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 4: Application of this Part.
    This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is 1[one crore rupees]:
     Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees.
     2[Provided further that the Central Government may, by notification, specify such minimum amount of default of higher value, which shall not be more than one crore rupees, for matters relating to the prepackaged insolvency resolution process of corporate debtors under Chapter III-A.]
Notes:
1. Subs. by Notification No. S.O. 1205(E), for one lakh rupees (w.e.f. 24-3-2020).
2. Ins. by Act 26 of 2021, s. 2 (w.e.f. 4-4-2021).
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