In section 327, — — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

20. In section 327, — (a) after sub-section (6), the following sub-section shall be inserted, namely:— " (7) Sections 326 and 327 shall not be applicable in the event of liquidation under the Insolvency and Bankruptcy Code, 2016. " ; (b) in the Explanation, for clause (c), the following clause shall be substituted, namely:— " (c) the expression " relevant date " means in the case of a company being wound up by the Tribunal, the date of appointment or first appointment of a provisional liquidator, or if no such appointment was made, the date of the winding up order, unless, in either case, the company had commenced to be wound up voluntarily before that date under the Insolvency and Bankruptcy Code, 2016; " .

Section 20