The Insolvency and Bankruptcy Code, 2016.

Sections

1. VII — FINANCE, ACCOUNTS AND AUDIT
2. 1The Explanation omitted by Act 26 of 2021, s. 12 (w.e.f. 4-4-2021)
3. 2In section 419, for sub-section (4), the following sub-section shall be substituted, namely:
4. 3In section 424,
5. 4In section 429, for sub-section (1), the following sub-section shall be substituted, namely:
6. 5In section 342, sub-sections (2), (3) and (4) shall be omitted
7. 6In section 468, for sub-section (2), the following sub-section shall be substituted, namely:
8. 7In section 347, for sub-section (1), the following sub-section shall be substituted, namely
9. 8In section 348, for sub-section (1), the following sub-section shall be substituted, namely
10. 9For section 326, the following section shall be substituted, namely:
11. 10( See section 254)
12. II — CORPORATE INSOLVENCY RESOLUTION PROCESS
13. 10ASuspension of initiation of corporate insolvency resolution process
14. VII — FINANCE, ACCOUNTS AND AUDIT
15. 11( See section 255) AMENDMENTS TO THE COMPANIES ACT, 2013 (18 OF 2013)
16. II — CORPORATE INSOLVENCY RESOLUTION PROCESS
17. 12Time-limit for completion of insolvency resolution process
18. 12AWithdrawal of application admitted under section 7, 9 or 10
19. 13Declaration of moratorium and public announcement
20. VII — FINANCE, ACCOUNTS AND AUDIT
21. 14For section 280, the following section shall be substituted, namely:
22. II — CORPORATE INSOLVENCY RESOLUTION PROCESS
23. 15Public announcement of corporate insolvency resolution process
24. 16Appointment and tenure of interim resolution professional
25. 17Management of affairs of corporate debtor by interim resolution professional
26. 18Duties of interim resolution professional
27. 19Personnel to extend cooperation to interim resolution professional
28. 20Management of operations of corporate debtor as going concern
29. VII — FINANCE, ACCOUNTS AND AUDIT
30. 21For section 329, the following section shall be substituted, namely:
31. 22For section 334, the following section shall be substituted, namely:
32. II — CORPORATE INSOLVENCY RESOLUTION PROCESS
33. 23Resolution professional to conduct corporate insolvency resolution process
34. VII — FINANCE, ACCOUNTS AND AUDIT
35. 24In section 337, for the words "or which subsequently passes a resolution for voluntary winding up,", the words "under this Act", shall be substituted
36. 25In section 342, sub-sections (2), (3) and (4) shall be omitted
37. II — CORPORATE INSOLVENCY RESOLUTION PROCESS
38. 25ARights and duties of authorised representative of financial creditors
39. 26Application for avoidance of transactions not to affect proceedings
40. 27Replacement of resolution professional by committee of creditors
41. VII — FINANCE, ACCOUNTS AND AUDIT
42. 28In section 348, for sub-section (1), the following sub-section shall be substituted, namely
43. 29For section 357, the following section shall be substituted, namely:
44. 30In section 370, in the proviso, after the words "obtained for the winding up the company", the words
45. 31Approval of resolution plan
46. II — CORPORATE INSOLVENCY RESOLUTION PROCESS
47. 32Appeal
48. 32ALiability for prior offences, etc
49. VII — FINANCE, ACCOUNTS AND AUDIT
50. 33In section 424,
51. 34In section 429, for sub-section (1), the following sub-section shall be substituted, namely:
52. III — LIQUIDATION PROCESS
53. 35Powers and duties of liquidator
54. VII — FINANCE, ACCOUNTS AND AUDIT
55. 36In section 468, for sub-section (2), the following sub-section shall be substituted, namely:
56. III — LIQUIDATION PROCESS
57. 37Powers of liquidator to access information
58. 38Consolidation of claims
59. 39Verification of claims
60. 40Admission or rejection of claims
61. 41Determination of valuation of claims
62. 42Appeal against the decision of liquidator
63. 43Preferential transactions and relevant time
64. 44Orders in case of preferential transactions
65. 45Avoidance of undervalued transactions
66. 46Relevant period for avoidable transactions
67. 47Application by creditor in cases of undervalued transactions
68. 48Order in cases of undervalued transactions
69. 49Transactions defrauding creditors
70. 50Extortionate credit transactions
71. 51Order of Adjudicating Authority in respect of extortionate credit transactions
72. 52Second creditor in liquidation proceedings
73. 53Distribution of assets
74. 54Dissolution of corporate debtor
75. 54ACorporate debtors eligible for pre-packaged insolvency resolution process
76. 54BDuties of insolvency professional before initiation of pre-packaged insolvency resolution process
77. 54CApplication to initiate pre-packaged insolvency resolution process
78. 54DTime-limit for completion of pre-packaged insolvency resolution process
79. 54EDeclaration of moratorium and public announcement during prepackaged insolvency resolution process
80. 54FDuties and powers of resolution professional during prepackaged insolvency resolution process
81. 54GList of claims and preliminary information memorandum
82. 54HManagement of affairs of corporate debtor
83. 54JVesting management of corporate debtor with resolution professional
84. 54KConsideration and approval of resolution plan
85. 54LApproval of resolution plan
86. 54MAppeal against order under section 54L
87. 54NTermination of prepackaged insolvency resolution process
88. 54PApplication of provisions of Chapters II, III, VI and VII to this Chapter
89. IV — FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS
90. 55Fast track corporate insolvency resolution process
91. 56Time period for completion of fast track corporate insolvency resolution process
92. 57Manner of initiating fast track corporate insolvency resolution process
93. 58Applicability of Chapter II to this Chapter
94. V — VOLUNTARY LIQUIDATION OF CORPORATE PERSONS
95. 59Voluntary liquidation of corporate persons
96. VI — ADJUDICATING AUTHORITY FOR CORPORATE PERSONS
97. 60Adjudicating authority for corporate persons
98. 61Appeals and Appellate Authority
99. 62Appeal to Supreme Court
100. 63Civil court not to have jurisdiction
101. 64Expeditious disposal of applications
102. 65Fraudulent or malicious initiation of proceedings
103. 66Fraudulent trading or wrongful trading
104. 67Proceedings under section 66
105. VII — OFFENCES AND PENALTIES
106. 68Punishment for concealment of property
107. 69Punishment for transactions defrauding creditors
108. 70Punishment for misconduct in course of corporate insolvency resolution process
109. 71Punishment for falsification of books of corporate debtor
110. 72Punishment for wilful and material omissions from statements relating to affairs of corporate debtor
111. 73Punishment for false representations to creditors
112. 74Punishment for contravention of moratorium or the resolution plan
113. 75Punishment for false information furnished in application
114. I — PRELIMINARY
115. 78Application
116. 79Definitions
117. II — FRESH START PROCESS
118. 80Eligibility for making an application
119. 81Application for fresh start order
120. 82Appointment of resolution professional
121. 83Examination of application by resolution professional
122. 84Admission or rejection of application by Adjudicating Authority
123. 85Effect of admission of application
124. 86Objections by creditor and their examination by resolution professional
125. 87Application against decision of resolution professional
126. 89Replacement of resolution professional
127. 90Directions for compliances of restrictions, etc
128. 91Revocation of order admitting application
129. 92Discharge order
130. 93Standard of conduct
131. III — INSOLVENCY RESOLUTION PROCESS
132. 94Application by debtor to initiate insolvency resolution process
133. 95Application by creditor to initiate insolvency resolution process
134. 96Interim moratorium
135. 97Appointment of resolution professional
136. 98Replacement of resolution professional
137. 99Submission of report by resolution professional
138. 100Admission or rejection of application
139. 101Moratorium
140. 102Public notice and claims from creditors
141. 103Registering of claims by creditors
142. 104Preparation of list of creditors
143. 105Repayment plan
144. 106Report of resolution professional on repayment plan
145. 107Summoning of meeting of creditors
146. 108Conduct of meeting of creditors
147. 109Voting rights in meeting of creditors
148. 110Rights of secured creditors in relation to repayment plan
149. 111Approval of repayment plan by creditors
150. 112Report of meeting of creditors on repayment plan
151. 113Notice of decisions taken at meeting of creditors
152. 114Order of Adjudicating Authority on repayment plan
153. 115Effect of order of Adjudicating Authority on repayment plan
154. 116Implementation and supervision of repayment plan
155. 117Completion of repayment plan
156. 118Repayment plan coming to end prematurely
157. 119Discharge order
158. 120Standard of conduct
159. IV — BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRM
160. 121Application for bankruptcy
161. 122Application by debtor
162. 123Application by creditor
163. 124Effect of application
164. 125Appointment of insolvency professional as bankruptcy trustee
165. 126Bankruptcy order
166. 127Validity of bankruptcy order
167. 128Effect of bankruptcy order
168. 129Statement of financial position
169. 130Public notice inviting claims from creditors
170. 131Registration of claims
171. 132Preparation of list of creditors
172. 133Summoning of meeting of creditors
173. 134Conduct of meeting of creditors
174. 135Voting rights of creditors
175. 136Administration and distribution of estate of bankrupt
176. 137Completion of administration
177. 138Discharge order
178. 139Effect of discharge
179. 140Disqualification of bankrupt
180. 141Restrictions on bankrupt
181. 142Modification or recall of bankruptcy order
182. 143Standard of conduct
183. 144Fees of bankruptcy order
184. 145Replacement of bankruptcy order
185. 146Resignation by bankruptcy trustee
186. 147Vacancy in office of bankruptcy trustee
187. 148Release of bankruptcy trustee
188. V — ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT
189. 149Functions of bankruptcy trustee
190. 150Duties of bankrupt towards bankruptcy trustee
191. 151Rights of bankruptcy trustee
192. 152General powers of bankruptcy truste
193. 153Approval of creditors for certain acts
194. 154Vesting of estate of bankrupt in bankruptcy trustee
195. 155Estate of bankrupt
196. 156Delivery of property and documents to bankruptcy trustee
197. 157Acquisition of control by bankruptcy trustee
198. 158Restrictions on disposition of property
199. 159After-acquired property of bankrupt
200. 160Onerous property of bankrupt
201. 161Notice to disclaim onerous property
202. 162Disclaimer of leaseholds
203. 163Challenge against disclaimed property
204. 164Undervalued transactions
205. 165Preference transactions
206. 166Effect of order
207. 167Extortionate credit transactions
208. 168Obligation under contracts
209. 169Continuance of proceedings on death of bankrupt
210. 170Administration of estate of deceased bankrupt
211. 171Proof of debt
212. 172Proof of debt by secured creditors
213. 173Mutual credit and set-off
214. 174Distribution of interim dividend
215. 175Distribution of property
216. 176Final dividend
217. 177Claims of creditors
218. 178Priority of payment of debts
219. VI — ADJUDICATING AUTHORITY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
220. 179Adjudicating authority for individuals and partnership firms
221. 180Civil court not to have jurisdiction
222. 181Appeal to Debt Recovery Appellate Tribunal
223. 182Appeal to Supreme Court
224. 183Expeditious disposal of applications
225. VII — OFFENCES AND PENALTIES
226. 184Punishment for false information, etc., by creditor in insolvency resolution process
227. 185Punishment for contravention of provisions
228. I — THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
229. 188Establishment and incorporation of Board
230. 189Constitution of Board
231. 190Removal of member from office
232. 191Powers of Chairperson
233. 192Meetings of Board
234. 193Member not to participate in meetings in certain cases
235. 194Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board
236. 195Power to designate financial sector regulator
237. II — POWERS AND FUNCTIONS OF THE BOARD
238. 196Powers and functions of Board
239. 197Constitution of advisory committee, executive committee or other committee
240. 198Condonation of delay
241. III — INSOLVENCY PROFESSIONAL AGENCIES
242. 199No person to function as insolvency professional agency without valid certificate of registration
243. 200Principles governing registration of insolvency professional agency
244. 201Registration of insolvency professional agency
245. 202Appeal to National Company Law Appellate Tribunal
246. 203Governing Board of insolvency professional agency
247. 204Functions of insolvency professional agencies
248. 205Insolvency professional agencies to make bye-laws
249. IV — INSOLVENCY PROFESSIONALS
250. 206Enrolled and registered persons to act as insolvency professionals
251. 207Registration of insolvency professionals
252. 208Functions and obligations of insolvency professionals
253. V — INFORMATION UTILITIES
254. 209No person to function as information utility without certificate of registration
255. 210Registration of information utility
256. 211Appeal to National Company Law Appellate Tribunal
257. 212Governing Board of information utility
258. 213Core services, etc., of information utilities
259. 214Obligation of information utility
260. 215Procedure for submission, etc., of financial information
261. 216Rights and obligations of persons submitting financial information
262. VI — INSPECTION AND INVESTIGATION
263. 217Complaints against insolvency professional agency or its member or information utility
264. 218Investigation of insolvency professional agency or its member or information utility
265. 219Show cause notice to insolvency professional agency or its member or information utility
266. 220Appointment of disciplinary committee
267. VII — FINANCE, ACCOUNTS AND AUDIT
268. 221Grants by Central Government
269. 222Board's Fund
270. 223Accounts and audit
271. 224Insolvency and Bankruptcy Fund
272. 225Power of Central Government to issue directions
273. 226Power of Central Government to supersede Board
274. 227Power of Central Government to notify financial service providers, etc
275. 228Budget
276. 229Annual report
277. 230Delegation
278. 231Bar of jurisdiction
279. 232Members, officers and employees of Board to the public servants
280. 233Protection of action taken in good faith
281. 234Agreements with foreign countries
282. 235Letter of request to a country outside India in certain cases
283. 236Trial of offences by Special Court
284. 237Appeal and revision
285. 238Provisions of this Code to override other laws
286. 239Power to make rules
287. 240Power to make regulations
288. 241Rules and regulations to be laid before Parliament
289. 242Power to remove difficulties
290. 243Repeal of certain enactments and savings
291. 244Transitional provisions
292. 245Amendments of Act 9 of 1932
293. 246Amendments of Act 1 of 1944
294. 247Amendments of Act 43 of 1961
295. 248Amendments of Act 52 of 1962
296. 249Amendments of Act 51 of 1993
297. 250Amendments of Act 32 of 1994
298. 251Amendments of Act 54 of 2002
299. 252Amendments of Act 1 of 2004
300. 253Amendments of Act 51 of 2007
301. 254Amendments of Act 6 of 2009
302. 255Amendments of Act 18 of 2013