Insolvency Resolution And Liquidation For Corporate Persons

Chapters / List

1. 1. Introduction

2. Application of Corporate Insolvency Resolution process of the Insolvency & Bankruptcy Code 2016 [ Section 4 ]

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3. 2. Corporate Insolvency Resolution Process

4. Persons who may initiate corporate insolvency resolution process [ Section 6]

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5. Initiation of corporate insolvency resolution process by financial creditor [ Section 7 ]

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6. Corporate Insolvency Resolution Process by Operational Creditor [ Section 8 ]

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7. Process for initiation of corporate insolvency resolution process by operational creditor [ section 9 ]

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8. Initiation of corporate insolvency resolution process by corporate applicant [ Section 10 ]

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9. Suspension of initiation of corporate insolvency resolution process  [Section 10A ]

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10. Persons not entitled to make application to initiate corporate insolvency resolution process [ Section 11 ]

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11. Disposal of applications under section 54C (Pre-packages Resolution) and under section 7 or section 9 or section 10 [ Section 11A ]

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12. Time-limit for completion of Insolvency Resolution Process [ Section 12 ]

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13. Withdrawal of application admitted under section 7, 9 or 10 [ Section 12A ]

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14. Declaration of moratorium and public announcement [ Section 13 ]

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15. Declaration of moratorium [ Section 14 ]

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16. Public Announcement of the Initiation of CIRP [ Section 15 ]

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17. Appointment and tenure of interim resolution professional [ Section 16 ]

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18. Management of affairs of corporate debtor by interim resolution professional [ Section 17 ]

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19. Duties of interim resolution professional [ section 18 ]

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20. Duty to extend cooperation to interim resolution professional [ Section 19 ]

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21. Management of operations of corporate debtor as going concern [Section 20]

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22. Introduction of Committee of Creditor [ Section 21 ]

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23. Composition of  the Committee of creditors [ Section 21 ]

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24. First meeting of the committee of creditors [ Section 24(1)&(2) ]

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25. Issue notice for conducting meeting

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26. Voting by the Committee of creditors

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27. Appointment of resolution professional [ Section 22 ]

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28. Resolution Professional to conduct CIRP [Section 23]

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29. Duties of Resolution Professional [Section 25]

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30. Rights and duties of authorised representative of financial creditors [ Section 25A ]

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31. Replacement of Resolution Professional by Committee of Creditors [ Section 27 ]

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32. Approval of committee of creditors for certain actions [ Section 28 ]

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33. Preparation of information memorandum [ Section 29 ]

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34. Persons not eligible to be resolution applicant [Section 29A ]

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35. Resolution plan [ Section 30 ]

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36. Approval of resolution plan [ Section 31 ]

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37. Appeal [ Section 32 ]

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38. Liability for prior offences etc. [ section 32A]

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39. 3. Liquidation Process

40. Liquidation Process against corporate Debtor [ section 33 ]

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41. Appointment and Remuneration of Liquidator under IBC [ Section 34 ]

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42. Powers and duties of Liquidator [ Section 35 ]

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43. Liquidation Estate [ Section 36 ]

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44. Powers of Liquidator to access information [ Section 37 ]

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45. Consolidation of claims [ Section 38 ]

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46. Verification of claims [Section 39]

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47. Admission or Rejection of claim [ Section 40 , 41 & 42 ]

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48. Preferential transactions and relevant time [ Section 43 & 44 ]

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49. Transaction entered by any corporate debtor be deemed as Undervalued [ Section 45 to 49 ]

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50. Extortionate credit transactions [ Section 50 & 51 ]

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51. Secured Creditors in Liquidation Proceedings [ Section 52 ]

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52. Distribution of Assets by the Liquidator [ Section 53 ]

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53. Dissolution of corporate debtor [ Section 54 ]

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54. 4. Pre-Packaged Insolvency Resolution Process

55. Corporate debtors eligible for pre-packaged insolvency resolution process [ Section 54A ]

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56. Duties of resolution professional before initiation of pre-packaged insolvency resolution process [ section 54B ]

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57. Application to initiate prepackaged insolvency resolution process [ Section 54C ]

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58. Time-limit for completion of pre-packaged insolvency resolution process [Section 54D]

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59. Declaration of moratorium and public announcement during prepackaged insolvency resolution process [ Section 54E ]

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60. [Duties and powers of resolution professional during prepackaged insolvency resolution process [ Section 54F ]

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61. List of claims and preliminary information memorandum [ Section 54G ]

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62. Management of affairs of the corporate debtor during the pre-packaged insolvency resolution process [ Section 54H ]

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63. Constitution & Meeting of Committee of creditors [ Section 54I ]

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64. Vesting management of corporate debtor with resolution professional [ Section 54J ]

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65. Approval of resolution plan and Appeal against order passed under section 54L [ Section 54L & 54M ]

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66. Termination of pre-packaged insolvency resolution process [ section 54N ]

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67. Application of provisions of Chapters II, III, VI, and VII to this Chapter [Section 54P ]

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68. 5. Fast Track Corporate Insolvency Resolution Process

69. Consideration and approval of resolution plan [ Section 54K ]

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70. Initiation of corporate insolvency resolution process [ Section 54O ]

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71. Fast track corporation insolvency resolution process [ Section 55 ]

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72. Time period for completion of fast track corporate insolvency resolution process [ Section 56 ]

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73. Manner of initiating fact track corporate insolvency resolution process [ Section 57 ]

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74. Applicability of Chapter II to this Chapter [ Section 58 ]

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75. 6. Voluntary Liquidation Of Corporate Persons

76. Voluntary Liquidation of Corporate Persons [ Section 59 ]

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77. 7. Adjudicating Authority For Corporate Persons

78. Adjudicating Authority for corporate persons [ Section 60 ]

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79. Appeals and Appellate authority [ Section 61 ]

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80. Appeal to Supreme Court [ Section 62 ]

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81. Civil court not to have jurisdiction [ Section 63 ]

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82. Expeditious Disposal of Applications [ Section 64 ]

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83. Fraudulent or malicious initiation of proceedings [ Section 65  ]

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84. Fraudulent trading or wrongful trading [ Section 66 ]

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85. Proceedings under section 66 [ Section 67 & 67A ]

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86. 8. Offences And Penalties

87. Punishment of Concealment of Property detail of offences [ Section 68 ]

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88. Punishment for transactions defrauding creditors [Section 69 ]

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89. Punishment for misconduct in courses of corporate insolvency resolution process [ Section 70 ]

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90. Punishment for falsification of books of corporate debtor [ Section 71 ]

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91. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor [ Section 72 ]

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92. Punishment for false representations to creditors [ Section 73 ]

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93. Punishment for contravention of moratorium or the resolution plan [ Section 74 ]

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94. Punishment for false information furnished in application [ Section 75 ]

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95. Punishment for non-disclosure of dispute or payment of debt by operational creditor [ Section 76 of the IBC, 2016 ]

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96. Punishment for offences related to pre-packaged insolvency resolution process [ Section 77A ]

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