Bharat Laws

 
 

Treatise on Insolvency & Bankruptcy Code

 

by V.S. WAHI Foreword by Justice A.K. Sikri
 
Treatise on Insolvency & Bankruptcy Code
 
List Price: Rs. 3995
BharatLaws Member Price: Rs. 3595 ( 10% Discount )
Publisher: Bharat Law House Pvt. Ltd.
Edition: 3rd edn., June 2019 in 2 vols.
Year: 2019
ISBN: 978-93-5139-703-8
Pages: 2544
Availability: In Stock.

About Treatise on Insolvency & Bankruptcy Code
 

 Volume 1

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

11. Persons not entitled to make application

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

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 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

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

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

PART IV

REGULATION OF INSOLVENCY PROFESSIONALS, 

AGENCIES AND INFORMATION UTILITIES

CHAPTER I

THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

188. Establishment and incorporation of Board

189. Constitution of Board

190. Removal of member from office

191. Powers of Chairperson

192. Meetings of Board

193. Member not to participate in meetings in certain cases

194. Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board

195. Power to designate financial sector regulator

CHAPTER II

POWERS AND FUNCTIONS OF THE BOARD

196. Powers and functions of Board

197. Constitution of advisory committee, executive committee or other committee

198. Condonation of delay

CHAPTER III

INSOLVENCY PROFESSIONAL AGENCIES

199. No person to function as insolvency professional agency without valid certificate of registration

200. Principles governing registration of insolvency professional agency

201. Registration of insolvency professional agency

202. Appeal to National Company Law Appellate Tribunal

203. Governing Board of insolvency professional agency

204. Functions of insolvency professional agencies

205. Insolvency professional agencies to make bye-laws

Volume 2

CHAPTER IV

INSOLVENCY PROFESSIONALS

206. Enrolled and registered persons to act as insolvency professionals

207. Registration of insolvency professionals

208. Functions and obligations of insolvency professionals

CHAPTER V

INFORMATION UTILITIES

209. No person to function as information utility without certificate of registration

210. Registration of information utility

211. Appeal to National Company Law Appellate Tribunal

212. Governing Board of information utility

213. Core services, etc., of information utilities

214. Obligations of information utility

215. Procedure for submission, etc., of financial information

216. Rights and obligations of persons submitting financial information

CHAPTER VI

INSPECTION AND INVESTIGATION

217. Complaints against insolvency professional agency or its member or information utility

218. Investigation of insolvency professional agency or its member or information utility

219. Show cause notice to insolvency professional agency or its member or information utility

220. Appointment of disciplinary committee

CHAPTER VII

FINANCE, ACCOUNTS AND AUDIT

221. Grants by Central Government

222. Board’s Fund

223. Accounts and audit

PART V

MISCELLANEOUS

224. Insolvency and Bankruptcy Fund

225. Power of Central Government to issue directions

226. Power of Central Government to supersede Board

227. Power of Central Government to notify financial service providers, etc

228. Budget

229. Annual report

230. Delegation

231. Bar of jurisdiction

232. Members, officers and employees of Board to the public servants

233. Protection of action taken in good faith

234. Agreements with foreign countries

235. Letter of request to a country outside India in certain cases

235A. Punishment where no specific penalty or punishment is provided

236. Trial of offences by Special Court

237. Appeal and revision

238. Provisions of this Code to override other laws

238A. Limitation 

239. Power to make rules

240. Power to make regulations

240A. Application of this Code to micro, small and medium enterprises 

241. Rules and regulations to be laid before Parliament

242. Power to remove difficulties

243. Repeal of certain enactments and savings

244. Transitional provisions

245. Amendments of Act 9 of 1932

246. Amendments of Act 1 of 1944

247. Amendments of Act 43 of 1961

248. Amendments of Act 52 of 1962

249. Amendments of Act 51 of 1993

250. Amendments of Act 32 of 1994

251. Amendments of Act 54 of 2002

252. Amendments of Act 1 of 2004

253. Amendments of Act 51 of 2007

254. Amendments of Act 6 of 2009

255. Amendments of Act 18 of 2013

The First Schedule Amendment to the Indian Partnership Act, 1932

The Second Schedule Amendment to the Central Excise Act, 1944

The Third Schedule Amendment to the Income-Tax Act, 1961

The Fourth Schedule Amendment to the Customs Act, 1962

The Fifth Schedule Amendment to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993

The Sixth Schedule Amendment to the Finance Act, 1994

The Seventh Schedule Amendment to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002)

The Eighth Schedule Amendment to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003

The Ninth Schedule Amendment to the Payment and Settlement Systems Act, 2007

The Tenth Schedule Amendment to the Limited Liability Partnership Act, 2008

The Eleventh Schedule Amendments to the Companies Act, 2013

The Twelfth Schedule Acts for the purposes of clause (d) of section 29A

Division II

Insolvency and Bankruptcy Code, 2016 

alongwith Notifications, Circulars, 

Guidelines, Orders, Regulations & Rules

A. IBC, 2016

1 The Insolvency and Bankruptcy Code, 2016

B. Orders

2 Relevant Orders

C. Notifications

3 Notifications

D. Circulars 

4 Circulars

E. Guidelines

5 Guidelines 

F. Regulations

6 Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016

7 Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

8 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

9 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016

10 Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

11 Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017

12 Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017

13 Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017

14 Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

15 Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017

16 The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017

17 Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

18 Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017

19 Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018

G. Rules 

20 Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016

21 Insolvency and Bankruptcy Board of India (Salary, Allowances and other terms and Conditions of Service of Chairperson and Members) Rules, 2016

22 Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018

23 Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018

H. Scheme

24 Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole-time Members) Scheme, 2019

I. NCLT

25 National Company Law Tribunal Rules, 2016

26 National Company Law Appellate Tribunal Rules, 2016

27 Constitution of Benches of NCLT and NCLAT

28 Companies (Transfer of Pending Proceedings) Rules, 2016

Division III

Allied Acts & Rules

1 The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

2 Security Interest (Enforcement) Rules, 2002

3 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011

4 The Recovery of Debts and Bankruptcy Act, 1993

5 Debts Recovery Tribunal (Procedure) Rules, 1993

6 Debts Recovery Appellate Tribunal (Procedure) Rules, 1994

Division IV

Reports on IBC

1 Report of the Bankruptcy Law Reforms Committee

2 Report of the Insolvency Law Committee

3 Report of Insolvency Law Committee on Cross Border Insolvency

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