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31/2016 - The Insolvency and Bankruptcy Code, 2016. ▶

Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 1: Short title, extent and commencement.

    (1) This Code may be called the Insolvency and Bankruptcy Code, 2016.
     (2) It extends to the whole of India:
     ¹*                  *                  *                  *                  *.
     (3) It shall come into force on such date² as the Central Government may, by notification in the Official Gazette, appoint:
     Provided that different dates may be appointed for different provisions of this Code and any reference in any such provision to the commencement of this Code shall be construed as a reference to the commencement of that provision.

Notes:

^1. The proviso omitted by the Jammu and Kashmir Reorganization (Adaptation of Central Laws) Order, 2020, vide notification No. S.O. 1123(E) dated (18-3-2020) and vide Union Territory of Ladakh Reorganisation (Adaptation of Central Laws) Order, 2020, notification No. S.O. 3774(E), dated (23-10-2020).
² 5th August, 2016, vide Notification no. S.O. 2618(E), dated 5th August, 2016 (ss. 188 to 194), see Gazette of India, Extraordinary, Part II, sec. 3(ii).
19th August, 2016S. 3, cls. (1), (5), (22), (26), (28), (37), ss. 221, 222, 225, 230, 232, 233, sub-section (1) of cls. (zd), subsection (2) of section 239, sub-section (1) and cls. (zt), sub-section (2) of section 240; ss. 241 and 242; vide notification No. S.O. 2746(E), dated 19th August 2016, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
1st November, 2016S. 3 of Cla. (2), (3), (4), (6), (7), (8), (9), (10), (11), (12),(13), (14), (15), (16), (17), (18), (19), (20), (21), (23), (24), (25), (27), (29), (30), (31), (32), (33), (34), (35), (36), ss. 196, 197, 223, sub-section (2) of section 239, clause (ze), (zf), (zg), (zh), (zl), (zm), sub-section (2) of section 240;cls. (a) to (zm); (zu) to (zzzc); s. 244, 246 to 248 (both inclusive); 250, 252, vide notification No. S.O. 3344(E), see Gazette of India, Extraordinary, Part II, sec. 3(ii).
15th November, 2016S. 199 to 207 (both inclusive), sub-section (1) of 208, Cl.(c), (e), s. 208(2), s. 217 to 220 (both inclusive), ss. 251, 253, 254 and 255, vide Notification No. S.O. 3453(E), dated 15th November, 2016 1st December, 2016 S. 2, Cl.(a) to (d)(except with regard to voluntary liquidation or Bankruptcy), s. 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70 (both inclusive), ss. 198, 231, 236, 237, 238(both inclusive), sub-section (2) of s. 239, cl (a) to (f), vide notification No. S.O. 3594(E) dated 30th November 2016, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
15th December 2016Ss 33 to 54 (both inclusive), vide notification No. S.O. 3687(E), dated 9th December 2016, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
1st April 2017Sub-section (2) of cls. (a) to (d), vide notification No. S.O. 1570(E), dated 15th May 2017, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
1st April 2017S. 59; Ss. 209 to 215 (both inclusive); Sub-section (1) of S 216; Ss. 234 and 235 vide notification No. S.O.
1005(E), dated 30th March 2017, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
14th June 2017Ss 55 to 58 (both inclusive), vide notification No. S.O. 1910(E), dated 14th June 2017, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
1st May, 2018Ss. 227 to 229 (both inclusive), vide notification No. S.O. 1817(E), dated 1st May 2018, see Gazette of India, Extraordinary, Part II, sec. 3(ii).

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