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
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- Section 177 Claims of creditors.
- Section 178 Priority of payment of debts.
- Section 179 Adjudicating authority for individuals and partnership firms.2 citing judgments
- Section 180 Civil court not to have jurisdiction.1 citing judgment
- Section 181 Appeal to Debt Recovery Appellate Tribunal.
- Section 182 Appeal to Supreme Court.
- Section 183 Expeditious disposal of applications.
- Section 184 Punishment for false information, etc., by creditor in insolvency resolution process.
- Section 185 Punishment for contravention of provisions.
- Section 186 Punishment for false information, concealment, etc., by bankrupt.
- Section 187 Punishment for certain actions.3 citing judgments
- Section 188 Establishment and incorporation of Board.
- Section 189 Constitution of Board.
- Section 190 Removal of member from office.
- Section 191 Powers of Chairperson.
- Section 192 Meetings of Board.
- Section 193 Member not to participate in meetings in certain cases.
- Section 194 Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board.
- Section 195 Power to designate financial sector regulator.
- Section 196 Powers and functions of Board.1 citing judgment
- Section 197 Constitution of advisory committee, executive committee or other committee.
- Section 198 Condonation of delay.2 citing judgments
- Section 199 No person to function as insolvency professional agency without valid certificate of registration.
- Section 200 Principles governing registration of insolvency professional agency.
- Section 201 Registration of insolvency professional agency.
- Section 202 Appeal to National Company Law Appellate Tribunal.
- Section 203 Governing Board of insolvency professional agency.
- Section 204 Functions of insolvency professional agencies.
- Section 205 Insolvency professional agencies to make bye-laws.
- Section 206 Enrolled and registered persons to act as insolvency professionals.
- Section 207 Registration of insolvency professionals.
- Section 208 Functions and obligations of insolvency professionals.1 citing judgment
- Section 209 No person to function as information utility without certificate of registration.
- Section 210 Registration of information utility.
- Section 211 Appeal to National Company Law Appellate Tribunal.
- Section 212 Governing Board of information utility.
- Section 213 Core services, etc., of information utilities.
- Section 214 Obligations of information utility.1 citing judgment
- Section 215 Procedure for submission, etc., of financial information.1 citing judgment
- Section 216 Rights and obligations of persons submitting financial information.1 citing judgment
- Section 217 Complaints against insolvency professional agency or its member or information utility.2 citing judgments
- Section 218 Investigation of insolvency professional agency or its member or information utility.2 citing judgments
- Section 219 Show cause notice to insolvency professional agency or its member or information utility.
- Section 220 Appointment of disciplinary committee.2 citing judgments
- Section 221 Grants by Central Government.
- Section 222 Board’s Fund.
- Section 223 Accounts and audit.
- Section 224 Insolvency and Bankruptcy Fund.
- Section 225 Power of Central Government to issue directions.
- Section 226 Power of Central Government to supersede Board.
- Section 227 Power of Central Government to notify financial service providers, etc.
- Section 228 Budget.
- Section 229 Annual report.
- Section 230 Delegation.
- Section 231 Bar of jurisdiction.3 citing judgments
- Section 232 Members, officers and employees of Board to the public servants.
- Section 233 Protection of action taken in good faith.1 citing judgment
- Section 234 Agreements with foreign countries.
- Section 235 Letter of request to a country outside India in certain cases.
- Section 235A Punishment where no specific penalty or punishment is provided.
- Section 236 Trial of offences by Special Court.2 citing judgments
- Section 237 Appeal and revision.2 citing judgments
- Section 238 Provisions of this Code to override other laws.31 citing judgments
- Section 238A Limitation.14 citing judgments
- Section 239 Power to make rules.8 citing judgments
- Section 240 Power to make regulations.5 citing judgments
- Section 240A Application of this Code to micro, small and medium enterprises.2 citing judgments
- Section 241 Rules and regulations to be laid before Parliament.
- Section 242 Power to remove difficulties.
- Section 243 Repeal of certain enactments and savings.1 citing judgment
- Section 244 Transitional provisions.
- Section 245 Amendments of Act 9 of 1932.
- Section 246 Amendments of Act 1 of 1944.
- Section 247 Amendments of Act 43 of 1961.
- Section 248 Amendments of Act 52 of 1962.
- Section 249 Amendments of Act 51 of 1993.3 citing judgments
- Section 250 Amendments of Act 32 of 1994.
- Section 251 Amendments of Act 54 of 2002.
- Section 252 Amendments of Act 1 of 2004.1 citing judgment
- Section 253 Amendments of Act 51 of 2007.
- Section 254 Amendments of Act 6 of 2009.
- Section 255 Amendments of Act 18 of 2013.4 citing judgments
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