The Insolvency and Bankruptcy Code, 2016.

Central Act · Act 31 of 2016282 provisions1,617 citing judgments

The enactment

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.
Type	Act
Citation	Act 31 of 2016
Year	2016
Jurisdiction	Central
Ministry	Ministry of Corporate Affairs
Status	In force as published by the source
Provisions published	282
Subjects	corporate, financial

Full text, provision by provision

Every provision below opens in full, free and without an account.

Section 1 Short title, extent and commencement.3 citing judgments
Section 2 Application.18 citing judgments
Section 3 Definitions.32 citing judgments
Section 4 Application of this Part.12 citing judgments
Section 5 Definitions.47 citing judgments
Section 6 Persons who may initiate corporate insolvency resolution process.18 citing judgments
Section 7 Initiation of corporate insolvency resolution process by financial creditor.178 citing judgments
Section 8 Insolvency resolution by operational creditor.37 citing judgments
Section 9 Application for initiation of corporate insolvency resolution process by operational creditor.106 citing judgments
Section 10 Initiation of corporate insolvency resolution process by corporate applicant.27 citing judgments
Section 10A Suspension of initiation of corporate insolvency resolution process.3 citing judgments
Section 11 Persons not entitled to make application.10 citing judgments
Section 11A Disposal of applications under section 54C and under section 7 or section 9 or section 10.
Section 12 Time-limit for completion of insolvency resolution process.25 citing judgments
Section 12A Withdrawal of application admitted under section 7, 9 or 10.25 citing judgments
Section 13 Declaration of moratorium and public announcement.17 citing judgments
Section 14 Moratorium.78 citing judgments
Section 15 Public announcement of corporate insolvency resolution process.12 citing judgments
Section 16 Appointment and tenure of interim resolution professional.9 citing judgments
Section 17 Management of affairs of corporate debtor by interim resolution professional.10 citing judgments
Section 18 Duties of interim resolution professional.17 citing judgments
Section 19 Personnel to extend co-operation to interim resolution professional.7 citing judgments
Section 20 Management of operations of corporate debtor as going concern.7 citing judgments
Section 21 Committee of creditors.18 citing judgments
Section 22 Appointment of resolution professional.7 citing judgments
Section 23 Resolution professional to conduct corporate insolvency resolution process.8 citing judgments
Section 24 Meeting of committee of creditors.11 citing judgments
Section 25 Duties of resolution professional.22 citing judgments
Section 25A Rights and duties of authorised representative of financial creditors.3 citing judgments
Section 26 Application for avoidance of transactions not to affect proceedings.5 citing judgments
Section 27 Replacement of resolution professional by committee of creditors.5 citing judgments
Section 28 Approval of committee of creditors for certain actions.9 citing judgments
Section 29 Preparation of information memorandum.10 citing judgments
Section 29A Person not eligible to be resolution applicant.20 citing judgments
Section 30 Submission of resolution plan.43 citing judgments
Section 31 Approval of resolution plan.44 citing judgments
Section 32 Appeal.6 citing judgments
Section 32A Liability for prior offences, etc.9 citing judgments
Section 33 Initiation of liquidation.17 citing judgments
Section 34 Appointment of liquidator and fee to be paid.9 citing judgments
Section 35 Powers and duties of liquidator.6 citing judgments
Section 36 Liquidation estate.11 citing judgments
Section 37 Powers of liquidator to access information.6 citing judgments
Section 38 Consolidation of claims.5 citing judgments
Section 39 Verification of claims.2 citing judgments
Section 40 Admission or rejection of claims.3 citing judgments
Section 41 Determination of valuation of claims.3 citing judgments
Section 42 Appeal against the decision of liquidator.4 citing judgments
Section 43 Preferential transactions and relevant time.15 citing judgments
Section 44 Orders in case of preferential transactions.4 citing judgments
Section 45 Avoidance of undervalued transactions.8 citing judgments
Section 46 Relevant period for avoidable transactions.4 citing judgments
Section 47 Application by creditor in cases of undervalued transactions.5 citing judgments
Section 48 Order in cases of undervalued transactions.5 citing judgments
Section 49 Transactions defrauding creditors.6 citing judgments
Section 50 Extortionate credit transactions.9 citing judgments
Section 51 Orders of Adjudicating Authority in respect of extortionate credit transactions.5 citing judgments
Section 52 Secured creditor in liquidation proceedings.6 citing judgments
Section 53 Distribution of assets.22 citing judgments
Section 54 Dissolution of corporate debtor.7 citing judgments
Section 54-I Committee of creditors.
Section 54-O Initiation of corporate insolvency resolution process.
Section 54A Corporate debtors eligible for pre-packaged insolvency resolution process.
Section 54B Duties of insolvency professional before initiation of pre-packaged insolvency resolution process.
Section 54C Application to initiate pre-packaged insolvency resolution process.1 citing judgment
Section 54D Time-limit for completion of pre-packaged insolvency resolution process
Section 54E Declaration of moratorium and public announcement during pre-packaged insolvency resolution process.
Section 54F Duties and powers of resolution professional during pre-packaged insolvency resolution process
Section 54G List of claims and preliminary information memorandum.
Section 54H Management of affairs of corporate debtor.
Section 54J Vesting management of corporate debtor with resolution professional.
Section 54K Consideration and approval of resolution plan.
Section 54L Approval of resolution plan.
Section 54M Appeal against order under section 54L.
Section 54N Termination of pre-packaged insolvency resolution process.
Section 54P Application of provisions of Chapters II, III, VI and VII to this Chapter.
Section 55 Fast track corporate insolvency resolution process.3 citing judgments
Section 56 Time period for completion of fast track corporate insolvency resolution process.1 citing judgment
Section 57 Manner of initiating fast track corporate insolvency resolution process.1 citing judgment
Section 58 Applicability of Chapter II to this Chapter.1 citing judgment
Section 59 Voluntary liquidation of corporate persons.2 citing judgments
Section 60 Adjudicating Authority for corporate persons.35 citing judgments
Section 61 Appeals and Appellate Authority.69 citing judgments
Section 62 Appeal to Supreme Court.113 citing judgments
Section 63 Civil court not to have jurisdiction.7 citing judgments
Section 64 Expeditious disposal of applications.5 citing judgments
Section 65 Fraudulent or malicious initiation of proceedings.7 citing judgments
Section 66 Fraudulent trading or wrongful trading.12 citing judgments
Section 67 Proceedings under section 66.4 citing judgments
Section 67A Fraudulent management of corporate debtor during pre-packaged insolvency resolution process
Section 68 Punishment for concealment of property.2 citing judgments
Section 69 Punishment for transactions defrauding creditors.2 citing judgments
Section 70 Punishment for misconduct in course of corporate insolvency resolution process.2 citing judgments
Section 71 Punishment for falsification of books of corporate debtor.2 citing judgments
Section 72 Punishment for wilful and material omissions from statements relating to affairs of corporate debtor.3 citing judgments
Section 73 Punishment for false representations to creditors.2 citing judgments
Section 74 Punishment for contravention of moratorium or the resolution plan.4 citing judgments
Section 75 Punishment for false information furnished in application.2 citing judgments
Section 76 Punishment for non-disclosure of dispute or payment of debt by operational creditor.3 citing judgments
Section 77 Punishment for providing false information in application made by corporate debtor.2 citing judgments
Section 77A Punishment for offences related to pre-packaged insolvency resolution process.
Section 78 Application.3 citing judgments
Section 79 Definitions.5 citing judgments
Section 80 Eligibility for making an application.
Section 81 Application for fresh start order.
Section 82 Appointment of resolution professional.1 citing judgment
Section 83 Examination of application by resolution professional.
Section 84 Admission or rejection of application by Adjudicating Authority.
Section 85 Effect of admission of application.
Section 86 Objections by creditor and their examination by resolution professional.
Section 87 Application against decision of resolution professional.1 citing judgment
Section 88 General duties of debtor.1 citing judgment
Section 89 Replacement of resolution professional.
Section 90 Directions for compliances of restrictions, etc.
Section 91 Revocation of order admitting application.
Section 92 Discharge order.
Section 93 Standard of conduct.
Section 94 Application by debtor to initiate insolvency resolution process.7 citing judgments
Section 95 Application by creditor to initiate insolvency resolution process.21 citing judgments
Section 96 Interim moratorium.11 citing judgments
Section 97 Appointment of resolution professional.6 citing judgments
Section 98 Replacement of resolution professional.5 citing judgments
Section 99 Submission of report by resolution professional.5 citing judgments
Section 100 Admission or rejection of application.8 citing judgments
Section 101 Moratorium.6 citing judgments
Section 102 Public notice and claims from creditors.4 citing judgments
Section 103 Registering of claims by creditors.3 citing judgments
Section 104 Preparation of list of creditors.3 citing judgments
Section 105 Repayment plan.3 citing judgments
Section 106 Report of resolution professional on repayment plan.3 citing judgments
Section 107 Summoning of meeting of creditors.3 citing judgments
Section 108 Conduct of meeting of creditors.3 citing judgments
Section 109 Voting rights in meeting of creditors.3 citing judgments
Section 110 Rights of secured creditors in relation to repayment plan.3 citing judgments
Section 111 Approval of repayment plan by creditors.3 citing judgments
Section 112 Report of meeting of creditors on repayment plan.4 citing judgments
Section 113 Notice of decisions taken at meeting of creditors.3 citing judgments
Section 114 Order of Adjudicating Authority on repayment plan.3 citing judgments
Section 115 Effect of order of Adjudicating Authority on repayment plan.3 citing judgments
Section 116 Implementation and supervision of repayment plan.3 citing judgments
Section 117 Completion of repayment plan.3 citing judgments
Section 118 Repayment plan coming to end prematurely.4 citing judgments
Section 119 Discharge order.3 citing judgments
Section 120 Standard of conduct.1 citing judgment
Section 121 Application for bankruptcy.
Section 122 Application by debtor.
Section 123 Application by creditor.
Section 124 Effect of application.
Section 125 Appointment of insolvency professional as bankruptcy trustee.
Section 126 Bankruptcy order.
Section 127 Validity of bankruptcy order.
Section 128 Effect of bankruptcy order.
Section 129 Statement of financial position.
Section 130 Public notice inviting claims from creditors.
Section 131 Registration of claims.
Section 132 Preparation of list of creditors.
Section 133 Summoning of meeting of creditors.
Section 134 Conduct of meeting of creditors.
Section 135 Voting rights of creditors.
Section 136 Administration and distribution of estate of bankruptcy.
Section 137 Completion of administration.
Section 138 Discharge order.8 citing judgments
Section 139 Effect of discharge.
Section 140 Disqualification of bankrupt.1 citing judgment
Section 141 Restrictions on bankrupt.7 citing judgments
Section 142 Modification or recall of bankruptcy order.
Section 143 Standard of conduct.
Section 144 Fees of bankruptcy trustee.
Section 145 Replacement of bankruptcy trustee.
Section 146 Resignation by bankruptcy trustee.
Section 147 Vacancy in office of bankruptcy trustee.
Section 148 Release of bankruptcy trustee.
Section 149 Functions of bankruptcy trustee.
Section 150 Duties of bankrupt towards bankruptcy trustee.
Section 151 Rights of bankruptcy trustee.
Section 152 General powers of bankruptcy trustee.
Section 153 Approval of creditors for certain acts.
Section 154 Vesting of estate of bankrupt in bankruptcy trustee.
Section 155 Estate of bankrupt.
Section 156 Delivery of property and documents to bankruptcy trustee.
Section 157 Acquisition of control by bankruptcy trustee.
Section 158 Restrictions on disposition of property.
Section 159 After-acquired property of bankrupt.
Section 160 Onerous property of bankrupt.
Section 161 Notice to disclaim onerous property.
Section 162 Disclaimer of leaseholds.
Section 163 Challenge against disclaimed property.
Section 164 Undervalued transactions.1 citing judgment
Section 165 Preference transactions.
Section 166 Effect of order.
Section 167 Extortionate credit transactions.
Section 168 Obligations under contracts.
Section 169 Continuance of proceedings on death of bankrupt.
Section 170 Administration of estate of deceased bankrupt.
Section 171 Proof of debt.
Section 172 Proof of debt by secured creditors.
Section 173 Mutual credit and set-off.1 citing judgment
Section 174 Distribution of interim dividend.
Section 175 Distribution of property.
Section 176 Final dividend.

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