insolvency professional agency
- S. 201Registration of insolvency professional agency
- S. 202Appeal to National Company Law Appellate Tribunal
- S. 203Governing Board of insolvency professional agency
- S. 204Functions of insolvency professional agencies
- S. 205Insolvency professional agencies to make bye-laws
- S. 206Enrolled and registered persons to act as insolvency professionals
- S. 207Registration of insolvency professionals
- S. 208Functions and obligations of insolvency professionals
- S. 209No person to function as information utility without certificate of registration
- S. 210Registration of information utility
- S. 211Appeal to National Company Law Appellate Tribunal
- S. 212Governing Board of information utility
- S. 213Core services, etc
- S. 214Obligation of information utility
- S. 215Procedure for submission, etc
- S. 216Rights and obligations of persons submitting financial information
- S. 217Complaints against insolvency professional agency or its member or information utility
- S. 218Investigation of insolvency professional agency or its member or information utility
- S. 219Show cause notice to insolvency professional agency or its member or information utility
- S. 220Appointment of disciplinary committee
- S. 221Grants by Central Government
- S. 222Board’s Fund
- S. 223Accounts and audit
- S. 224Insolvency and Bankruptcy Fund
- S. 225Power of Central Government to issue directions
- S. 226Power of Central Government to supersede Board
- S. 227Power of Central Government to notify financial service providers, etc
- S. 228Budget
- S. 229Annual report
- S. 230Delegation
- S. 231Bar of jurisdiction
- S. 232Members, officers and employees of Board to the public servants
- S. 233Protection of action taken in good faith
- S. 234Agreements with foreign countries
- S. 235Letter of request to a country outside India in certain cases
- S. 235APunishment where no specific penalty or punishment is provided
- S. 236Trial of offences by Special Court
- S. 237Appeal and revision
- S. 238Provisions of this Code to override other laws
- S. 238ALimitation
- S. 239Power to make rules
- S. 240Power to make regulations
- S. 240AApplication of this Code to micro, small and medium enterprises
- S. 241Rules and regulations to be laid before Parliament
- S. 242Power to remove difficulties
- S. 243Repeal of certain enactments and savings
- S. 244Transitional provisions
- S. 245Amendments of Act 9 of 1932
- S. 246Amendments of Act 1 of 1944
- S. 247Amendments of Act 43 of 1961
- S. 248Amendments of Act 52 of 1962
- S. 249Amendments of Act 51 of 1993
- S. 250Amendments of Act 32 of 1994
- S. 251Amendments of Act 54 of 2002
- S. 252Amendments of Act 1 of 2004
- S. 253Amendments of Act 51 of 2007
- S. 254Amendments of Act 6 of 2009
- S. 255Amendments of Act 18 of 2013