THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

2016 · State unknown · central · act_text

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Sections (568)

25A · Rights and duties of authorised representative of financial creditors.

29A · Person not eligible to be resolution applicant.

32A · Liability for prior offences, etc.

54A · Corporate debtors eligible for pre-packaged insolvency resolution process.

54B · Duties of insolvency professional before initiation of pre-packaged insolvency resolution process.

54C · Application to initiate pre-packaged insolvency resolution process.

54D · Time -limit for completion of pre-packaged insolvency resolution process.

54E · Declaration of moratorium and public announcement during pre-packaged insolvency resolution process.

54F · Duties and powers of resolution professional during pre-packaged insolvency resolution process.

54G · List of claims and preliminary information memorandum.

54H · Management of affairs of corporate debtor.

54 · -I. Committee of creditors.

54J · Vesting management of corporate debtor with resolution professional.

54K · Consideration and approval of resolution plan.

54L · Approval of resolution plan.

54M · Appeal against order under section 54L.

54N · Termination of pre-packaged insolvency resolution process.

54 · -O. Initiation of corporate insolvency resolution process.

54P · Application of provisions of Chapters II, III, VI and VII to this Chapter.

58 · Applicability of Chapter II to this Chapter.

67A · Fraudulent management of corporate debtor during pre-packaged insolvency resolution process.

77A · Punishment for offences related to pre-packaged insolvency resolution process.

183 · Expeditious disposal of applications .

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 .

188 · Establishment and incorporation of Board .

190 · Removal of member from office.

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 governing registration of insolvency professional agency .

201 · Registration of insolvency professional agency.

202 · Appeal to National Company Law Appellate Tribunal.

235A · Punishment where no specific penalty or punishment is provided .

238A · Limitation.

240A · Application of this Code to micro, small and medium enterprises.

1 · The proviso omitted by the Jammu and Kashmir Reorganization (Adaptation of Central Laws) Order, 2020, vide notification No. S.O. 1123(E) dated (18-3-2020) and vide Union Territory of Ladakh Reorganisation (Adaptation of Central Laws) Order, 2020, notification No. S.O. 3774(E), dated (23-10-2020).

2 · . 5th August, 2016, vide Notification no. S.O. 2618(E), dated 5th August, 2016 (ss. 188 to 194), see Gazette of India, Extraordinary, Part II, sec. 3(ii).

2 · Application . — The provisions of this Code shall apply to—

2 · [(e) personal guarantors to corporate debtors;

3 · Definitions . — In this Code, unless the context otherwise requires,—

1 · The word “and” omitted by Act 8 of 2018, s. 2 (w.e.f. 23-11-2017).

2 · Subs. by s. 2, ibid., for clause (e) (w.e.f. 23-11-2017).

1 · Subs. by Act 26 of 2018, s. 2 for “repaid” (w.e.f. 6-6-2018).

4 · Application of this Part . — (1) This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is 1 [one crore rupees]:

2 · [Provided further that the Central Government may, by notification, specify such minimum amount of default of higher value, which shall not be more than one crore rupees, for matters relating to the prepackaged insolvency resolution process of corporate debtors under Chapter III-A.]

5 · Definitions . — In this Part, unless the context otherwise requires,—

1 · Subs. by Notification No. S.O. 1205(E), for “one lakh rupees” (w.e.f. 24-3-2020).

2 · Ins. by Act 26 of 2021, s. 2 (w.e.f. 4-4-2021).

1 · [(2A) " base resolution plan " means a resolution plan provided by the corporate debtor under clause (c) of sub-section (4) of section 54A;]

2 · [(5A) " corporate guarantor " means a corporate person who is the surety in a contract of guarantee to a corporate debtor;]

1 · Ins. by Act 26 of 2021, s. 3 (w.e.f. 4-4-2021).

2 · . Ins. by Act 26 of 2018, s. 3 (w.e.f. 6-6-2018).

1 · [Explanation . — For the purposes of this sub-clause,—

1 · Ins . by Act 26 of 2018, s. 3(ii) (w.e.f. 6-6-2018).

2 · Ins. by Act 26 of 2021, s. 3 (w.e.f. 4-4-2021).

3 · The proviso shall be omitted by Act 1 of 2020, s. 2 (w.e.f. 28 -12 -2019).

1 · [(23A) " preliminary information memorandum " means a memorandum submitted by the corporate debtor under clause (b) of sub-section (1) of section 54G;

1 · Ins. by Act 26 of 2021, s. 3 (w.e.f. 4-4-2021).

2 · Ins. by Act 1 of 2020, s. 2 (w.e.f. 28-12-2019).

3 · . Subs. by Act 26 of 2018, s. 3, for "repayment" (w.e.f. 6-6-2018).

1 · Ins. by Act 26 of 2018, s. 3 (w.e.f. 6-6-2018).

1 · [(25) " resolution applicant " means a person, who individually or jointly with any other person, submits a resolution plan to the resolution professional pursuant to the invitation made under clause (h) of sub-section (2) of section 25] 2 [or pursuant to section 54K, as the case may be];

4 · [Explanation . — For the removal of doubts, it is hereby clarified that a resolution plan may include provisions for the restructuring of the corporate debtor, including by way of merger, amalgamation and demerger;]

6 · Persons who may initiate corporate insolvency resolution process . — Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this Chapter.

7 · Initiation of corporate insolvency resolution process by financial creditor . — (1) A financial creditor either by itself or jointly with 5 [other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred.

6 · [Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the same class, whichever is less:

1 · Subs. by Act 8 of 2018, s.3 (w.e.f. 23-11-2017).

2 · Ins. by Act 26 of 2021, s. 3 (w.e.f. 4-4-2021).

3 · Subs. by Act 8 of 2018 , s. 3, for "any person" (w.e.f. 23-11-2017).

4 · Ins. by Act 26 of 2019, s. 2 (w.e.f. 16-08-2019).

5 · Subs. by Act 26 of 2018, s. 4, for “other financial creditors” (w.e.f. 6-6-2018).

6 · Ins. by Act 1 of 2020, s. 3 (w.e.f. 28-12-2019).

1 · [Provided that if the Adjudicating Authority has not ascertained the existence of default and passed an order under sub -section (5) within such time, it shall record its reasons in writing for the same.]

8 · Insolvency resolution by operational creditor . — (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice

1 · Ins. by Act 26 of 2019, s. 3 (w.e.f. 16-08-2019).

9 · Application for initiation of corporate insolvency resolution process by operational creditor . — (1) After the expiry of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-section (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under sub-section (2) of section 8, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process.

4 · [(d) a copy of any record with information utility confirming that there is no payment of an unpaid operational debt by the corporate debtor, if available; and

1 · Subs. by Act 26 of 2018, s. 5, for "if any, and " (w.e.f. 6-6-2018).

2 · Subs. by s. 5, ibid for “repayment” (w.e.f. 6-6-2018).

3 · . Subs. by Act 26 of 2018, s. 6, for "by the corporate debtor; and" (w.e.f. 6-6-2018).

4 · Subs. by s. 6, ibid., for “clause (d) such other information as may be specified” (w.e.f. 6-6-2018).

10 · Initiation of corporate insolvency resolution process by corporate applicant . — (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority.

2 · [(3) The corporate applicant shall, along with the application, furnish—

1 · Subs. by Act 26 of 2018, s. 6, for “repayment” (w.e.f. 6-6-2018).

2 · Subs. by s. 7, ibid ., for "section 10 of sub -section (3)" (w.e.f. 6-6-2018).

3 · Ins. by s. 7 , ibid . (w.e.f. 6-6-2018).

1 · [10A. Suspension of initiation of corporate insolvency resolution process . —N —Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf:

11 · Persons not entitled to make application . — The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter, namely:—

2 · [(aa) a financial creditor or an operational creditor of a corporate debtor undergoing a prepackaged insolvency resolution process; or]

2 · [(ba) a corporate debtor in respect of whom a resolution plan has been approved under Chapter III-A, twelve months preceding the date of making of the application; or]

3 · [Explanation I] . — For the purposes of this section, a corporate debtor includes a corporate applicant in respect of such corporate debtor.

4 · [Explanation II . — For the purposes of this section, it is hereby clarified that nothing in this section shall prevent a corporate debtor referred to in clauses (a) to (d) from initiating corporate insolvency resolution process against another corporate debtor.]

5 · [11A. Disposal of applications under section 54C and under section 7 or section 9 or section

10 · . — (1) Where an application filed under section 54C is pending, the Adjudicating Authority shall pass an order to admit or reject such application, before considering any application filed under section 7 or section 9 or section 10 during the pendency of such application under section 54C, in respect of the same corporate debtor.

1 · Ins. by Act 17 of 2020, s. 2 (w.e.f. 5-6-2020).

2 · Ins. by Act 26 of 2021, s. 4 (w.e.f. 4-4-2021).

3 · The existing Explanation shall be numbered as Explanation I by Act 1 of 2020, s. 4 (w.e.f. 28-12-2019).

4 · Ins. by Act 1 of 2020, s. 4 (w.e.f. 28-12-2019).

5 · Ins. by Act 26 of 2021, s. 5 (w.e.f. 4-4-2021).

12 · Time -limit for completion of insolvency resolution process . — (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process.

2 · [Provided further that the corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section and the time taken in legal proceedings in relation to such resolution process of the corporate debtor:

3 · [12A. Withdrawal of application admitted under section 7, 9 or 10.—The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety per cent. voting share of the committee of creditors, in such manner as may be specified.].

13 · Declaration of moratorium and public announcement . — (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order—

1 · Subs. by Act 26 of 2018, s. 8, for “seventy-five” (w.e.f. 6-6-2018).

2 · Ins. by Act 26 of 2019, s. 4 (w.e.f. 16-08-2019).

3 · Ins. by Act 26 of 2018, s. 9 (w.e.f. 6-6-2018).

14 · Moratorium . — (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:—

1 · [Explanation . — For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration , quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;]

1 · [(2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified;]

2 · [(3) The provisions of sub-section (1) shall not apply to—

3 · [(a) such transactions, agreements or other arrangements as may be notified by the Central Government in consultation with any financial sector regulator or any other authority;]

15 · Public announcement of corporate insolvency resolution process.—(1) The public announcement of the corporate insolvency resolution process under the order referred to in section 13 shall contain the following information, namely:—

1 · Ins. by Act 1 of 2020, s. 5 (w.e.f. 28-12-2019).

2 · Subs. by Act 26 of 2018, s. 10, for “sub-section (3)” (w.e.f. 6-6-2018).

3 · Subs. by Act 1 of 2020, s. 5, for clause (a) (w.e.f. 28-12-2019).

16 · Appointment and tenure of interim resolution professional.—(1) The Adjudicating Authority shall appoint an interim resolution professional 2 [on the insolvency commencement date] .

17 · . Management of affairs of corporate debtor by interim resolution professional.—(1) From the date of appointment of the interim resolution professional,—

1 · Subs. by Act 26 of 2018, s. 11, for “claims” (w.e.f. 6-6-2018).

2 · Subs. by Act 1 of 2020, s. 6, for “within fourteen days from the insolvency commencement date” (w.e.f. 28-12-2019).

3 · Subs. by Act 26 of 2018, s. 12, for "shall not exceed thirty days from date of his appointment " (w.e.f. 6-6-2018).

2 · [(e) be responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor.].

18 · Duties of interim resolution professional.—The interim resolution professional shall perform the following duties, namely:—

1 · Subs. by Act 26 of 2018, s. 13, for “may be specified” (w.e.f. 6-6-2018).

2 · Ins. by s. 13, ibid., (w.e.f. 6-6-2018).

19 · Personnel to extend cooperation to interim resolution professional.—(1) The personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor shall extend all assistance and cooperation to the interim resolution professional as may be required by him in managing the affairs of the corporate debtor.

20 · Management of operations of corporate debtor as going concern . — (1) The interim resolution professional shall make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern.

21 · Committee of creditors . — (1) The interim resolution professional shall after collation of all claims received against the corporate debtor and determination of the financial position of the corporate debtor, constitute a committee of creditors.

1 · Subs. by Act 26 of 2018, s. 14 , for "sub -section" (w.e.f. 6-6-2018).

2 · Subs. by s.15, ibid ., for "related party to whom a corporate debtor owes a financial debt" (w.e.f. 6-6-2018).

1 · [Provided further that the first proviso shall not apply to a financial creditor, regulated by a financial sector regulator, if it is a related party of the corporate debtor solely on account of conversion or substitution of debt into equity shares or instruments convertible into equity shares 2 [or completion of such transactions as may be prescribed,] prior to the insolvency commencement date.];

5 · [(6A) Where a financial debt—

1 · Ins. by Act 26 of 2018, s. 15 (w.e.f. 6-6-2018).

2 · . Ins. by Act 1 of 2020, s. 7 (w.e.f. 28-12-2019).

3 · . Subs. by Act 26 of 2018, s. 15, for "Where" (w.e.f. 6-6-2018).

4 · . The words "or issued as securities " omitted by s.15, ibid . (w.e.f. 6-6-2018).

5 · Ins. by s. 15, ibid., (w.e.f. 6-6-2018).

1 · [(7) The Board may specify the manner of voting and the determining of the voting share in respect of financial debts covered under sub -sections (6) and (6A).

22 · Appointment of resolution professional.—(1) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of creditors.

1 · Subs. by Act 26 of 2018, s. 15, for “sub-sections (7) and (8)” (w.e.f. 6-6-2018).

2 · Subs. by s. 16, ibid., for “seventy-five” (w.e.f. 6-6-2018).

3 · Ins. by s. 16, ibid. (w.e.f. 6-6-2018).

4 · Ins. by Act 26 of 2018, s. 16 (w.e.f. 6-6-2018).

23 · Resolution professional to conduct corporate insolvency resolution process . — (1) Subject to section 27, the resolution professional shall conduct the entire corporate insolvency resolution process and manage the operations of the corporate debtor during the corporate insolvency resolution process period.

1 · [Provided that the resolution professional shall continue to manage the operations of the corporate debtor after the expiry of the corporate insolvency resolution process period, until an order approving the resolution plan under sub-section (1) of section 31 or appointing a liquidator under section 34 is passed by the Adjudicating Authority.]

24 · Meeting of committee of creditors . — (1) The members of the committee of creditors may meet in person or by such electronic means as may be specified.

1 · . Subs. by Act 1 of 2020, s. 8, for the proviso (w.e.f. 28-12-2019).

2 · Subs. by Act 26 of 2018, s. 18, for “Committee of creditors” (w.e.f. 6-6-2018).

3 · Subs. by s. 18 , ibid ., for "Any creditor" (w.e.f. 6-6-2018).

25 · Duties of resolution professional . — (1) It shall be the duty of the resolution professional to preserve and protect the assets of the corporate debtor, including the continued business operations of the corporate debtor.

1 · [(h) invite prospective resolution applicants, who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans.].

2 · [25A . Rights and duties of authorised representative of financial creditors.—(1) The authorised representative under sub-section (6) or sub-section (6A) of section 21 or sub-section (5) of section 24 shall have the right to participate and vote in meetings of the committee of creditors on behalf of the financial creditor he represents in accordance with the prior voting instructions of such creditors obtained through physical or electronic means.

1 · Subs. by Act 8 of 2018, s. 4, for sub-section (2) (w.e.f. 23-11-2017).

2 · Ins. by Act 26 of 2018, s. 19 (w.e.f. 6-6-2018).

1 · [(3A) Notwithstanding anything to the contrary contained in sub-section (3), the authorised representative under sub-section (6A) of section 21 shall cast his vote on behalf of all the financial creditors he represents in accordance with the decision taken by a vote of more than fifty per cent. of the voting share of the financial creditors he represents, who have cast their vote:

26 · Application for avoidance of transactions not to affect proceedings.—The filing of an avoidance application under clause (j) of sub-section (2) of section 25 by the resolution professional shall not affect the proceedings of the corporate insolvency resolution process.

27 · Replacement of resolution professional by committee of creditors . — (1) Where, at any time during the corporate insolvency resolution process, the committee of creditors is of the opinion that a resolution professional appointed under section 22 is required to be replaced, it may replace him with another resolution professional in the manner provided under this section.

2 · [(2) The committee of creditors may, at a meeting, by a vote of sixty-six per cent. of voting shares, resolve to replace the resolution professional appointed under section 22 with another resolution professional, subject to a written consent from the proposed resolution professional in the specified form.]

28 · Approval of committee of creditors for certain actions.—(1) Notwithstanding anything contained in any other law for the time being in force, the resolution professional, during the corporate insolvency resolution process, shall not take any of the following actions without the prior approval of the committee of creditors namely:—

1 · Ins. by Act 26 of 2019, s. 5 (w.e.f. 16-08-2019).

2 · Subs. by Act 26 of 2018, s. 20, for sub-section (2) (w.e.f. 6-6-2018).

29 · Preparation of information memorandum.—(1) The resolution professional shall prepare an information memorandum in such form and manner containing such relevant information as may be specified by the Board for formulating a resolution plan.

2 · [29A . Person not eligible to be resolution applicant. —A person shall not be eligible to submit a resolution plan, if such person, or any other person acting jointly or in concert with such person—

1 · Subs. by Act 26 of 2018, s. 21 , for "seventy five" (w.e.f. 6-6-2018).

2 · Ins. by Act 8 of 2018, s. 5 (w.e.f. 23-11-2017)

1 · [Provided further that nothing in this clause shall apply to a resolution applicant where such applicant is a financial entity and is not a related party to the corporate debtor.

4 · [(d) has been convicted for any offence punishable with imprisonment—

2 · [Provided that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation I;]

1 · Subs. by Act 26 of 2018, s. 22, for “has an account” (w.e.f. 6-6-2018).

2 · Ins. by s. 22, ibid., (w.e.f. 6-6-2018).

3 · Ins. by Act 1 of 2020, s. 9 (w.e.f. 28-12-2019).

4 · Subs. by Act 26 of 2018, s. 22, for clause (d) (w.e.f. 6-6-2018).

1 · [Provided that this clause shall not apply if a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place prior to the acquisition of the corporate debtor by the resolution applicant pursuant to a resolution plan approved under this Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and such resolution applicant has not otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction;]

5 · [Explanation. I] — For the purposes of this clause, the expression " connected person " means—

6 · [Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where such applicant is a financial entity and is not a related party of the corporate debtor:

8 · [Explanation II . — For the purposes of this section, " financial entity " shall mean the following entities which meet such criteria or conditions as the Central Government may, in consultation with the financial sector regulator, notify in this behalf, namely:—

1 · Ins. by Act 26 of 2018, s. 22 (w.e.f. 6-6-2018).

2 · Subs. by s. 22, ibid., for “an enforceable guarantee” (w.e.f. 6-6-2018).

3 · Ins. by s. 22, ibid., (w.e.f. 6-6-2018).

4 · Subs. by s. 22, ibid ., for "has been" (w.e.f. 6-6-2018).

5 · . Explanation renumbered as Explanation I by s. 22 , ibid. (w.e.f. 6-6-2018) .

6 · . The proviso subs. by s. 22, ibid., (w.e.f. 6-6-2018) .

7 · Ins. by Act 1 of 2020, s. 9 (w.e.f. 28-12-2019).

8 · . Explanation ins. by Act 26 of 2018, s. 22 (w.e.f. 6-6-2018) .

30 · Submission of resolution plan.—(1) A resolution applicant may submit a resolution plan 1 [along with an affidavit stating that he is eligible under section 29A] to the resolution professional prepared on the basis of the information memorandum.

3 · [(b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than—

1 · Ins. by Act 26 of 2018, s. 23 (w.e.f. 6-6-2018).

2 · Subs. by s. 23, ibid., for “repayment” (w.e.f. 6-6-2018).

3 · Subs. by Act 26 of 2019, s. 6, for clause (b) (w.e.f. 16-08-2019).

1 · [Explanation . — For the purposes of clause (e), if any approval of shareholders is required under the Companies Act, 2013 or any other law for the time being in force for the implementation of actions under the resolution plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law];

2 · [(4) The committee of creditors may approve a resolution plan by a vote of not less than 3 [sixty-six] per cent. of voting share of the financial creditors, after considering its feasibility and viability, 4 [the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in sub -section (1) of section 53, including the priority and value of the security interest of a secured creditor] and such other requirements as may be specified by the Board:

5 · [Provided also that the eligibility criteria in section 29A as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 shall apply to the resolution applicant who has not submitted resolution plan as on the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018.]

1 · . Ins. by Act 26 of 2018, s. 23 (w.e.f. 6-6-2018).

2 · . Subs. by Act 8 of 2018, s. 6, for sub-section (4) (w.e.f. 23-11-2017) .

3 · Subs. by Act 26 of 2018, s., 23, for “seventy-five” (w.e.f. 6-6-2018).

4 · Ins. by Act 26 of 2019, s. 6 (w.e.f. 16-08-2019).

5 · . Ins. by Act 26 of 2018, s. 23 (w.e.f. 6-6-2018).

31 · Approval of resolution plan.—(1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub -section (2) of section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, 1 [including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed , ] guarantors and other stakeholders involved in the resolution plan.

2 · [Provided that the Adjudicating Authority shall, before passing an order for approval of resolution plan under this sub-section, satisfy that the resolution plan has provisions for its effective implementation.]

2 · [(4) The resolution applicant shall, pursuant to the resolution plan approved under sub-section (1), obtain the necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under sub-section (1) or within such period as provided for in such law, whichever is later:

32 · Appeal . —A —Any appeal from an order approving the resolution plan shall be in the manner and on the grounds laid down in sub-section (3) of section 61.

3 · [32A. Liability for prior offences, etc.—(1) Notwithstanding anything to the contrary contained in this Code or any other law for the time being in force, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the Adjudicating Authority under section 31, if the resolution plan results in the change in the management or control of the corporate debtor to a person who was not—

1 · Ins. by Act 26 of 2019, s. 7 (w.e.f. 16-08-2019).

2 · Ins. by Act 26 of 2018, s . 24 (w.e.f. 6-6-2018) .

3 · Ins. by Act 1 of 2020, s. 10 (w.e.f. 28-12-2019).

33 · Initiation of liquidation . — (1) Where the Adjudicating Authority,—

2 · [Explanation . — For the purposes of this sub-section, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub -section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum.]

1 · Ins. by Act 26 of 2018, s. 25 (w.e.f. 6-6-2018) .

2 · Ins. by Act 26 of 2019, s. 8 (w.e.f. 16-08-2019).

3 · Ins. by Act 26 of 2021, s. 6 (w.e.f. 4-4-2021).

34 · Appointment of liquidator and fee to be paid . — (1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolution process under 1 [Chapter II 2 [or for the pre-packaged insolvency resolution process under Chapter III-A] shall, subject to submission of a written consent by the resolution professional to the Adjudicatory Authority in specified form,] act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority under sub-section (4).

4 · [(c) the resolution professional fails to submit written consent under sub-section (1).]

35 · Powers and duties of liquidator . — (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:—

1 · Subs. by Act 26 of 2018, s . 26, for "Chapter II shall" (w.e.f 6-6-2018) .

2 · Ins. by Act 26 of 2021, s. 7 (w.e.f. 4-4-2021).

3 · Subs. by Act 26 of 2018, s. 26 , for "in writing" (w.e.f. 6-6-2018) .

4 · Ins. by s. 26, ibid (w.e.f. f. 6 -6 -2018) .

5 · Subs. by s. 26, ibid, for "clause (a)" (w.e.f. 6-6-2018) .

1 · [Provided that the liquidator shall not sell the immovable and movable property or actionable claims of the corporate debtor in liquidation to any person who is not eligible to be a resolution applicant.].

1 · Ins. by Act 8 of 2018, s. 7 (w.e.f. 23-11-2017) .

36 · Liquidation estate . — (1) For the purposes of liquidation, the liquidator shall form an estate of the assets mentioned in sub -section (3), which will be called the liquidation estate in relation to the corporate debtor.

37 · Powers of liquidator to access information . — (1) Notwithstanding anything contained in any other law for the time being in force, the liquidator shall have the power to access any information systems for the purpose of admission and proof of claims and identification of the liquidation estate assets relating to the corporate debtor from the following sources, namely:—

38 · Consolidation of claims . — (1) The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process.

39 · Verification of claims . — (1) The liquidator shall verify the claims submitted under section 38 w ithin such time as specified by the Board.

40 · Admission or rejection of claims . — (1) The liquidator may, after verification of claims under section 39, either admit or reject the claim, in whole or in part, as the case may be:

41 · Determination of valuation of claims . — The liquidator shall determine the value of claims admitted under section 40 in such manner as may be specified by the Board.

42 · Appeal against the decision of liquidator.—A creditor may appeal to the Adjudicating Authority against the decision of the liquidator 1 [accepting or] rejecting the claims within fourteen days of the receipt of such decision.

43 · Preferential transactions and relevant time . — (1) Where the liquidator or the resolution professional, as the case may be, is of the opinion that the corporate debtor has at a relevant time given a preference in such transactions and in such manner as laid down in sub-section (2) to any persons as referred to in sub -section (4), he shall apply to the Adjudicating Authority for avoidance of preferential transactions and for, one or more of the orders referred to in section 44.

1 · . Ins. by Act 26 of 2018, s. 27 (w.e.f. 6-6-2018) .

44 · Orders in case of preferential transactions . — The Adjudicating Authority, may, on an application made by the resolution professional or liquidator under sub-section (1) of section 43, by an order:

45 · Avoidance of undervalued transactions . — (1) If the liquidator or the resolution professional, as the case may be, on an examination of the transactions of the corporate debtor referred to in sub -section (2) 1*** determines that certain transactions were made during the relevant period under section 46, which were undervalued, he shall make an application to the Adjudicating Authority to declare such transactions as void and reverse the effect of such transaction in accordance with this Chapter.

46 · Relevant period for avoidable transactions . — (1) In an application for avoiding a transaction at undervalue, the liquidator or the resolution professional, as the case may be, shall demonstrate that—

47 · Application by creditor in cases of undervalued transactions . — (1) Where an undervalued transaction has taken place and the liquidator or the resolution professional as the case may be, has not reported it to the Adjudicating Authority, a creditor, member or a partner of a corporate debtor, as the case may be, may make an application to the Adjudicating Authority to declare such transactions void and reverse their effect in accordance with this Chapter.

1 · The words and figures "of section 43" omitted by Act 26 of 2018, s. 28 (w.e.f. 6-6-2018) .

48 · Order in cases of undervalued transactions . — The order of the Adjudicating Authority under sub -section (1) of section 45 may provide for the following:—

49 · Transactions defrauding creditors . — Where the corporate debtor has entered into an undervalued transaction as referred to in sub -section (2) of section 45 and the Adjudicating Authority is satisfied that such transaction was deliberately entered into by such corporate debtor—

50 · Extortionate credit transactions . — (1) Where the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years preceding the insolvency commencement date, the liquidator or the resolution professional as the case may be, may make an application for avoidance of such transaction to the Adjudicating Authority if the terms of such transaction required exorbitant payments to be made by the corporate debtor.

51 · Order of Adjudicating Authority in respect of extortionate credit transactions . —W —Where the Adjudicating Authority after examining the application made under sub-section (1) of section 50 is satisfied that the terms of a credit transaction required exorbitant payments to be made by the corporate debtor, it shall, by an order—

52 · Second creditor in liquidation proceedings . — (1) A secured creditor in the liquidation proceedings may—

53 · Distribution of assets . — (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from the sale of the liquidation assets shall be distributed in the following order of priority and within such period and in such manner as may be specified, namely:—

54 · Dissolution of corporate debtor . — (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor.

1 · [CHAPTER III-A

54A · Corporate debtors eligible for pre-packaged insolvency resolution process . — (1) An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) .

1 · Ins. by Act 26 of 2021, s. 8 (w.e.f. 4-4-2021).

54B · Duties of insolvency professional before initiation of pre-packaged insolvency resolution process. — (1) The insolvency professional, proposed to be appointed as the resolution professional, shall have the following duties commencing from the date of the approval under clause (e) of sub-section (2) of section 54A, namely:—

54C · Application to initiate pre-packaged insolvency resolution process . — (1) Where a corporate debtor meets the requirements of section 54A, a corporate applicant thereof may file an application with the Adjudicating Authority for initiating pre-packaged insolvency resolution process.

54D · Time -limit for completion of pre-packaged insolvency resolution process . — (1) The prepackaged insolvency resolution process shall be completed within a period of one hundred and twenty days from the pre-packaged insolvency commencement date.

54E · Declaration of moratorium and public announcement during prepackaged insolvency resolution process . — (1) The Adjudicating Authority shall, on the pre-packaged insolvency commencement date, along with the order of admission under section 54C—

54F · Duties and powers of resolution professional during prepackaged insolvency resolution process. — (1) The resolution professional shall conduct the pre-packaged insolvency resolution process of a corporate debtor during the pre-packaged insolvency resolution process period.

54G · List of claims and preliminary information memorandum . — (1) The corporate debtor shall, within two days of the pre-packaged insolvency commencement date, submit to the resolution professional the following information, updated as on that date, in such form and manner as may be specified, namely:—

54H · Management of affairs of corporate debtor . —D —During the pre-packaged insolvency resolution process period,—

54 · -I. Committee of creditors . — (1) The resolution professional shall, within seven days of the pre -packaged insolvency commencement date, constitute a committee of creditors, based on the list of claims confirmed under clause (a) of sub-section (2) of section 54F:

54J · Vesting management of corporate debtor with resolution professional . — (1) Where the committee of creditors, at any time during the pre-packaged insolvency resolution process period, by a vote of not less than sixty-six per cent. of the voting shares, resolves to vest the management of the corporate debtor with the resolution professional, the resolution professional shall make an application for this purpose to the Adjudicating Authority, in such form and manner as may be specified.

54K · Consideration and approval of resolution plan . — (1) The corporate debtor shall submit the base resolution plan, referred to in clause (c) of sub-section (4) of section 54A, to the resolution professional within two days of the pre-packaged insolvency commencement date, and the resolution professional shall present it to the committee of creditors.

54L · Approval of resolution plan . — (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12), as the case may be of section 54K, subject to the conditions provided therein, meets the requirements as referred to in sub -section (2) of section 30, it shall, within thirty days of the receipt of such resolution plan, by order, approve the resolution plan:

54M · Appeal against order under section 54L . — Any appeal against an order approving the resolution plan under sub-section (1) of section 54L, shall be on the grounds laid down in sub-section (3) of section 61.

54N · Termination of prepackaged insolvency resolution process . — (1) Where the resolution professional files an application with the Adjudicating Authority,—

54 · -O. Initiation of corporate insolvency resolution process . — (1) The committee of creditors, at any time after the pre-packaged insolvency commencement date but before the approval of resolution plan under sub-section (4) or sub-section (12), as the case may be of section 54K, by a vote of not less than sixty-six per cent. of the voting shares, may resolve to initiate a corporate insolvency resolution

54P · Application of provisions of Chapters II, III, VI and VII to this Chapter . — (1) Save as provided under this Chapter, the provisions of sections 24, 25A, 26, 27, 28, 29A, 32A, 43 to 51, and the provisions of Chapters VI and VII of this Part shall, mutatis mutandis apply, to the pre-packaged insolvency resolution process, subject to the following, namely:—

55 · Fast track corporate insolvency resolution process.—(1) A corporate insolvency resolution process carried out in accordance with this Chapter shall be called as fast track corporate insolvency resolution process.

56 · Time period for completion of fast track corporate insolvency resolution process.—(1) Subject to the provisions of sub-section (3), the fast track corporate insolvency resolution process shall be completed within a period of ninety days from the insolvency commencement date.

57 · Manner of initiating fast track corporate insolvency resolution process . —A —An application for fast track corporate insolvency resolution process may be filed by a creditor or corporate debtor as the case may be, along with—

58 · Applicability of Chapter II to this Chapter . — The process for conducting a corporate insolvency resolution process under Chapter II and the provisions relating to offences and penalties under Chapter VII shall apply to this Chapter as the context may require.

59 · Voluntary liquidation of corporate persons . — (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter.

60 · Adjudicating authority for corporate persons . — (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons including corporate debtors and personal guarantors thereof shall be the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of the corporate person is located.

1 · Subs. by Act 26 of 2018, s . 29 , for "bankruptcy of a personal guarantor of such corporate debtor" (w.e.f. 6-6-2018) .

61 · Appeals and Appellate Authority . — (1) Notwithstanding anything to the contrary contained under the Companies Act 2013 (18 of 2013), any person aggrieved by the order of the Adjudicating Authority under this part may prefer an appeal to the National Company Law Appellate Tribunal.

1 · [(4) An appeal against a liquidation order passed under section 33, or sub-section (4) of section 54L, or sub -section (4) of section 54N, may be filed on grounds of material irregularity or fraud committed in relation to such a liquidation order.

1 · Subs. by Act 26 of 2021, s. 9, for sub-section (4) (w.e.f. 4-4-2021).

62 · Appeal to Supreme Court . — (1) Any person aggrieved by an order of the National Company Law Appellate Tribunal may file an appeal to the Supreme Court on a question of law arising out of such order under this Code within forty-five days from the date of receipt of such order.

63 · Civil court not to have jurisdiction . —N —No civil court or authority shall have jurisdiction to entertain any suit or proceedings in respect of any matter on which National Company Law Tribunal or the National Company Law Appellate Tribunal has jurisdiction under this Code.

64 · Expeditious disposal of applications . — (1) Where an application is not disposed of or an order is not passed within the period specified in this Code, the National Company Law Tribunal or the National Company Law Appellate Tribunal, as the case may be, shall record the reasons for not doing so within the period so specified; and the President of the National Company Law Tribunal or the Chairperson of the National Company Law Appellate Tribunal, as the case may be, may, after taking into account the reasons so recorded, extend the period specified in the Act but not exceeding ten days.

65 · Fraudulent or malicious initiation of proceedings . — (1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the Adjudicating Authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees.

1 · [(3) If any person initiates the pre-packaged insolvency resolution process—

66 · Fraudulent trading or wrongful trading . — (1) If during the corporate insolvency resolution process or a liquidation process, it is found that any business of the corporate debtor has been carried on with intent to defraud creditors of the corporate debtor or for any fraudulent purpose, the Adjudicating Authority may on the application of the resolution professional pass an order that any persons who were knowingly parties to the carrying on of the business in such manner shall be liable to make such contributions to the assets of the corporate debtor as it may deem fit.

1 · Ins. by Act 26 of 2021, s. 10 (w.e.f. 4-4-2021).

1 · [(3) Notwithstanding anything contained in this section, no application shall be filed by a resolution professional under sub-section (2), in respect of such default against which initiation of corporate insolvency resolution process is suspended as per section 10A.]

67 · Proceedings under section 66 . — (1) Where the Adjudicating Authority has passed an order under sub -section (1) or sub-section (2) of section 66, as the case may be, it may give such further directions as it may deem appropriate for giving effect to the order, and in particular, the Adjudicating Authority may— y—

2 · [67A. Fraudulent management of corporate debtor during pre-packaged insolvency resolution process . — On and after the pre-packaged insolvency commencement date, where an officer of the corporate debtor manages its affairs with the intent to defraud creditors of the corporate debtor or for any fraudulent purpose, the Adjudicating Authority may, on an application by the resolution professional, pass an order imposing upon any such officer, a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees.]

1 · Ins. by Act 17 of 2020, s. 3 (w.e.f. 5-6-2020).

2 · Ins. by Act 26 of 2021, s. 11 (w.e.f. 4-4-2021).

68 · Punishment for concealment of property . —W —Where any officer of the corporate debtor has,—

69 · Punishment for transactions defrauding creditors . — 1 [If] an officer of the corporate debtor or the corporate debtor—

1 · Subs. by Act 26 of 2018, s. 30 , for "On or after the insolvency commencement date, if" (w.e.f. 6-6-2018) .

70 · Punishment for misconduct in course of corporate insolvency resolution process . — (1) On or after the insolvency commencement date, where an officer of the corporate debtor—

71 · Punishment for falsification of books of corporate debtor . — On and after the insolvency commencement date, where any person destroys, mutilates, alters or falsifies any books, papers or securities, or makes or is in the knowledge of making of any false or fraudulent entry in any register, books of account or document belonging to the corporate debtor with intent to defraud or deceive any person, he shall be punishable with imprisonment for a term which shall not be less than three years, but which may extend to five years, or with fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both.

72 · Punishment for wilful and material omissions from statements relating to affairs of corporate debtor . — Where an officer of the corporate debtor makes any material and wilful omission in any statement relating to the affairs of the corporate debtor, he shall be punishable with imprisonment for a term which shall not be less than three years but which may extend to five years, or with fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both.

73 · Punishment for false representations to creditors . —W —Where any officer of the corporate debtor— r—

74 · Punishment for contravention of moratorium or the resolution plan . — (1) Where the corporate debtor or any of its officer violates the provisions of section 14, any such officer who knowingly or wilfully committed or authorised or permitted such contravention shall be punishable with imprisonment for a term which shall not be less than three years, but may extend to five years or with fine which shall not be less than one lakh rupees, but may extend to three lakh rupees, or with both.

75 · Punishment for false information furnished in application . —W —Where any person furnishes information in the application made under section 7, which is false in material particulars, knowing it to be false or omits any material fact, knowing it to be material, such person shall be punishable with fine which shall not be less than one lakh rupees, but may extend to one crore rupees.

76 · Punishment for non -disclosure of dispute or 1 [payment] of debt by operational creditor . — Where —

77 · Punishment for providing false information in application made by corporate debtor . — Where —

1 · Subs. by Act 26 of 2018, s. 31 , for "repayment" (w.e.f. 6-6-2018) .

2 · [77A. Punishment for offences related to prepackaged insolvency resolution process . — (1) Where —

78 · Application . — This Part shall apply to matters relating to fresh start, insolvency and bankruptcy of individuals and partnership firms where the amount of the default is not less than one thousand rupees:

79 · Definitions . — In this Part, unless the context otherwise requires,—

1 · The Explanation omitted by Act 26 of 2021, s. 12 (w.e.f. 4-4-2021).

2 · Ins. by s. 13 , ibid ., (w.e.f. 4-4-2021).

80 · Eligibility for making an application . — (1) A debtor, who is unable to pay his debt and fulfils the conditions specified in sub-section (2), shall be entitled to make an application for a fresh start for discharge of his qualifying debt under this Chapter.

81 · Application for fresh start order . — (1) When an application is filed under section 80 by a debtor, an interim -moratorium shall commence on the date of filing of said application in relation to all the debts and shall cease to have effect on the date of admission or rejection of such application, as the case may be.

82 · Appointment of resolution professional . — (1) Where an application under section 80 is filed by the debtor through a resolution professional, the Adjudicating Authority shall direct the Board within seven days of the date of receipt of the application and shall seek confirmation from the Board that there are no disciplinary proceedings against the resolution professional who has submitted such application.

83 · Examination of application by resolution professional . — (1) The resolution professional shall examine the application made under section 80 within ten days of his appointment, and submit a report to the Adjudicating Authority, either recommending acceptance or rejection of the application.

84 · Admission or rejection of application by Adjudicating Authority . — (1) The Adjudicating Authority may within fourteen days from the date of submission of the report by the resolution professional, pass an order either admitting or rejecting the application made under sub-section (1) of section 81.

85 · Effect of admission of application . — (1) On the date of admission of the application, the moratorium period shall commence in respect of all the debts.

86 · Objections by creditor and their examination by resolution professional . — (1) Any creditor mentioned in the order of the Adjudicating Authority under section 84 to whom a qualifying debt is owed may, within a period of ten days from the date of receipt of the order under section 84, object only on the following grounds, namely:—

87 · Application against decision of resolution professional . — (1) The debtor or the creditor who is aggrieved by the action taken by the resolution professional under section 86 may, within ten days of such decision, make an application to the Adjudicating Authority challenging such action on any of the following grounds, namely:—

88 · General duties of debtor . — The debtor shall —

89 · Replacement of resolution professional . — (1) Where the debtor or the creditor is of the opinion that the resolution professional appointed under section 82 is required to be replaced, he may apply to the Adjudicating Authority for the replacement of such resolution professional.

90 · Directions for compliances of restrictions, etc . — (1) The resolution professional may apply to the Adjudicating Authority for any of the following directions, namely:—

91 · Revocation of order admitting application . — (1) The resolution professional may submit an application to the Adjudicating Authority seeking revocation of its order made under section 84 on the following grounds, namely :—

92 · Discharge order . — (1) The resolution professional shall prepare a final list of qualifying debts and submit such list to the Adjudicating Authority at least seven days before the moratorium period comes to an end.

93 · Standard of conduct . — The resolution professional shall perform his functions and duties in compliance with the code of conduct provided under section 208.

94 · Application by debtor to initiate insolvency resolution process . — (1) A debtor who commits a default may apply, either personally or through a resolution professional, to the Adjudicating Authority for initiating the insolvency resolution process, by submitting an application.

95 · Application by creditor to initiate insolvency resolution process . — (1) A creditor may apply either by himself, or jointly with other creditors, or through a resolution professional to the Adjudicating Authority for initiating an insolvency resolution process under this section by submitting an application.

96 · Interim moratorium . — (1) When an application is filed under section 94 or section 95—

97 · Appointment of resolution professional . — (1) If the application under section 94 or 95 is filed through a resolution professional, the Adjudicating Authority shall direct the Board within seven days of the date of the application to confirm that there are no disciplinary proceedings pending against resolution professional.

98 · Replacement of resolution professional . — (1) Where the debtor or the creditor is of the opinion that the resolution professional appointed under section 97 is required to be replaced, he may apply to the Adjudicating Authority for the replacement of such resolution professional.

99 · Submission of report by resolution professional . — (1) The resolution professional shall examine the application referred to in section 94 or section 95, as the case may be, within ten days of his appointment, and submit a report to the Adjudicating Authority recommending for approval or rejection of the application.

100 · Admission or rejection of application . — (1) The Adjudicating Authority shall, within fourteen days from the date of submission of the report under section 99 pass an order either admitting or rejecting the application referred to in section 94 or 95, as the case may be.

101 · Moratorium . — (1) When the application is admitted under section 100, a moratorium shall commence in relation to all the debts and shall cease to have effect at the end of the period of one hundred and eighty days beginning with the date of admission of the application or on the date the Adjudicating Authority passes an order on the repayment plan under section 114, whichever is earlier.

102 · Public notice and claims from creditors . — (1) The Adjudicating Authority shall issue a public notice within seven days of passing the order under section 100 inviting claims from all creditors within twenty-one days of such issue.

103 · Registering of claims by creditors . — (1) The creditors shall register claims with the resolution professional by sending details of the claims by way of electronic communications or through courier, speed post or registered letter.

104 · Preparation of list of creditors . — (1) The resolution professional shall prepare a list of creditors on the basis of— f—

105 · Repayment plan.—(1) The debtor shall prepare, in consultation with the resolution professional, a repayment plan containing a proposal to the creditors for restructuring of his debts or affairs.

106 · Report of resolution professional on repayment plan . — (1) The resolution professional shall submit the repayment plan under section 105 along with his report on such plan to the Adjudicating Authority within a period of twenty-one days from the last date of submission of claims under section 102.

107 · Summoning of meeting of creditors . — (1) The resolution professional shall issue a notice calling the meeting of the creditors at least fourteen days before the date fixed for such meeting.

108 · Conduct of meeting of creditors . — (1) The meeting of the creditors shall be conducted in accordance with the provisions of this section and sections 109,110 and 111.

109 · Voting rights in meeting of creditors . — (1) A creditor shall be entitled to vote at every meeting of the creditors in respect of the repayment plan in accordance with the voting share assigned to him.

110 · Rights of secured creditors in relation to repayment plan . — (1) Secured creditors shall be entitled to participate and vote in the meetings of the creditors.

111 · Approval of repayment plan by creditors . — The repayment plan or any modification to the repayment plan shall be approved by a majority of more than three-fourth in value of the creditors present in person or by proxy and voting on the resolution in a meeting of the creditors.

112 · Report of meeting of creditors on repayment plan . — (1) The resolution professional shall prepare a report of the meeting of the creditors on repayment plan.

113 · Notice of decisions taken at meeting of creditors . — The resolution professional shall provide a copy of the report of the meeting of creditors prepared under section 99 to—

114 · Order of Adjudicating Authority on repayment plan . — (1) The Adjudicating Authority shall by an order approve or reject the repayment plan on the basis of the report of the meeting of the creditors submitted by the resolution professional under section 112:

115 · Effect of order of Adjudicating Authority on repayment plan . — (1) Where the Adjudicating Authority has approved the repayment plan under section 114, such repayment plan shall—

116 · Implementation and supervision of repayment plan . — (1) The resolution professional appointed under section 97 or under section 98 shall supervise the implementation of the repayment plan.

117 · Completion of repayment plan . — (1) The resolution professional shall within fourteen days of the completion of the repayment plan, forward to the persons who are bound by the repayment plan under section 115 and the Adjudicating Authority, the following documents, namely:—

118 · Repayment plan coming to end prematurely . — (1) A repayment plan shall be deemed to have come to an end prematurely if it has not been fully implemented in respect of all persons bound by it within the period as mentioned in the repayment plan.

119 · Discharge order . — (1) On the basis of the repayment plan, the resolution professional shall apply to the Adjudicating Authority for a discharge order in relation to the debts mentioned in the repayment plan and the Adjudicating Authority may pass such discharge order.

120 · Standard of conduct . — The resolution professional shall perform his functions and duties in compliance with the code of conduct provided under section 208.

121 · Application for bankruptcy . — (1) An application for bankruptcy of a debtor may be made, by a creditor individually or jointly with other creditors or by a debtor, to the Adjudicating Authority in the following circumstances, namely;—

122 · Application by debtor . — (1) The application for bankruptcy by the debtor shall be accompanied by—

123 · Application by creditor . — (1) The application for bankruptcy by the creditor shall be accompanied by—

124 · Effect of application . — (1) When an application is filed under section 122 or section 123,—

125 · Appointment of insolvency professional as bankruptcy trustee . — (1) If an insolvency professional is proposed as the bankruptcy trustee in the application for bankruptcy under section 122 or section 123, the Adjudicating Authority shall direct the Board within seven days of receiving the application for bankruptcy to confirm that there are no disciplinary proceedings pending against such professional.

126 · Bankruptcy order . — (1) The Adjudicating Authority shall pass a bankruptcy order within fourteen days of receiving the confirmation or nomination of the bankruptcy trustee under section 125.

127 · Validity of bankruptcy order . — The bankruptcy order passed by the Adjudicating Authority under section 126 shall continue to have effect till the debtor is discharged under section 138.

128 · Effect of bankruptcy order . — (1) On the passing of the bankruptcy order under section 126,—

129 · Statement of financial position . — (1) Where a bankruptcy order is passed on the application for bankruptcy by a creditor under section 123, the bankrupt shall submit his statement of financial position to the bankruptcy trustee within seven days from the bankruptcy commencement date.

130 · Public notice inviting claims from creditors . — (1) The Adjudicating Authority shall—

131 · Registration of claims . — (1) The creditors shall register claims with the bankruptcy trustee within seven days of the publication of the public notice, by sending details of the claims to the bankruptcy trustee in such manner as may be prescribed.

132 · Preparation of list of creditors . — The bankruptcy trustee shall, within fourteen days from the bankruptcy commencement date, prepare a list of creditors of the bankrupt on the basis of—

133 · Summoning of meeting of creditors . — (1) The bankruptcy trustee shall, within twenty-one days from the bankruptcy commencement date, issue a notice for calling a meeting of the creditors, to every creditor of the bankrupt as mentioned in the list prepared under section 132.

134 · Conduct of meeting of creditors . — (1) The bankruptcy trustee shall be the convener of the meeting of the creditors summoned under section 133.

135 · Voting rights of creditors . — (1) Every creditor mentioned in the list under section 132 or his proxy shall be entitled to vote in respect of the resolutions in the meeting of the creditors in accordance with the voting share assigned to him.

136 · Administration and distribution of estate of bankrupt . — The bankruptcy trustee shall conduct the administration and distribution of the estate of the bankrupt in accordance with the provisions of Chapter V.

137 · Completion of administration . — (1) The bankruptcy trustee shall convene a meeting of the committee of creditors on completion of the administration and distribution of the estate of the bankrupt in accordance with the provisions of Chapter V.

138 · Discharge order . — (1) The bankruptcy trustee shall apply to the Adjudicating Authority for a discharge order—

139 · Effect of discharge . — The discharge order under sub-section (2) of section 138 shall release the bankrupt from all the bankruptcy debt:

140 · Disqualification of bankrupt . — (1) The bankrupt shall, from the bankruptcy commencement date, be subject to the disqualifications mentioned in this section.

141 · Restrictions on bankrupt . — (1) A bankrupt, from the bankruptcy commencement date, shall—

142 · Modification or recall of bankruptcy order . — (1) The Adjudicating Authority may, on an application or suo motu, modify or recall a bankruptcy order, whether or not the bankrupt is discharged, if it appears to the Adjudicating Authority that—

143 · Standard of conduct . — The bankruptcy trustee shall perform his functions and duties in compliance with the code of conduct provided under section 208.

144 · Fees of bankruptcy order . — (1) A bankruptcy trustee appointed for conducting the bankruptcy process shall charge such fees as may be specified in proportion to the value of the estate of the bankrupt.

145 · Replacement of bankruptcy order . — (1) Where Committee of creditors is of the opinion that at any time during the bankruptcy process, a bankruptcy trustee appointed under section 125 is required to be replaced, it may replace him with another bankruptcy trustee in the manner provided under this section.

146 · Resignation by bankruptcy trustee . — (1) A bankruptcy trustee may resign if—

147 · Vacancy in office of bankruptcy trustee . — (1) If a vacancy occurs in the office of the bankruptcy trustee for any reason other than his replacement or resignation, the vacancy shall be filled in accordance with the provisions of this section.

148 · Release of bankruptcy trustee . — (1) A bankruptcy trustee shall be released from his office with effect from the date on which the Adjudicating Authority passes an order appointing a new bankruptcy trustee in the event of replacement, resignation or occurrence of vacancy under sections 145, 146 or section 147, as the case may be.

149 · Functions of bankruptcy trustee . — The bankruptcy trustee shall perform the following functions in accordance with the provisions of this Chapter—

150 · Duties of bankrupt towards bankruptcy trustee . — (1) The bankrupt shall assist the bankruptcy trustee in carrying out his functions under this Chapter by—

151 · Rights of bankruptcy trustee.—For the purpose of performing his functions under this Chapter, the bankruptcy trustee may, by his official name—

152 · General powers of bankruptcy trustee.—The bankruptcy trustee may while discharging his functions under this Chapter,—

153 · Approval of creditors for certain acts . — The bankruptcy trustee for the purposes of this Chapter may after procuring the approval of the committee of creditors,—

154 · Vesting of estate of bankrupt in bankruptcy trustee . — (1) The estate of the bankrupt shall vest in the bankruptcy trustee immediately from the date of his appointment.

155 · Estate of bankrupt . — (1) The estate of the bankrupt shall include,—

156 · Delivery of property and documents to bankruptcy trustee . — The bankrupt, his banker or agent or any other person having possession of any property, books, papers or other records which bankruptcy trustee is required to take possession for the purposes of the bankruptcy process shall deliver the said property and documents to the bankruptcy trustee.

157 · Acquisition of control by bankruptcy trustee . — (1) The bankruptcy trustee shall take possession and control of all property, books, papers and other records relating to the estate of the bankrupt or affairs of the bankrupt which belong to him or are in his possession or under his control.

158 · Restrictions on disposition of property . — (1) Any disposition of property made by the debtor, during the period between the date of filing of the application for bankruptcy and the bankruptcy commencement date shall be void.

159 · After -acquired property of bankrupt . — (1) The bankruptcy trustee shall be entitled to claim for the estate of the bankrupt, any after-acquired property by giving a notice to the bankrupt.

160 · Onerous property of bankrupt . — (1) The bankruptcy trustee may, by giving notice to the bankrupt or any person interested in the onerous property, disclaim any onerous property which forms a part of the estate of the bankrupt.

161 · Notice to disclaim onerous property . — (1) No notice of disclaimer under section 160 shall be necessary if—

162 · Disclaimer of leaseholds . — (1) The bankruptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has been served on every interested person and—

163 · Challenge against disclaimed property . — (1) An application challenging the disclaimer may be made by the following persons under this section to the Adjudicating Authority—

164 · Undervalued transactions . — (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section in respect of an undervalued transaction between a bankrupt and any person.

165 · Preference transactions . — (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section if a bankrupt has given a preference to any person.

166 · Effect of order . — (1) Subject to the provision of sub-section (2), an order passed by the Adjudicating Authority under section 164 or section 165 shall not,—

167 · Extortionate credit transactions . — (1) Subject to sub-section (6), on an application by the bankruptcy trustee, the Adjudicating Authority may make an order under this section in respect of extortionate credit transactions to which the bankrupt is or has been a party.

168 · Obligation under contracts . — (1) This section shall apply where a contract has been entered into by the bankrupt with a person before the bankruptcy commencement date.

169 · Continuance of proceedings on death of bankrupt . — If a bankrupt dies, the bankruptcy proceedings shall, continue as if he were alive.

170 · Administration of estate of deceased bankrupt . — (1) All the provisions of Chapter V relating to the administration and distribution of the estate of the bankrupt shall, so far as the same are applicable, apply to the administration of the estate of a deceased bankrupt.

171 · Proof of debt . — (1) The bankruptcy trustee shall give notice to each of the creditors to submit proof of debt within fourteen days of preparing the list of creditors under section 132.

172 · Proof of debt by secured creditors . — (1) Where a secured creditor realises his security, he may produce proof of the balance due to him.

173 · Mutual credit and set -off . — (1) Where before the bankruptcy commencement date, there have been mutual dealings between the bankrupt and any creditor, the bankruptcy trustee shall—

174 · Distribution of interim dividend . — (1) Whenever the bankruptcy trustee has sufficient funds in his hand, he may declare and distribute interim dividend among the creditors in respect of the bankruptcy debts which they have respectively proved.

175 · Distribution of property . — (1) The bankruptcy trustee may, with the approval of the committee of creditors, divide in its existing form amongst the creditors, according to its estimated value, any property in its existing form which from its peculiar nature or other special circumstances cannot be readily or advantageously sold.

176 · Final dividend . — (1) Where the bankruptcy trustee has realised the entire estate of the bankrupt or so much of it as could be realised in the opinion of the bankruptcy trustee, he shall give notice—

177 · Claims of creditors . — (1) A creditor who has not proved his debt before the declaration of any dividend is not entitled to disturb, by reason that he has not participated in it, the distribution of that dividend or any other dividend declared before his debt was proved, but—

178 · Priority of payment of debts . — (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or the State Legislature for the time being in force, in the distribution of the final dividend, the following debts shall be paid in priority to all other debts—

179 · Adjudicating authority for individuals and partnership firms . — (1) Subject to the provisions of section 60, the Adjudicating Authority, in relation to insolvency matters of individuals and firms shall be the Debt Recovery Tribunal having territorial jurisdiction over the place where the individual debtor actually and voluntarily resides or carries on business or personally works for gain and can entertain an application under this Code regarding such person.

180 · Civil court not to have jurisdiction . — (1) No civil court or authority shall have jurisdiction to entertain any suit or proceedings in respect of any matter on which the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal has jurisdiction under this Code.

181 · Appeal to Debt Recovery Appellate Tribunal . — (1) An appeal from an order of the Debt Recovery Tribunal under this Code shall be filed within thirty days before the Debt Recovery Appellate Tribunal.

182 · Appeal to Supreme Court . — (1) An appeal from an order of the Debt Recovery Appellate Tribunal on a question of law under this Code shall be filed within forty-five days before the Supreme Court.

183 · Expeditious disposal of applications . — Where an application is not disposed of or order is not passed within the period specified in this Code, the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal, as the case may be, shall record the reasons for not doing so within the period so specified; and the Chairperson of the Debt Recovery Appellate Tribunal, after taking into account the reasons so recorded, extend the period specified in this Code, but not exceeding ten days.

184 · Punishment for false information, etc., by creditor in insolvency resolution process . — (1) If a debtor or creditor provides information which is false in any material particulars to the resolution professional, he shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to five lakh rupees, or with both.

185 · Punishment for contravention of provisions . — If an insolvency professional deliberately contravenes the provisions of this Part, he shall be punishable with imprisonment for a term which may extend to six months, or with fine, which shall not be less than one lakh rupees, but may extend to five lakhs rupees, or with both.

186 · Punishment for false information, concealment, etc., by bankrupt.—If the bankrupt—

187 · Punishment for certain actions . — If a bankruptcy trustee,—

188 · Establishment and incorporation of Board . — (1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Code, a Board by the name of the Insolvency and Bankruptcy Board of India.

189 · Constitution of Board . — (1) The Board shall consist of the following members who shall be appointed by the Central Government, namely:—

190 · Removal of member from office . — The Central Government may remove a member from office if he —

191 · Powers of Chairperson . — Save as otherwise determined by regulations, the Chairperson shall have powers of general superintendence and direction of the affairs of the Board and may also exercise such other powers as may be delegated to him by the Board.

192 · Meetings of Board . — (1) The Board shall meet at such times and places, and observe such rules of procedure in regard to the transaction of business at its meetings (including quorum at such meetings) as may be determined by regulations.

193 · Member not to participate in meetings in certain cases . —A —Any member, who is a director of a company and who as such director has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting of the Board, shall, as soon as possible after relevant circumstances have come to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Board, and the member shall not take any part in any deliberation or decision of the Board with respect to that matter.

194 · Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board . — (1) No act or proceeding of the Board shall be invalid merely by reason of—

195 · Power to designate financial sector regulator . —U —Until the Board is established, the Central Government may by notification, designate any financial sector regulator to exercise the powers and functions of the Board under this Code.

196 · Powers and functions of Board . — (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely:—

1 · [(aa) promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of this Code;]

1 · Ins. by Act 26 of 2018, s 32 (w.e.f. 6-6-2018)

2 · Subs by s 32, ibid, for “for the registration” (w.e.f. 6-6-2018)

197 · Constitution of advisory committee, executive committee or other committee.—The Board may, for the efficient discharge of its functions, may constitute advisory and executive committees or such other committees, as it may deem fit, consisting of a Chairperson and such other members as may be specified by regulations.

198 · Condonation of delay . —N —Notwithstanding anything contained in this Code, where the Board does not perform any act within the period specified under this Code, the relevant Adjudicating Authority may, for reasons to be recorded in writing, condone the delay .

199 · No person to function as insolvency professional agency without valid certificate of registration . — Save as otherwise provided in this Code, no person shall carry on its business as insolvency professional agencies under this Code and enrol insolvency professionals as its members except under and in accordance with a certificate of registration issued in this behalf by the Board.

200 · Principles governing registration of insolvency professional agency . — The Board shall have regard to the following principles while registering the insolvency professional agencies under this Code, namely:—

201 · Registration of insolvency professional agency . — (1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and accompanied by such fee, as may be specified by regulations:

202 · Appeal to National Company Law Appellate Tribunal . —A —Any insolvency professional agency which is aggrieved by the order of the Board made under section 201 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period, and in such manner, as may be specified by regulations.

203 · Governing Board of insolvency professional agency.—The Board may, for the purposes of ensuring that every insolvency professional agency takes into account the objectives sought to be achieved under this Code, make regulations to specify—

204 · Functions of insolvency professional agencies . —A —An insolvency professional agency shall perform the following functions, namely:—

205 · Insolvency professional agencies to make bye-laws . — Subject to the provisions of this Code and any rules or regulations made thereunder and after obtaining the approval of the Board, every insolvency professional agency shall make bye-laws consistent with the model bye-laws specified by the Board under sub -section (2) of section 196.

206 · Enrolled and registered persons to act as insolvency professionals . —N —No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board.

207 · Registration of insolvency professionals . — (1) Every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner and on payment of such fee, as may be specified by regulations.

208 · Functions and obligations of insolvency professionals . — (1) Where any insolvency resolution, fresh start, liquidation or bankruptcy process has been initiated, it shall be the function of an insolvency professional to take such actions as may be necessary, in the following matters, namely:—

1 · [(ca) pre-packaged insolvency resolution process under Chapter III-A of Part II;]

1 · [(1A) Where the name of the insolvency professional proposed to be appointed as a resolution professional, is approved under clause (e) of sub-section (2) of section 54A, it shall be the function of such insolvency professional to take such actions as may be necessary to perform his functions and duties prior to the initiation of the pre-packaged insolvency resolution process under Chapter III-A of Part II.]

1 · Ins. by Act 26 of 2021, s. 14 (w.e.f. 4-4-2021).

209 · No person to function as information utility without certificate of registration . — Save as otherwise provided in this Code, no person shall carry on its business as information utility under this Code without a certificate of registration issued in that behalf by the Board.

210 · Registration of information utility . — (1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and accompanied by such fee, as may be specified by regulations:

211 · Appeal to National Company Law Appellate Tribunal . —A —Any information utility which is aggrieved by the order of the Board made under section 210 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period, and in such manner, as may be specified by regulations.

212 · Governing Board of information utility . — The Board may, for ensuring that an information utility takes into account the objectives sought to be achieved under this Code, require every information utility to set up a governing board, with such number of independent members, as may be specified by regulations.

213 · Core services, etc., of information utilities . —A —An information utility shall provide such services as may be specified including core services to any person if such person complies with the terms and conditions as may be specified by regulations.

214 · Obligation of information utility . — For the purposes of providing core services to any person, every information utility shall—

215 · Procedure for submission, etc., of financial information . — (1) Any person who intends to submit financial information to the information utility or access the information from the information utility shall pay such fee and submit information in such form and manner as may be specified by regulations.

216 · Rights and obligations of persons submitting financial information . — (1) A person who intends to update or modify or rectify errors in the financial information submitted under section 215, he may make an application to the information utility for such purpose stating reasons therefor, in such manner and within such time, as may be specified.

217 · Complaints against insolvency professional agency or its member or information utility . — Any person aggrieved by the functioning of an insolvency professional agency or insolvency professional or an information utility may file a complaint to the Board in such form, within such time and in such manner as may be specified.

218 · Investigation of insolvency professional agency or its member or information utility . — (1) Where the Board, on receipt of a complaint under section 217 or has reasonable grounds to believe that any insolvency professional agency or insolvency professional or an information utility has contravened any of the provisions of the Code or the rules or regulations made or directions issued by the Board thereunder, it may, at any time by an order in writing, direct any person or persons to act as an investigating authority to conduct an inspection or investigation of the insolvency professional agency or insolvency professional or an information utility.

219 · Show cause notice to insolvency professional agency or its member or information utility.—The Board may, upon completion of an inspection or investigation under section 218, issue a show cause notice to such insolvency professional agency or insolvency professional or information utility, and carry out inspection of such insolvency professional agency or insolvency professional or information utility in such manner, giving such time for giving reply, as may be specified by regulations.

220 · Appointment of disciplinary committee . — (1) The Board shall constitute a disciplinary committee to consider the reports of the investigating Authority submitted under sub-section (6) of section 218:

221 · Grants by Central Government . — The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Board grants of such sums of money as that Government may think fit for being utilised for the purposes of this Code.

222 · Board ' s Fund . — (1) There shall be constituted a Fund to be called the Fund of the Insolvency and Bankruptcy Board and there shall be credited thereto—

223 · Accounts and audit . — (1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.

224 · Insolvency and Bankruptcy Fund . — (1) There shall be formed a Fund to be called the Insolvency and Bankruptcy Fund (hereafter in this section referred to as the " Fund " ) for the purposes of insolvency resolution, liquidation and bankruptcy of persons under the Code.

225 · Power of Central Government to issue directions . — (1) Without prejudice to the foregoing provisions of this Code, the Board shall, in exercise of its powers or the performance of its functions under this Code, be bound by such directions on questions of policy as the Central Government may give in writing to it from time to time:

226 · Power of Central Government to supersede Board . — (1) If at any time the Central Government is of opinion—

227 · Power of Central Government to notify financial service providers, etc . —N —Notwithstanding anything to the contrary 1 [contained in this Code] or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate financial sector regulators, notify financial service providers or categories of financial service providers for the purpose of their insolvency and liquidation proceedings, which may be conducted under this Code, in such manner as may be prescribed.

2 · [Explanation . — For the removal of doubts, it is hereby clarified that the insolvency and liquidation proceedings for financial service providers or categories of financial service providers may be conducted with such modifications and in such manner as may be prescribed.]

228 · Budget . — The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Board and forward the same to the Central Government.

229 · Annual report . — (1) The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its annual report, giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government.

230 · Delegation . — The Board may, by general or special order in writing delegate to any member or officer of the Board subject to such conditions, if any, as may be specified in the order, such of its powers and functions under this Code (except the powers under section 240 , as it may deem necessary.

1 · Subs. by Act 1 of 2020, s. 11, for “examined in this Code” (w.e.f. 28-12-2019).

2 · Ins. by Act 1 of 2020, s. 11 (w.e.f.28-12-2019).

231 · Bar of jurisdiction . —N —No civil court shall have jurisdiction in respect of any matter in which the 1 [Adjudicating Authority or Board] is empowered by, or under, this Code to pass any order and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any order passed by such 2 [Adjudicating Authority or Board] under this Code.

232 · Members, officers and employees of Board to the public servants . — The Chairperson, Members, officers and other employees of the Board shall be deemed, when acting or purporting to act in pursuance of any of the provisions of this Code, to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860) .

233 · Protection of action taken in good faith . —N —No suit, prosecution or other legal proceeding shall lie against the Government or any officer of the Government, or the Chairperson, Member, officer or other employee of the Board or an insolvency professional or liquidator for anything which is in done or intended to be done in good faith under this Code or the rules or regulations made thereunder.

234 · Agreements with foreign countries . — (1) The Central Government may enter into an agreement with the Government of any country outside India for enforcing the provisions of this Code.

235 · Letter of request to a country outside India in certain cases . — (1) Notwithstanding anything contained in this Code or any law for the time being in force if, in the course of insolvency resolution process, or liquidation or bankruptcy proceedings, as the case may be, under this Code, the resolution professional, liquidator or bankruptcy trustee, as the case may be, is of the opinion that assets of the corporate debtor or debtor, including a personal guarantor of a corporate debtor, are situated in a country outside India with which reciprocal arrangements have been made under section 234, he may make an application to the Adjudicating Authority that evidence or action relating to such assets is required in connection with such process or proceeding.

2 · [235A . Punishment where no specific penalty or punishment is provided.—If any person contravenes any of the provisions of this Code or the rules or regulations made thereunder for which no penalty or punishment is provided in this Code, such person shall be punishable with fine which shall not be less than one lakh rupees but which may extend to two crore rupees.]

236 · Trial of offences by Special Court . — (1) Notwithstanding anything in the Code of Criminal Procedure, 1973 (2 of 1974), offences under this Code shall be tried by the Special Court established under Chapter XXVIII of the Companies Act, 2013 (18 of 2013) .

1 · Subs. by Act 26 of 2018, s. 33 , for "Adjudicating Authority" (w.e.f. 6-6-2018) .

2 · . Ins. by Act 8 of 2018, s. 8 (w.e.f. 23-11-2017) .

237 · Appeal and revision . — The High Court may exercise, so far as may be applicable, all the powers conferred by Chapters XXIX and XXX of the Code of Criminal Procedure, 1973 (2 of 1974) on a High Court, as if a Special Court within the local limits of the jurisdiction of the High Court were a Court of Session trying cases within the local limits of the jurisdiction of the High Court.

238 · Provisions of this Code to override other laws . — The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law.

1 · [238A . Limitation. — The provisions of the Limitation Act, 1963 shall, as far as may be, apply to the proceedings or appeals before the Adjudicating Authority, the National Company Law Appellate Tribunal, the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal, as the case may be.]

239 · Power to make rules. — (1) The Central Government may, by notification, make rules for carrying out the provisions of this Code.

2 · [(ea) other proof confirming that there is no payment of an unpaid operational debt by the corporate debtor or such other information under clause (e) of sub-section (3) of section 9;]

3 · [(fa) the transactions under the second proviso to sub-section (2) of section 21;

1 · Ins. by Act 26 of 2018, s. 34 (w.e.f. 6-6-2018) .

2 · Ins. by Act 26 of 2018, s . 35 (w.e.f. 6-6-2018) .

3 · Ins. by Act 1 of 2020, s. 12 (w.e.f. 28-12-2019).

1 · [(fd) the form, particulars, manner and fee for making application before the Adjudicating Authority under sub-section (2) of section 54C;

1 · Ins. by Act 26 of 2021, s. 15 (w.e.f. 4-4-2021).

240 · Power to make regulations . — (1) The Board may, by notification, make regulations consistent with this Code and the rules made thereunder, to carry out the provisions of this Code.

1 · [(ea) the other costs under sub-clause (e) of clause (23C) of section 5;]

1 · Ins. by Act 26 of 2021, s. 16 (w.e.f. 4-4-2021).

2 · [(ia) circumstances in which supply of critical goods or services may be terminated, suspended or interrupted during the period of moratorium under sub-section (2A) of section 14;]

3 · [(ja) the last date for submission of claims under clause (c) of sub-section (1) of section 15;]

3 · [(na) the number of creditors within a class of creditors under clause (b) of sub-section (6A) of section 21;

4 · [(sa) other conditions under clause (h) of sub-section (2) of section 25;]

1 · Clause (g) omitted by Act 26 of 2018, s. 36 (w.e.f. 6-6-2018) .

2 · Ins. by Act 1 of 2020, s. 13 (w.e.f. 28-12-2019).

3 · Ins.by Act 26 of 2018, s. 36 (w.e.f. 6-6-2018) .

4 · Ins. by Act 8 of 2018, s. 9 (w.e.f 23-11-2017) .

2 · [(wa) other requirements under sub-section (4) of section 30;].

3 · [(zka) such number of financial creditors and the manner of proposing the insolvency professional, and the form for approving such insolvency professional by the financial creditors under clause (e), the persons who shall provide approval under the proviso to clause (e), the form for making a declaration under clause (f) of sub-section (2) of section 54A;

1 · Subs. by Act 26 of 2019, s. 9, for “repayment of debts of operational creditors” (w.e.f. 16-08-2019).

2 · Ins. by Act 8 of 2018, s . 9 (w.e.f. 23-11-2017) .

3 · Ins. by Act 26 of 2021, s. 16 (w.e.f. 4-4-2021).

1 · [240A. Application of this Code to micro, small and medium enterprises.—(1) Notwithstanding anything to the contrary contained in this Code, the provisions of clauses (c) and (h) of section 29A shall not apply to the resolution applicant in respect of corporate insolvency resolution process 2 [or prepackaged insolvency resolution process] of any micro, small and medium enterprises.

1 · Ins. by Act 26 of 2018, s. 37 (w.e.f. 6-6-2018) .

2 · Ins. by Act 26 of 2021, s. 17 (w.e.f. 4-4-2021).

241 · Rules and regulations to be laid before Parliament . — Every rule and every regulation made under this Code shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.

242 · Power to remove difficulties . — (1) If any difficulty arises in giving effect to the provisions of this Code, the Central Government may, by order, published in the Official Gazette, make such provisions not inconsistent with the provisions of this Code as may appear to be necessary for removing the difficulty:

243 · Repeal of certain enactments and savings . — (1) The Presidency Towns Insolvency Act, 1909 (3 of 1909) and the Provincial Insolvency Act, 1920 (5 of 1920) are hereby repealed.

244 · Transitional provisions . — (1) Until the Board is constituted or a financial sector regulator is designated under section 195, as the case may be, the powers and functions of the Board or such designated financial sector regulator, including its power to make regulations, shall be exercised by the Central Government.

245 · Amendments of Act 9 of 1932 . — The Indian Partnership Act, 1932 shall be amended in the manner specified in the First Schedule.

246 · Amendments of Act 1 of 1944 . — The Central Excise Act, 1944 shall be amended in the manner specified in the Second Schedule.

247 · Amendments of Act 43 of 1961 . — The Income -tax Act, 1961 shall be amended in the manner specified in the Third Schedule.

248 · Amendments of Act 52 of 1962 . — The Customs Act, 1962 shall be amended in the manner specified in the Fourth Schedule.

249 · Amendments of Act 51 of 1993 . — The Recovery of Debts due to Banks and Financial Institutions Act, 1993 shall be amended in the manner specified in the Fifth Schedule.

250 · Amendments of Act 32 of 1994 . — The Finance Act, 1994 shall be amended in the manner specified in the Sixth Schedule.

251 · Amendments of Act 54 of 2002 . — The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be amended in the manner specified in the Seventh Schedule.

252 · Amendments of Act 1 of 2004 . — The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in the manner specified in the Eighth Schedule.

253 · Amendments of Act 51 of 2007 . — The Payment and Settlement Systems Act, 2007 shall be amended in the manner specified in the Ninth Schedule.

254 · Amendments of Act 6 of 2009 . — The Limited Liability Partnership Act, 2008 shall be amended in the manner specified in the Tenth Schedule.

255 · Amendments of Act 18 of 2013 . — The Companies Act, 2013 shall be amended in the manner specified in the Eleventh Schedule.

1 · In section 41, clause (a) shall be omitted.

1 · In section 11E, for the words, figures and brackets " and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002) " , the words, figures and brackets " the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002) and the Insolvency and Bankruptcy Code, 2016 " shall be substituted.

1 · In the long title, after the words " financial institutions " , the words " , insolvency resolution and bankruptcy of individuals and partnership firms " shall be inserted, namely:— .

2 · In section 1, —

3 · In section 3, after sub -section (1), the following sub-section shall be inserted, namely:—

4 · In section 8, after sub -section (1), the following section shall be inserted, namely:—

5 · In section 17, —

6 · After section 19, the following section shall be inserted, namely:—

7 · In section 20, in sub -section (4) , after the word, brackets and figure " sub -section (1) " , the words, brackets and figures " or under sub -section (1) of section 181 of the Insolvency and Bankruptcy Code, 2016 " shall be inserted.

1 · [Provided also that any scheme sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of section 18 of the Sick Industrial Companies (Special Provisions) Act, 1985 shall be deemed to be an approved resolution plan under sub-section (1) of section 31 of the Insolvency and Bankruptcy Code, 2016 and the same shall be dealt with, in accordance with the provisions of Part II of the said Code:

1 · Ins. by Notification No. S.O. 1683(E) dated 24 th May 2017 .

1 · In section 23, in sub -sections (4), (5) and (6), after the words , figures and brackets " the Banking Regulation Act, 1949 (10 of 1949) " " the Companies Act, 2013 (18 of 2013) " , the words and figures " or the Insolvency and Bankruptcy Code, 2016 " shall be inserted.

2 · In section 23A, in sub -section (3), after the words, figures and brackets " the Companies Act, 2013 " , the words and figures " or the Insolvency and Bankruptcy Code, 2016 " shall be inserted.

1 · In section 2, —

2 · In section 8, in sub -section (9), for the words and figures " the Rehabilitation and Insolvency Fund formed under section 269 " , the words and figures " Insolvency and Bankruptcy Fund formed under section 224 of the Insolvency and Bankruptcy Code, 2016 " shall be substituted.

3 · In section 66, in sub -section (8), for the words, brackets and figures " is unable, within the meaning of sub -section (2) of section 271, to pay the amount of his debt or claim, " , the words and figures " commits a default, within the meaning of section 6 of the Insolvency and Bankruptcy Code, 2016, in respect of the amount of his debt or claim, " shall be substituted.

4 · In section 77, in sub -section (3), after the words " the liquidator " , the words and figures " appointed under this Act or the Insolvency and Bankruptcy Code, 2016, as the case may be, " shall be inserted.

5 · In section 117 , in sub -section (3), in clause (f), for the word and figures " section 304 " , the words and figures " section 59 of the Insolvency and Bankruptcy Code, 2016 " shall be substituted.

6 · In section 224, in sub -section (2), after the words " wound up under this Act " , the words and figures " or under the Insolvency and Bankruptcy Code, 2016 " shall be inserted.

7 · In section 230, —

8 · In section 249, in sub -section (1), for clause (e), the following clause shall be substituted, namely:—

9 · Sections 253 to 269 shall be omitted.

10 · For section 270, the following section shall be substituted, namely:—

11 · For section 271, the following section shall be substituted, namely:—

12 · For section 272, the following section shall be substituted, namely:—

13 · In section 275, —

14 · For section 280, the following section shall be substituted, namely:—

16 · The heading " Part II. — Voluntary winding up " shall be omitted.

19 · For section 326, the following section shall be substituted, namely:—

20 · In section 327, —

21 · For section 329, the following section shall be substituted, namely:—

22 · For section 334, the following section shall be substituted, namely:—

23 · In section 336, in sub -section (1), in the opening paragraph, for the words " whether by the Tribunal or voluntarily, or which is subsequently ordered to be wound up by the Tribunal or which subsequently passes a resolution for voluntary winding up " , the words " by the Tribunal under this Act or which is subsequently ordered to be wound up by the Tribunal under this Act " shall be substituted.

24 · In section 337, for the words " or which subsequently passes a resolution for voluntary winding up, " , the words " under this Act " , shall be substituted.

25 · In section 342, sub -sections (2), (3) and (4) shall be omitted.

26 · In section 343, for sub -section (1), the following sub-section shall be substituted, namely—

27 · . In section 347, for sub -section (1), the following sub-section shall be substituted, namely—

28 · In section 348, for sub -section (1), the following sub-section shall be substituted, namely—

29 · For section 357, the following section shall be substituted, namely:—

30 · In section 370, in the proviso, after the words " obtained for the winding up the company " , the words and figures " in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016 " shall be inserted.

31 · In section 372, after the words " The provisions of this Act " , the words and figures " or of the Insolvency and Bankruptcy Code, 2016, as the case may be, " shall be inserted.

32 · In section 419, for sub -section (4), the following sub-section shall be substituted, namely:—

33 · In section 424, —

34 · In section 429, for sub -section (1), the following sub-section shall be substituted, namely:—

35 · For section 434, the following section shall be substituted, namely:—

36 · . In section 468, for sub -section (2), the following sub-section shall be substituted, namely:—

37 · In Schedule V, in Part II, in section III, for clause (b), the following clause shall be substituted, namely:—

1 · [THE TWELFTH SCHEDULE

1 · Ins. by Act 26 of 2018, s . 38 (w.e.f. 6-6-2018) .

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No. 30/2/2016-Insolvency Section Government of India Ministry of Corporate Affairs

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