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Insolvency and Bankruptcy
Home Acts & Rules Insolvency and Bankruptcy Act Insolvency and Bankruptcy Code, 2016 Chapters List This

Insolvency and Bankruptcy Code, 2016

Part: I
PRELIMINARY
Section 1 : Short title, extent and commencement.
Section 2 : Application
Section 3 : Definition
Chapter: I (of Part II)
PRELIMINARY
Section 4 : Application of this Part.
Section 5 : Definition.
Chapter: II (of Part II)
CORPORATE INSOLVENCY RESOLUTION PROCESS
Section 6 : Persons who may initiate corporate insolvency resolution process.
Section 7 : Initiation of corporate insolvency resolution process by financial creditor.
Section 8 : Insolvency resolution by operational creditor.
Section 9 : Application for initiation of corporate insolvency resolution process by operational creditor.
Section 10 : Initiation of corporate insolvency resolution process by corporate applicant.
Section 11 : Persons not entitled to make application.
Section 12 : Time-limit for completion of insolvency resolution process.
Section 12A : Withdrawal of application admitted under section 7, 9 or 10
Section 13 : Declaration of moratorium and public announcement.
Section 14 : Moratorium.
Section 15 : Public announcement of corporate insolvency resolution process.
Section 16 : Appointment and tenure of interim resolution professional.
Section 17 : Management of affairs of corporate debtor by interim resolution professional.
Section 18 : Duties of interim resolution professional.
Section 19 : Personnel to extend cooperation to interim resolution professional.
Section 20 : Management of operations of corporate debtor as going concern.
Section 21 : Committee of creditors.
Section 22 : Appointment of resolution professional.
Section 23 : Resolution professional to conduct corporate insolvency resolution process.
Section 24 : Meeting of committee of creditors.
Section 25 : Duties of resolution professional.
Section 25A : Rights and duties of authorised representative of financial creditors
Section 26 : Application for avoidance of transactions not to affect proceedings.
Section 27 : Replacement of resolution professional by committee of creditors.
Section 28 : Approval of committee of creditors for certain actions.
Section 29 : Preparation of information memorandum.
Section 29A : Persons not eligible to be resolution applicant
Section 30 : Submission of resolution plan.
Section 31 : Approval of resolution plan.
Section 32 : Appeal.
Chapter: III (of Part II)
LIQUIDATION PROCESS
Section 33 : Initiation of Liquidation.
Section 34 : Appointment of Liquidator and fee to be paid.
Section 35 : Powers and duties of Liquidator.
Section 36 : Liquidation Estate.
Section 37 : Powers of Liquidator to access information.
Section 38 : Consolidation of claims.
Section 39 : Verification of claims.
Section 40 : Admission or rejection of claims.
Section 41 : Determination of valuation of claims.
Section 42 : Appeal against the decision of Liquidator.
Section 43 : Preferential transactions and relevant time.
Section 44 : Order in case of preferential transactions.
Section 45 : Avoidance of undervalued transactions.
Section 46 : Relevant period for avoidable transactions.
Section 47 : Application by creditor in cases of undervalued transactions.
Section 48 : Order in cases of undervalued transactions.
Section 49 : Transactions defrauding creditors.
Section 50 : Extortionate credit transactions.
Section 51 : Orders of Adjudicating Authority in respect of extortionate credit transactions.
Section 52 : Secured creditor in liquidation proceedings.
Section 53 : Distribution of assets.
Section 54 : Dissolution of corporate debtor.
Chapter: IV (of Part II)
FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS
Section 55 : Fast track corporation insolvency resolution process.
Section 56 : Time period for completion of fast track corporate insolvency resolution process.
Section 57 : Manner of initiating fact track corporate insolvency resolution process.
Section 58 : Applicability of Chapter II to this Chapter.
Chapter: V (of Part II)
VOLUNTARY LIQUIDATION OF CORPORATE PERSONS
Section 59 : Voluntary Liquidation of corporate persons.
Chapter: VI (of Part II)
ADJUDICATING AUTHORITY FOR CORPORATE PERSONS
Section 60 : Adjudicating Authority for corporate persons.
Section 61 : Appeals and Appellate Authority.
Section 62 : Appeal to Supreme Court.
Section 63 : Civil court not to have jurisdiction.
Section 64 : Expeditious disposal of applications.
Section 65 : Fraudulent or malicious initiation of proceedings.
Section 65 : Fraudulent or malicious initiation of proceedings.
Section 66 : Fraudulent trading or wrongful trading.
Section 67 : Proceedings under section 66.
Chapter: VII (of Part II)
OFFENCES AND PENALTIES
Section 68 : Punishment for concealment or property.
Section 69 : Punishment for transactions defrauding creditors.
Section 70 : Punishment for misconduct in courses of corporate insolvency resolution process.
Section 71 : Punishment for falsification of books of corporate debtor.
Section 72 : Punishment for wilful and material omissions from statements relating to affairs of corporate debtor.
Section 73 : Punishment for false representations to creditors.
Section 74 : Punishment for contravention of moratorium or the resolution plan.
Section 75 : Punishment for false information furnished in application.
Section 76 : Punishment for non-disclosure of dispute or payment of debt by operational creditor.
Section 77 : Punishment for providing false information in application made by corporate debtor.
Chapter: I (of Part III)
PRELIMINARY
Section 78 : Application.
Section 79 : Definitions.
Chapter: II (of Part III)
FRESH START PROCESS
Section 80 : Eligibility for making an application.
Section 81 : Application for fresh start order.
Section 82 : Appointment of resolution professional.
Section 83 : Examination of application by resolution professional.
Section 84 : Admission or rejection of application by Adjudicating Authority.
Section 85 : Effect of admission of application.
Section 86 : Objections by creditor and their examination by resolution professional.
Section 87 : Application against decision of resolution professional.
Section 88 : General duties of debtor.
Section 89 : Replacement of resolution professional.
Section 90 : Directions for compliances of restrictions, etc.
Section 91 : Revocation of order admitting application.
Section 92 : Discharge order.
Section 93 : Standard of conduct.
Chapter: III (of Part III)
INSOLVENCY RESOLUTION PROCESS
Section 94 : Application by debtor to initiate insolvency resolution process.
Section 95 : Application by creditor to initiate insolvency resolution process.
Section 96 : Interim-moratorium.
Section 97 : Appointment of resolution professional.
Section 98 : Replacement of resolution professional.
Section 99 : Submission of report by resolution professional.
Section 100 : Admission or rejection of application.
Section 101 : Moratorium.
Section 102 : Public notice and claims form creditors.
Section 103 : Registering of claims by creditors.
Section 104 : Preparation of list of creditors.
Section 105 : Repayment plan.
Section 106 : Report of resolution professional on repayment plan.
Section 107 : Summoning of meeting of creditors.
Section 108 : Conduct of meeting of creditors.
Section 109 : Voting rights in meeting of creditors.
Section 110 : Rights of secured creditors in relation to repayment plan.
Section 111 : Approval of repayment plan by creditors.
Section 112 : Report of meeting of creditors on repayment plan.
Section 113 : Notice of decisions taken at meeting of creditors.
Section 114 : Order of Adjudicating Authority on repayment plan.
Section 115 : Effect of order of Adjudicating Authority on repayment plan.
Section 116 : Implementation and supervision of repayment plan.
Section 117 : Completion of repayment plan.
Section 118 : Repayment plan coming to end prematurely.
Section 119 : Discharge order.
Section 120 : Standard of conduct.
Chapter: IV (of Part III)
BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS
Section 121 : Application for bankruptcy.
Section 122 : Application by debtor.
Section 123 : Application by creditor.
Section 124 : Effect of application.
Section 125 : Appointment of insolvency professional as bankruptcy trustee.
Section 126 : Bankruptcy order.
Section 126 : Bankruptcy order.
Section 127 : Validity of bankruptcy order.
Section 128 : Effect of bankruptcy order.
Section 129 : Statement of financial position.
Section 130 : Public notice inviting claims from creditors.
Section 131 : Registration of claims.
Section 132 : Preparation of list of creditors.
Section 133 : Summoning of meeting of creditors.
Section 134 : Conduct of meeting of creditors.
Section 135 : Voting rights of creditors.
Section 136 : Administration and distribution of estate of bankrupt.
Section 137 : Completion of administration.
Section 138 : Discharge order.
Section 139 : Effect of discharge.
Section 140 : Disqualification of bankrupt.
Section 141 : Restrictions on bankrupt.
Section 142 : Modification or recall of bankruptcy order.
Section 143 : Standard of conduct.
Section 144 : Fees of bankruptcy trustee.
Section 145 : Replacement of bankruptcy trustee.
Section 146 : Resignation by bankruptcy trustee.
Section 147 : Vacancy in office of bankruptcy trustee.
Section 148 : Release of bankruptcy trustee.
Chapter: V (of Part III)
ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT
Section 149 : Functions of bankruptcy trustee.
Section 150 : Duties of bankrupt towards bankruptcy trustee.
Section 151 : Rights of bankruptcy trustee.
Section 152 : General powers of bankruptcy trustee.
Section 153 : Approval of creditors for certain acts.
Section 154 : Vesting of estate of bankrupt in bankruptcy trustee.
Section 155 : Estate of bankrupt.
Section 156 : Delivery of property and documents to bankruptcy trustee.
Section 157 : Acquisition of control by bankruptcy trustee.
Section 158 : Restrictions on disposition of property.
Section 159 : After-acquired property of bankrupt.
Section 160 : Onerous property of bankrupt.
Section 161 : Notice to disclaim onerous property.
Section 162 : Disclaimer of leaseholds.
Section 163 : Challenge against disclaimed property.
Section 164 : Undervalued transactions.
Section 165 : Preference transactions.
Section 166 : Effect of order.
Section 167 : Extortionate credit transactions.
Section 168 : Obligations under contracts.
Section 169 : Continuance of proceedings on death of bankrupt.
Section 170 : Administration of estate of deceased bankrupt.
Section 171 : Proof of debt.
Section 172 : Proof of debt by secured creditors.
Section 173 : Mutual credit and set-off.
Section 174 : Distribution of interim dividend.
Section 175 : Distribution of property.
Section 176 : Final dividend.
Section 177 : Claims of creditors.
Section 178 : Priority of payment of debts.
Chapter: VI (of Part III)
ADJUDICATING AUTHORITY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
Section 179 : Adjudicating authority for individuals and partnership firms.
Section 180 : Civil court not to have jurisdiction.
Section 181 : Appeal to Debt Recovery Appellate Tribunal.
Section 182 : Appeal to Supreme Court.
Section 183 : Expeditious disposal of applications.
Chapter: VII (of Part III)
OFFENCES AND PENALTIES
Section 184 : Punishment for false information, etc., by creditor in insolvency resolution process.
Section 185 : Punishment for contravention of provisions.
Section 186 : Punishment for false information, concealment, etc., by bankrupt.
Section 187 : Punishment for certain actions.
Chapter: I (of Part IV)
THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
Section 188 : Establishment and incorporation of Board.
Section 189 : Constitution of Board.
Section 190 : Removal of member from office.
Section 191 : Powers of Chairperson.
Section 192 : Meetings of Board.
Section 193 : Member not to participate in meetings in certain cases.
Section 194 : Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board.
Section 195 : Power to designate financial sector regulator.
Chapter: II (of Part IV)
POWERS AND FUNCTIONS OF THE BOARD
Section 196 : Powers and functions of Board.
Section 197 : Constitution of advisory committee, executive committee or other committee.
Section 198 : Condonation of delay.
Chapter: III (of Part IV)
INSOLVENCY PROFESSIONAL AGENCIES
Section 199 : No person to function as insolvency professional agency without valid certificate of registration.
Section 200 : Principles governing registration of insolvency professional agency.
Section 201 : Registration of insolvency professional agency.
Section 202 : Appeal to National Company Law Appellate Tribunal.
Section 203 : Governing Board of insolvency professional agency.
Section 204 : Functions of insolvency professional agencies.
Section 205 : Insolvency professional agencies to make bye-laws.
Chapter: IV (of Part IV)
INSOLVENCY PROFESSIONALS
Section 206 : Enrolled and registered persons to act as insolvency professionals.
Section 207 : Registration of insolvency professionals.
Section 208 : Functions and obligations of insolvency professionals.
Chapter: V (of Part IV)
INFORMATION UTILITIES
Section 209 : No person to function as information utility without certificate of registration.
Section 210 : Registration of information utility.
Section 211 : Appeal to National Company Law Appellate Tribunal.
Section 212 : Governing Board of information utility.
Section 213 : Core services, etc., of information utilities.
Section 214 : Obligations of information utility.
Section 215 : Procedure for submission, etc., of financial information.
Section 216 : Rights and obligations of persons submitting financial information.
Chapter: VI (of Part IV)
INSPECTION AND INVESTIGATION
Section 217 : Complaints against insolvency professional agency or its member or information utility.
Section 218 : Investigation of insolvency professional agency or its member or information utility.
Section 219 : Show cause notice to insolvency professional agency or its member or information utility.
Section 220 : Appointment of disciplinary committee.
Chapter: VII (of Part IV)
FINANCE, ACCOUNTS AND AUDIT
Section 221 : Grants by Central Government.
Section 222 : Board's Fund.
Section 223 : Accounts and audit.
Part: V
MISCELLENEOUS
Section 224 : Insolvency and Bankruptcy Fund.
Section 225 : Power of Central Government to issue directions.
Section 226 : Power of Central Government to supersede Board.
Section 227 : Power of Central Government to notify financial service providers, etc.
Section 228 : Budget.
Section 229 : Annual Report.
Section 230 : Delegation.
Section 231 : Bar of jurisdiction.
Section 232 : Members, officers and employees of Board to the public servants.
Section 233 : Protection of action taken in good faith.
Section 234 : Agreements with foreign countries.
Section 235 : Letter of request to a country outside India in certain cases.
Section 235A : Punishment where no specific penalty or punishment is provided.
Section 236 : Trial of offences by Special Court.
Section 237 : Appeal and revision.
Section 238 : Provisions of this Code to override other laws.
Section 238A : Limitation.
Section 239 : Power to make rules.
Section 240 : Power to make regulations.
Section 240A : Application of this Code to micro, small and medium enterprises
Section 241 : Rules and regulations to be laid before Parliament.
Section 242 : Power to remove difficulties.
Section 243 : Repeal of certain enactments and savings.
Section 244 : Transitional provisions.
Section 245 : Amendments of Act 9 of 1932.
Section 246 : Amendments of Act 1 of 1944.
Section 247 : Amendments of Act 43 of 1961.
Section 248 : Amendments of Act 52 of 1962.
Section 249 : Amendments of Act 51 of 1993.
Section 250 : Amendments of Act 32 of 1994.
Section 251 : Amendments of Act 54 of 2002.
Section 252 : Amendments of Act 1 of 2004.
Section 253 : Amendments of Act 51 of 2007.
Section 254 : Amendments of Act 6 of 2009.
Section 255 : Amendments of Act 18 of 2013.
Schedules
-SCH 01 : AMENDMENT TO THE INDIAN PARTNERSHIP ACT, 1932 (9 of 1932)
-SCH 02 : AMENDMENT TO THE CENTRAL EXCISE ACT, 1944 (1 of 1944)
-SCH 03 : AMENDMENT TO THE INCOME-TAX ACT, 1961 (43 of 1961)
-SCH 04 : AMENDMENT TO THE CUSTOMS ACT, 1962 (52 of 1962)
-SCH 05 : AMENDMENTS TO RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 (51 of 1993)
-SCH 06 : AMENDMENT TO THE FINANCE ACT, 1994 (32 OF 1994)
-SCH 07 : AMENDMENT TO THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (54 OF 2002)
-SCH 08 : AMENDMENT TO THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003 (1 OF 2004)
-SCH 09 : AMENDMENT TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 (51 OF 2007)
-SCH 10 : AMENDMENT TO THE LIMITED LIABILITY PARTNERSHIP ACT, 2008 (6 OF 2009)
-SCH 11 : AMENDMENTS TO THE COMPANIES ACT, 2013 (18 OF 2013)
-SCH 12 : ACTS FOR THE PURPOSES OF CLAUSE (d) OF SECTION 29A
 
 
 
 
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