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 130: Public notice inviting claims from creditors.
    (1) The Adjudicating Authority shall—
         (a) send notices within ten days of the bankruptcy commencement date, to the creditors mentioned in—
             (i) the statement of affairs submitted by the bankrupt under section 129; or
             (ii) the application for bankruptcy submitted by the bankrupt under section 122.
         (b) issue a public notice inviting claims from creditors.
     (2) The public notice under clause (b) of sub-section (1) shall include the last date up to which the claims shall be submitted and such other matters and details as may be prescribed and shall be—
         (a) published in leading newspapers, one in English and another in vernacular having sufficient circulation where the bankrupt resides;
         (b) affixed on the premises of the Adjudicating Authority; and
         (c) placed on the website of the Adjudicating Authority.
     (3) The notice to the creditors referred to under clause (a) of sub-section (1) shall include such matters and details as may be prescribed.
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