The Insolvency and Bankruptcy Code, 2016.

Central · 2016

S. 1Short title, extent and commencement.
S. 2Application.
S. 3Definitions.
S. 4Application of this Part.
S. 5Definitions.
S. 6Persons who may initiate corporate insolvency resolution process.
S. 7Initiation of corporate insolvency resolution process by financial creditor.
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.
S. 10ASuspension of initiation of corporate insolvency resolution process.
S. 11Persons not entitled to make application.
S. 11ADisposal of applications under section 54C and under section 7 or section 9 or section 10.
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. 14Moratorium.
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. 19Personnel to extend co-operation to interim resolution professional.
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. 26Application for avoidance of transactions not to affect proceedings.
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. 35Powers and duties of liquidator.
S. 36Liquidation estate.
S. 37Powers of liquidator to access information.
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. 51Orders of Adjudicating Authority in respect of extortionate credit transactions.
S. 52Secured creditor in liquidation proceedings.
S. 53Distribution of assets.
S. 54Dissolution of corporate debtor.
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 pre-packaged insolvency resolution process.
S. 54FDuties and powers of resolution professional during pre-packaged 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 against order under section 54L.
S. 54NTermination of pre-packaged 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.
S. 67AFraudulent management of corporate debtor during pre-packaged insolvency resolution process
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 payment of debt by operational creditor.
S. 77Punishment for providing false information in application made by corporate debtor.
S. 77APunishment for offences related to pre-packaged insolvency resolution process.
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 bankruptcy.
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 trustee.
S. 145Replacement of bankruptcy trustee.
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. 168Obligations 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., by creditor in insolvency resolution process.
S. 185Punishment for contravention of provisions.
S. 186Punishment for false information, concealment, etc., by bankrupt.
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., not to invalidate proceedings of Board, Officers and employees of Board.
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., of information utilities.
S. 214Obligations of information utility.
S. 215Procedure for submission, etc., of financial information.
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.