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 102: Public notice and claims from creditors.
    (1) The Adjudicating Authority shall issue a public notice within seven days of passing the order under section 100 inviting claims from all creditors within twenty-one days of such issue.
     (2) The notice under sub-section (1) shall include—
         (a) details of the order admitting the application;
         (b) particulars of the resolution professional with whom the claims are to be registered; and
         (c) the last date for submission of claims.
     (3) The notice shall be—
         (a) published in at least one English and one vernacular newspaper which is in circulation in the state where the debtor resides;
         (b) affixed in the premises of the Adjudicating Authority; and
         (c) placed on the website of the Adjudicating Authority.
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