Insolvency and Bankruptcy Code Act, 2016

§ 4 Application of this Part

§ 5 Definitions

§ 78 Application

§ 79 Definitions

§ 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

§ 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

§ 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

§ 30 Submission of resolution plan

§ 31 Approval of resolution plan

§ 32 Appeal

§ 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 extortionate credit transactions

§ 52 Secured creditor in liquidation proceedings

§ 53 Distribution of assets

§ 54 Dissolution of corporate debtor

§ 55 Fast track corporate 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

§ 59 Voluntary liquidation of 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 initiation of proceedings

§ 66 Fraudulent trading or wrongful trading

§ 67 Proceedings under section 66

§ 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 credito

§ 77 Punishment for providing false information in application made by corporate debtor

§ 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

§ 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

§ 91 Revocation of order admitting application

§ 92 Discharge order

§ 93 Standard of conduct

§ 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 Registering 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

§ 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 bankruptcy

§ 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

§ 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

§ 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

§ 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

§ 196 Powers and functions of Board

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

§ 198 Condonation of delay

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

§ 200 Principles governin