| Contents: |
| Sections: |
Particulars: |
| Title |
The Insolvency and Bankruptcy Code |
| Part I |
Preliminary |
| 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 |
| 11. |
Persons not entitled to make application |
| 12. |
Time-limit for completion of insolvency resolution process |
| 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 |
| 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 |
| 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 |
| 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 |
| 71. |
Punishment for falsification of books of corporate debtor |
| 72. |
Punishment for wilful and material omissions from statements relating to affairs of corporate debtor |
| 73. |
Punishment for false representations to creditors |
| 74. |
Punishment for contravention of moratorium or the resolution plan |
| 75. |
Punishment for false information furnished in application |
| 76. |
Punishment for non-disclosure of dispute or payment of debt by operational creditor |
| 77. |
Punishment for providing false information in application made by corporate debtor |
| Part III |
Insolvency resolution and Bankruptcy for Individuals and Partnership firms |
| Chapter I |
Preliminary |
| 78. |
Application |
| 79. |
Definitions |
| Chapter II |
Fresh Start Process |
| 80. |
Eligibility for making an application |
| 81. |
Application for fresh start order |
| 82. |
Appointment of resolution professional |
| 83. |
Examination of application by resolution professional |
| 84. |
Admission or rejection of application by Adjudicating Authority |
| 85. |
Effect of admission of application |
| 86. |
Objections by creditor and their examination by resolution professional |
| 87. |
Application against decision of resolution professional |
| 88. |
General duties of debtor |
| 89. |
Replacement of resolution professional |
| 90. |
Directions for compliances of restrictions |
| 91. |
Revocation of order admitting application |
| 92. |
Discharge order |
| 93. |
Standard of conduct |
| Chapter III |
Insolvency Resolution Process |
| 94. |
Application by debtor to initiate insolvency resolution process |
| 95. |
Application by creditor to initiate insolvency resolution process |
| 96. |
Interim moratorium |
| 97. |
Appointment of resolution professional |
| 98. |
Replacement of resolution professional |
| 99. |
Submission of report by resolution professional |
| 100. |
Admission or rejection of application |
| 101. |
Moratorium |
| 102. |
Public notice and claims from creditors |
| 103. |
Registering of claims by creditors |
| 104. |
Preparation of list of creditors |
| 105. |
Repayment plan |
| 106. |
Report of resolution professional on repayment plan |
| 107. |
Summoning of meeting of creditors |
| 108. |
Conduct of meeting of creditors |
| 109. |
Voting rights in meeting of creditors |
| 110. |
Rights of secured creditors in relation to repayment plan |
| 111. |
Approval of repayment plan by creditors |
| 112. |
Report of meeting of creditors on repayment plan |
| 113. |
Notice of decisions taken at meeting of creditors |
| 114. |
Order of Adjudicating Authority on repayment plan |
| 115. |
Effect of order of Adjudicating Authority on repayment plan |
| 116. |
Implementation and supervision of repayment plan |
| 117. |
Completion of repayment plan |
| 118. |
Repayment plan coming to end prematurely |
| 119. |
Discharge order |
| 120. |
Standard of conduct |
| Chapter IV |
Bankruptcy order for individuals and partnership firms |
| 121. |
Application for bankruptcy |
| 122. |
Application by debtor |
| 123. |
Application by creditor |
| 124. |
Effect of application |
| 125. |
Appointment of insolvency professional as bankruptcy trustee |
| 126. |
Bankruptcy order |
| 127. |
Validity of bankruptcy order |
| 128. |
Effect of bankruptcy order |
| 129. |
Statement of financial position |
| 130. |
Public notice inviting claims from creditors |
| 131. |
Registration of claims |
| 132. |
Preparation of list of creditors |
| 133. |
Summoning of meeting of creditors |
| 134. |
Conduct of meeting of creditors |
| 135. |
Voting rights of creditors |
| 136. |
Administration and distribution of estate of bankruptcy |
| 137. |
Completion of administration |
| 138. |
Discharge order |
| 139. |
Effect of discharge |
| 140. |
Disqualification of bankrupt |
| 141. |
Restrictions on bankrupt |
| 142. |
Modification or recall of bankruptcy order |
| 143. |
Standard of conduct |
| 144. |
Fees of bankruptcy trustee |
| 145. |
Replacement of bankruptcy trustee |
| 146. |
Resignation by bankruptcy trustee |
| 147. |
Vacancy in office of bankruptcy trustee |
| 148. |
Release of bankruptcy trustee |
| Chapter V |
Administration and Distribution of the Estate of the Bankrupt |
| 149. |
Functions of bankruptcy trustee |
| 150. |
Duties of bankrupt towards bankruptcy trustee |
| 151. |
Rights of bankruptcy trustee |
| 152. |
General powers of bankruptcy trustee |
| 153. |
Approval of creditors for certain acts |
| 154. |
Vesting of estate of bankrupt in bankruptcy trustee |
| 155. |
Estate of bankrupt |
| 156. |
Delivery of property and documents to bankruptcy trustee |
| 157. |
Acquisition of control by bankruptcy trustee |
| 158. |
Restrictions on disposition of property |
| 159. |
After-acquired property of bankrupt |
| 160. |
Onerous property of bankrupt |
| 161. |
Notice to disclaim onerous property |
| 162. |
Disclaimer of leaseholds |
| 163. |
Challenge against disclaimed property |
| 164. |
Undervalued transactions |
| 165. |
Preference transactions |
| 166. |
Effect of order |
| 167. |
Extortionate credit transactions |
| 168. |
Obligations under contracts |
| 169. |
Continuance of proceedings on death of bankrupt |
| 170. |
Administration of estate of deceased bankrupt |
| 171. |
Proof of debt |
| 172. |
Proof of debt by secured creditors |
| 173. |
Mutual credit and set-off |
| 174. |
Distribution of interim dividend |
| 175. |
Distribution of property |
| 176. |
Final dividend |
| 177. |
Claims of creditors |
| 178. |
Priority of payment of debts |
| Chapter VI |
Adjudicating Authority for individuals and Partnership firms |
| 179. |
Adjudicating authority for individuals and partnership firms |
| 180. |
Civil court not to have jurisdiction |
| 181. |
Appeal to Debt Recovery Appellate Tribunal |
| 182. |
Appeal to Supreme Court |
| 183. |
Expeditious disposal of applications |
| Chapter VII |
Offences and Penalties |
| 184. |
Punishment for false information, etc., by creditor in insolvency resolution process |
| 185. |
Punishment for contravention of provisions |
| 186. |
Punishment for false information, concealment, etc., by bankrupt |
| 187. |
Punishment for certain actions |
| Part IV |
Regulation of Insolvency Professionals, Agencies and Information Utilities |
| Chapter I |
The Insolvency and Bankruptcy Board of India |
| 188. |
Establishment and incorporation of Board |
| 189. |
Constitution of Board |
| 190. |
Removal of member from office |
| 191. |
Powers of Chairperson |
| 192. |
Meetings of Board |
| 193. |
Member not to participate in meetings in certain cases |
| 194. |
Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board |
| 195. |
Power to designate financial sector regulator |
| Chapter II |
Powers and Functions of The Board |
| 196. |
Powers and functions of Board |
| 197. |
Constitution of advisory committee, executive committee or other committee |
| 198. |
Condonation of delay |
| Chapter III |
Insolvency Professional Agencies |
| 199. |
No person to function as insolvency professional agency without valid certificate of registration |
| 200. |
Principles governing registration of insolvency professional agency |
| 201. |
Registration of insolvency professional agency |
| 202. |
Appeal to National Company Law Appellate Tribunal |
| 203. |
Governing Board of insolvency professional agency |
| 204. |
Functions of insolvency professional agencies |
| 205. |
Insolvency professional agencies to make bye-laws |
| Chapter IV |
Insolvency Professionals |
| 206. |
Enrolled and registered persons to act as insolvency professionals |
| 207. |
Registration of insolvency professionals |
| 208. |
Functions and obligations of insolvency professionals |
| Chapter V |
Information Utilities |
| 209. |
No person to function as information utility without certificate of registration |
| 210. |
Registration of information utility |
| 211. |
Appeal to National Company Law Appellate Tribunal |
| 212. |
Governing Board of information utility |
| 213. |
Core services, etc., of information utilities |
| 214. |
Obligations of information utility |
| 215. |
Procedure for submission, etc., of financial information |
| 216. |
Rights and obligations of persons submitting financial information |
| Chapter VI |
Inspection and Investigation |
| 217. |
Complaints against insolvency professional agency or its member or information utility |
| 218. |
Investigation of insolvency professional agency or its member or information utility |
| 219. |
Show cause notice to insolvency professional agency or its member or information utility |
| 220. |
Appointment of disciplinary committee |
| Chapter VII |
Finance, Accounts and Audit |
| 221. |
Grants by Central Government |
| 222. |
Board’s Fund |
| 223. |
Accounts and audit |
| Part V |
Miscellaneous |
| 224. |
Insolvency and Bankruptcy Fund |
| 225. |
Power of Central Government to issue directions |
| 226. |
Power of Central Government to supersede Board |
| 227. |
Power of Central Government to notify financial service providers |
| 228. |
Budget |
| 229. |
Annual report |
| 230. |
Delegation |
| 231. |
Bar of jurisdiction |
| 232. |
Members, officers and employees of Board to the public servants |
| 233. |
Protection of action taken in good faith |
| 234. |
Agreements with foreign countries |
| 235. |
Letter of request to a country outside India in certain cases |
| 236. |
Trial of offences by Special Court |
| 237. |
Appeal and revision |
| 238. |
Provisions of this Code to override other laws |
| 239. |
Power to make rules |
| 240. |
Power to make regulations |
| 240A. |
Application of this Code to micro, small and medium enterprises |
| 241. |
Rules and regulations to be laid before Parliament |
| 242. |
Power to remove difficulties |
| 243. |
Repeal of certain enactments and savings |
| 244. |
Transitional provisions |
| 245. |
Amendments of Act 9 of 1932 |
| 246. |
Amendments of Act 1 of 1944 |
| 247. |
Amendments of Act 43 of 1961 |
| 248. |
Amendments of Act 52 of 1962 |
| 249. |
Amendments of Act 51 of 1993 |
| 250. |
Amendments of Act 32 of 1994 |
| 251. |
Amendments of Act 54 of 2002 |
| 252. |
Amendments of Act 1 of 2004 |
| 253. |
Amendments of Act 51 of 2007 |
| 254. |
Amendments of Act 6 of 2009 |
| 255. |
Amendments of Act 18 of 2013 |
| The Schedules |
|
| 1. |
Amendment to The Indian Partnership Act |
| 2. |
Amendment to The Central Excise Act |
| 3. |
Amendment to The Income-Tax Act |
| 4. |
Amendment to The Customs Act |
| 5. |
Amendments to The Recovery of Debts due to Banks and Financial Institutions Act |
| 6. |
Amendment to The Finance Act |
| 7. |
Amendment to The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act |
| 8. |
Amendment to The Sick Industrial Companies (Special Provisions) Repeal Act |
| 9. |
Amendments To The Payment And Settlement Systems Act |
| 10. |
Amendment to The Limited Liability Partnership Act |
| 11. |
Amendments to The Companies Act |
| 12. |
Acts for the Purposes of Clause (D) of Section 29A |
