TY - BOOK AU - Wahi, V S TI - Treatise on insolvency and bankruptcy code, Vol-1 SN - 9789390854851 U1 - 346.078 PY - 2022/// CY - New Delhi PB - Bharat Law House Pvt Ltd KW - Bankruptcy India Commentaires KW - juridiques India Law commentaries KW - India Law commentaries N1 - Division I The Insolvency and Bankruptcy Code, 2016 [No. 31 of 2016] (For detailed content, see respective Section/Chapter) PART I PRELIMINARY 1. Short title, extent and commencement 2. Application 3. Definitions PART II INSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS CHAPTER I PRELIMINARY 4. Application of this Part 5. Definitions CHAPTER II CORPORATE INSOLVENCY RESOLUTION PROCESS 6. Persons who may initiate corporate insolvency resolution process 7. Initiation of corporate insolvency resolution process by financial creditor 8. Insolvency resolution by operational creditor 9. Application for initiation of corporate insolvency resolution process by operational creditor 10. Initiation of corporate insolvency resolution process by corporate applicant 10A. Suspension of initiation of Corporate Insolvency Resolution Process 11. Persons not entitled to make application 11A. Disposal of applications under section 54C and under section 7 or section 9 or section 10 12. Time-limit for completion of insolvency resolution process 12A. Withdrawal of application admitted under section 7, 9 or 10 13. Declaration of moratorium and public announcement 14. Moratorium 15. Public announcement of corporate insolvency resolution process 16. Appointment and tenure of interim resolution professional 17. Management of affairs of corporate debtor by interim resolution professional 18. Duties of interim resolution professional 19. Personnel to extend co-operation to interim resolution professional 20. Management of operations of corporate debtor as going concern 21. Committee of creditors 22. Appointment of resolution professional 23. Resolution professional to conduct corporate insolvency resolution process 24. Meeting of committee of creditors 25. Duties of resolution professional 25A. Rights and duties of authorised representative of financial creditors 26. Application for avoidance of transactions not to affect proceedings 27. Replacement of resolution professional by committee of creditors 28. Approval of committee of creditors for certain actions 29. Preparation of information memorandum 29A. Persons not eligible to be resolution applicant 30. Submission of resolution plan 31. Approval of resolution plan 32. Appeal 32A. Liability for prior offences, etc. CHAPTER III LIQUIDATION PROCESS 33. Initiation of liquidation 34. Appointment of liquidator and fee to be paid 35. Powers and duties of liquidator 36. Liquidation estate 37. Powers of liquidator to access information 38. Consolidation of claims 39. Verification of claims 40. Admission or rejection of claims 41. Determination of valuation of claims 42. Appeal against the decision of liquidator 43. Preferential transactions and relevant time 44. Orders in case of preferential transactions 45. Avoidance of undervalued transactions 46. Relevant period for avoidable transactions 47. Application by creditor in cases of undervalued transactions 48. Order in cases of undervalued transactions 49. Transactions defrauding creditors 50. Extortionate credit transactions 51. Orders of Adjudicating Authority in respect of extorionate credit transactions 52. Secured creditor in liquidation proceedings 53. Distribution of assets 54. Dissolution of corporate debtor CHAPTER IIIA PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS 54A. Corporate debtors eligible for pre-packaged insolvency resolution process 54B. Duties of insolvency professional before initiation of pre-packaged insolvency resolution process 54C. Application to initiate pre-packaged insolvency resolution process 54D. Time-limit for completion of pre-packaged insolvency resolution process 54E. Declaration of moratorium and public announcement during pre-packaged insolvency resolution process 54F. Duties and powers of resolution professional during pre-packaged insolvency resolution process 54G. List of claims and preliminary information memorandum 54H. Management of affairs of corporate debtor 54-I. Committee of creditors 54J. Vesting management of corporate debtor with resolution professional 54K. Consideration and approval of resolution plan 54L. Approval of resolution plan 54M. Appeal against order under section 54L 54N. Termination of pre-packaged insolvency resolution process 54-O. Initiation of corporate insolvency resolution process 54P. Application of provisions of Chapters II, III, VI and VII to this Chapter CHAPTER IV FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS 55. Fast track corporation insolvency resolution process 56. Time period for completion of fast track corporate insolvency resolution process 57. Manner of initiating fast track corporate insolvency resolution process 58. Applicability of Chapter II to this Chapter CHAPTER V VOLUNTARY LIQUIDATION OF CORPORATE PERSONS 59. Voluntary liquidation of corporate persons CHAPTER VI ADJUDICATING AUTHORITY FOR CORPORATE PERSONS 60. Adjudicating Authority for corporate persons 61. Appeals and Appellate Authority 62. Appeal to Supreme Court 63. Civil court not to have jurisdiction 64. Expeditious disposal of applications 65. Fraudulent or malicious intiation of proceedings 66. Fraudulent trading or wrongful trading 67. Proceedings under section 66 67A. Fraudulent management of corporate debtor during pre-packaged insolvency resolution process CHAPTER VII OFFENCES AND PENALTIES 68. Punishment for concealment of property 69. Punishment for transactions defrauding creditors 70. Punishment for misconduct in course of corporate insolvency resolution process 71. Punishment for falsification of books of corporate debtor 72. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor 73. Punishment for false representations to creditors 74. Punishment for contravention of moratorium or the resolution plan 75. Punishment for false information furnished in application 76. Punishment for non-disclosure of dispute or payment of debt by operational creditor 77. Punishment for providing false information in application made by corporate debtor 77A. Punishment for offences related to pre-packaged insolvency resolution process PART III INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS CHAPTER I PRELIMINARY 78. Application 79. Definitions CHAPTER II FRESH START PROCESS 80. Eligibility for making an application 81. Application for fresh start order 82. Appointment of resolution professional 83. Examination of application by resolution professional 84. Admission or rejection of application by Adjudicating Authority 85. Effect of admission of application 86. Objections by creditor and their examination by resolution professional 87. Application against decision of resolution professional 88. General duties of debtor 89. Replacement of resolution professional 90. Directions for compliances of restrictions, etc 91. Revocation of order admitting application 92. Discharge order 93. Standard of conduct CHAPTER III INSOLVENCY RESOLUTION PROCESS 94. Application by debtor to initiate insolvency resolution process 95. Application by creditor to initiate insolvency resolution process 96. Interim-moratorium 97. Appointment of resolution professional 98. Replacement of resolution professional 99. Submission of report by resolution professional 100. Admission or rejection of application 101. Moratorium 102. Public notice and claims from creditors 103. Resistering of claims by creditors 104. Preparation of list of creditors 105. Repayment plan 106. Report of resolution professional on repayment plan 107. Summoning of meeting of creditors 108. Conduct of meeting of creditors 109. Voting rights in meeting of creditors 110. Rights of secured creditors in relation to repayment plan 111. Approval of repayment plan by creditors 112. Report of meeting of creditors on repayment plan 113. Notice of decisions taken at meeting of creditors 114. Order of Adjudicating Authority on repayment plan 115. Effect of order of Adjudicating Authority on repayment plan 116. Implementation and supervision of repayment plan 117. Completion of repayment plan 118. Repayment plan coming to end prematurely 119. Discharge order 120. Standard of conduct CHAPTER IV BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS 121. Application for bankruptcy 122. Application by debtor 123. Application by creditor 124. Effect of application 125. Appointment of insolvency professional as bankruptcy trustee 126. Bankruptcy order 127. Validity of bankruptcy order 128. Effect of bankruptcy order 129 Statement of financial position 130. Public notice inviting claims from creditors 131. Registration of claims 132. Preparation of list of creditors 133. Summoning of meeting of creditors 134. Conduct of meeting of creditors 135. Voting rights of creditors 136. Administration and distribution of estate of bankrupt 137. Completion of administration 138. Discharge order 139. Effect of discharge 140. Disqualification of bankrupt 141. Restrictions on bankrupt 142. Modification or recall of bankruptcy order 143. Standard of conduct 144. Fees of bankruptcy trustee 145. Replacement of bankruptcy trustee 146. Resignation by bankruptcy trustee 147. Vacancy in office of bankruptcy trustee 148. Release of bankruptcy trustee CHAPTER V ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT 149. Functions of bankruptcy trustee 150. Duties of bankrupt towards bankruptcy trustee 151. Rights of bankruptcy trustee 152. General powers of bankruptcy trustee 153. Approval of creditors for certain acts 154. Vesting of estate of bankrupt in bankruptcy trustee 155. Estate of bankrupt 156. Delivery of property and documents to bankruptcy trustee 157. Acquisition of control by bankruptcy trustee 158. Restrictions on disposition of property 159. After-acquired property of bankrupt 160. Onerous property of bankrupt 161. Notice to disclaim onerous property 162. Disclaimer of leaseholds 163. Challenge against disclaimed property 164. Undervalued transactions 165. Preference transactions 166. Effect of order 167. Extortionate credit transactions 168. Obligations under contracts 169. Continuance of proceedings on death of bankrupt 170. Administration of estate of deceased bankrupt 171. Proof of debt 172. Proof of debt by secured creditors 173. Mutual credit and set-off 174. Distribution of interim dividend 175. Distribution of property 176. Final dividend 177. Claims of creditors 178. Priority of payment of debts CHAPTER VI ADJUDICATING AUTHORITY FOR INDIVIDUALS AND PARTNERSHIP FIRMS 179. Adjudicating Authority for individuals and partnership firms 180. Civil court not to have jurisdiction 181. Appeal to Debt Recovery Appellate Tribunal 182. Appeal to Supreme Court 183. Expeditious disposal of applications CHAPTER VII OFFENCES AND PENALTIES 184. Punishment for false information, etc., by creditor in insolvency resolution process 185. Punishment for contravention of provisions 186. Punishment for false information, concealment, etc., by bankrupt 187. Punishment for certain actions ER -