Treatise on INSOLVENCY & BANKRUPTCY CODE

Edition: 4th edn., 2022 in 2 vols.

ISBN: 978-93-90854-85-1

Pages: 3376

Author: V.S. WAHI Foreword by Justice A.K. Sikri

A. Sections of Insolvency and Bankruptcy Code, 2016 notified till dateB. The Insolvency and Bankruptcy Code (Amendment) Act, 2021Division IThe Insolvency and Bankruptcy Code, 2016[No. 31 of 2016](For detailed content, see respective Section/Chapter)PART IPRELIMINARY1. Short title, extent and commencement2. Application3. DefinitionsPART IIINSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONSCHAPTER IPRELIMINARY4. Application of this Part5. DefinitionsCHAPTER IICORPORATE INSOLVENCY RESOLUTION PROCESS6. Persons who may initiate corporate insolvency resolution process7. Initiation of corporate insolvency resolution process by financial creditor8. Insolvency resolution by operational creditor9. Application for initiation of corporate insolvency resolution process by operational creditor10. Initiation of corporate insolvency resolution process by corporate applicant10A. Suspension of initiation of Corporate Insolvency Resolution Process11. Persons not entitled to make application11A. Disposal of applications under section 54C and under section 7 or section 9 or section 10 12. Time-limit for completion of insolvency resolution process12A. Withdrawal of application admitted under section 7, 9 or 1013. Declaration of moratorium and public announcement14. Moratorium15. Public announcement of corporate insolvency resolution process16. Appointment and tenure of interim resolution professional17. Management of affairs of corporate debtor by interim resolution professional18. Duties of interim resolution professional19. Personnel to extend co-operation to interim resolution professional20. Management of operations of corporate debtor as going concern21. Committee of creditors22. Appointment of resolution professional23. Resolution professional to conduct corporate insolvency resolution process24. Meeting of committee of creditors25. Duties of resolution professional25A. Rights and duties of authorised representative of financial creditors26. Application for avoidance of transactions not to affect proceedings27. Replacement of resolution professional by committee of creditors28. Approval of committee of creditors for certain actions29. Preparation of information memorandum29A. Persons not eligible to be resolution applicant30. Submission of resolution plan31. Approval of resolution plan32. Appeal32A. Liability for prior offences, etc.CHAPTER IIILIQUIDATION PROCESS33. Initiation of liquidation34. Appointment of liquidator and fee to be paid35. Powers and duties of liquidator36. Liquidation estate37. Powers of liquidator to access information38. Consolidation of claims39. Verification of claims40. Admission or rejection of claims41. Determination of valuation of claims42. Appeal against the decision of liquidator43. Preferential transactions and relevant time44. Orders in case of preferential transactions45. Avoidance of undervalued transactions46. Relevant period for avoidable transactions47. Application by creditor in cases of undervalued transactions48. Order in cases of undervalued transactions49. Transactions defrauding creditors50. Extortionate credit transactions51. Orders of Adjudicating Authority in respect of extorionate credit transactions52. Secured creditor in liquidation proceedings53. Distribution of assets54. Dissolution of corporate debtorCHAPTER IIIAPRE-PACKAGED INSOLVENCY RESOLUTION PROCESS54A. Corporate debtors eligible for pre-packaged insolvency resolution process54B. Duties of insolvency professional before initiation of pre-packaged insolvency resolution process54C. Application to initiate pre-packaged insolvency resolution process54D. Time-limit for completion of pre-packaged insolvency resolution process54E. Declaration of moratorium and public announcement during pre-packaged insolvency resolution process54F. Duties and powers of resolution professional during pre-packaged insolvency resolution process54G. List of claims and preliminary information memorandum54H. Management of affairs of corporate debtor54-I. Committee of creditors54J. Vesting management of corporate debtor with resolution professional54K. Consideration and approval of resolution plan54L. Approval of resolution plan54M. Appeal against order under section 54L54N. Termination of pre-packaged insolvency resolution process54-O. Initiation of corporate insolvency resolution process54P. Application of provisions of Chapters II, III, VI and VII to this ChapterCHAPTER IVFAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS55. Fast track corporation insolvency resolution process56. Time period for completion of fast track corporate insolvency resolution process57. Manner of initiating fast track corporate insolvency resolution process58. Applicability of Chapter II to this ChapterCHAPTER VVOLUNTARY LIQUIDATION OF CORPORATE PERSONS59. Voluntary liquidation of corporate personsCHAPTER VIADJUDICATING AUTHORITY FOR CORPORATE PERSONS60. Adjudicating Authority for corporate persons61. Appeals and Appellate Authority62. Appeal to Supreme Court63. Civil court not to have jurisdiction64. Expeditious disposal of applications65. Fraudulent or malicious intiation of proceedings66. Fraudulent trading or wrongful trading67. Proceedings under section 6667A. Fraudulent management of corporate debtor during pre-packaged insolvency resolution processCHAPTER VIIOFFENCES AND PENALTIES68. Punishment for concealment of property69. Punishment for transactions defrauding creditors70. Punishment for misconduct in course of corporate insolvency resolution process71. Punishment for falsification of books of corporate debtor72. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor73. Punishment for false representations to creditors74. Punishment for contravention of moratorium or the resolution plan75. Punishment for false information furnished in application76. Punishment for non-disclosure of dispute or payment of debt by operational creditor77. Punishment for providing false information in