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 15: Public announcement of corporate insolvency resolution process.
    (1) The public announcement of the corporate insolvency resolution process under the order referred to in section 13 shall contain the following information, namely:—
         (a) name and address of the corporate debtor under the corporate insolvency resolution process;
         (b) name of the authority with which the corporate debtor is incorporated or registered;
         (c) the last date for submission of 1 [claims, as may be specified] ;
         (d) details of the interim resolution professional who shall be vested with the management of the corporate debtor and be responsible for receiving claims;
         (e) penalties for false or misleading claims; and
         (f) the date on which the corporate insolvency resolution process shall close, which shall be the one hundred and eightieth day from the date of the admission of the application under sections 7, 9 or section 10, as the case may be.
     (2) The public announcement under this section shall be made in such manner as may be specified.
Notes:
1 Subs. by Act 26 of 2018, s. 11, for "claims" (w.e.f. 6-6-2018).
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