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 88: General duties of debtor.
    The debtor shall—
         (a) make available to the resolution professional all information relating to his affairs, attend meetings and comply with the requests of the resolution professional in relation to the fresh start process.
         (b) inform the resolution professional as soon as reasonably possible of—
             (i) any material error or omission in relation to the information or document supplied to the resolution professional; or
            (ii) any change in financial circumstances after the date of application, where such change has an impact on the fresh start process.
Notes:
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