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