Applicability ​​​​​​​of Insolvency and Bankruptcy Code, 2016 [ Section 2 ]

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..... of the following entities - (a) any company incorporated under the Companies Act, 2013 or under any previous company law; (b) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act; (c) any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008 .....

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..... ed in section 60(2) and (3). This is what is meant by strengthening the CIRP in the Statement of Objects and Reasons of the Insolvency and Bankruptcy Code (Amendment) Act, 2018. No n- a p p l i c a b il i t y of the Code T he Insolvency Bankruptcy Code, 2016 is not applicable to corporates in finance sector. Section 3(7) of Insolvency Bankruptcy Code, 2016 states that Corporate person shall not in .....

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..... tification dated 18-11-2019 it has been notified by the Central Government that insolvency resolution and liquidation proceedings of non-banking finance companies (which include housing finance companies) with asset size of Rs.500 crore or more, as per last audited balance sheet, shall be undertaken in accordance with the provisions of the Code and Rules made thereunder. - Manuals - Ready reckon .....

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