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 2: Application.
    The provisions of this Code shall apply to--
         (a) any company incorporated under the Companies Act, 2013 (18 of 2013) or under any previous company law;
         (b) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act;
         (c) any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008 (6 of 2009);
         (d) such other body incorporated under any law for the time being in force, as the Central Government may, by notification, specify in this behalf; 1***
         2[(e) personal guarantors to corporate debtors;
         (f) partnership firms and proprietorship firms; and
         (g) individuals, other than persons referred to in clause (e),]
Notes:
1. The word "and" omitted by Act 8 of 2018, s. 2 (w.e.f. 23-11-2017).
2. Subs. by s. 2, ibid., for clause (e) (w.e.f. 23-11-2017).
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