आधिकारिक दस्तावेज़ / Official document
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Hindi — official source version
hh201631.pdf
इस संस्करण को आधिकारिक दस्तावेज़ में पढ़ें। Read this version in its official source document.
Open official source version ↗About this act
- Jurisdiction
- Central
- Enactment date
- 2016-05-28
- Sections available
- 282
Read the sections
1Short title, extent and commencement.→2Application.→3Definitions.→4Application of this Part.→5Definitions.→6Persons who may initiate corporate insolvency resolution process.→7Initiation of corporate insolvency resolution process by financial creditor.→8Insolvency resolution by operational creditor.→9Application for initiation of corporate insolvency resolution process by operational creditor.→10Initiation of corporate insolvency resolution process by corporate applicant.→10ASuspension of initiation of corporate insolvency resolution process.→11Persons not entitled to make application.→11ADisposal of applications under section 54C and under section 7 or section 9 or section 10.→12Time-limit for completion of insolvency resolution process.→12AWithdrawal of application admitted under section 7, 9 or 10.→13Declaration of moratorium and public announcement.→14Moratorium.→15Public announcement of corporate insolvency resolution process.→16Appointment and tenure of interim resolution professional.→17Management of affairs of corporate debtor by interim resolution professional.→18Duties of interim resolution professional.→19Personnel to extend co-operation to interim resolution professional.→20Management of operations of corporate debtor as going concern.→21Committee of creditors.→22Appointment of resolution professional.→23Resolution professional to conduct corporate insolvency resolution process.→24Meeting of committee of creditors.→25Duties of resolution professional.→25ARights and duties of authorised representative of financial creditors.→26Application for avoidance of transactions not to affect proceedings.→27Replacement of resolution professional by committee of creditors.→28Approval of committee of creditors for certain actions.→29Preparation of information memorandum.→29APerson not eligible to be resolution applicant.→30Submission of resolution plan.→31Approval of resolution plan.→32Appeal.→32ALiability for prior offences, etc.→33Initiation of liquidation.→34Appointment of liquidator and fee to be paid.→35Powers and duties of liquidator.→36Liquidation estate.→37Powers of liquidator to access information.→38Consolidation of claims.→39Verification of claims.→40Admission or rejection of claims.→41Determination of valuation of claims.→42Appeal against the decision of liquidator.→43Preferential transactions and relevant time.→44Orders in case of preferential transactions.→45Avoidance of undervalued transactions.→46Relevant period for avoidable transactions.→47Application by creditor in cases of undervalued transactions.→48Order in cases of undervalued transactions.→49Transactions defrauding creditors.→50Extortionate credit transactions.→51Orders of Adjudicating Authority in respect of extortionate credit transactions.→52Secured creditor in liquidation proceedings.→53Distribution of assets.→54Dissolution of corporate debtor.→54ACorporate debtors eligible for pre-packaged insolvency resolution process.→54BDuties of insolvency professional before initiation of pre-packaged insolvency resolution process.→54CApplication to initiate pre-packaged insolvency resolution process.→54DTime-limit for completion of pre-packaged insolvency resolution process→54EDeclaration of moratorium and public announcement during pre-packaged insolvency resolution process.→54FDuties and powers of resolution professional during pre-packaged insolvency resolution process→54GList of claims and preliminary information memorandum.→54HManagement of affairs of corporate debtor.→54-ICommittee of creditors.→54JVesting management of corporate debtor with resolution professional.→54KConsideration and approval of resolution plan.→54LApproval of resolution plan.→54MAppeal against order under section 54L.→54NTermination of pre-packaged insolvency resolution process.→54-OInitiation of corporate insolvency resolution process.→54PApplication of provisions of Chapters II, III, VI and VII to this Chapter.→55Fast track corporate insolvency resolution process.→56Time period for completion of fast track corporate insolvency resolution process.→57Manner of initiating fast track corporate insolvency resolution process.→58Applicability of Chapter II to this Chapter.→59Voluntary liquidation of corporate persons.→60Adjudicating Authority for corporate persons.→61Appeals and Appellate Authority.→62Appeal to Supreme Court.→63Civil court not to have jurisdiction.→64Expeditious disposal of applications.→65Fraudulent or malicious initiation of proceedings.→66Fraudulent trading or wrongful trading.→67Proceedings under section 66.→67AFraudulent management of corporate debtor during pre-packaged insolvency resolution process→68Punishment for concealment of property.→69Punishment for transactions defrauding creditors.→70Punishment for misconduct in course of corporate insolvency resolution process.→71Punishment for falsification of books of corporate debtor.→72Punishment for wilful and material omissions from statements relating to affairs of corporate debtor.→73Punishment for false representations to creditors.→74Punishment for contravention of moratorium or the resolution plan.→75Punishment for false information furnished in application.→76Punishment for non-disclosure of dispute or payment of debt by operational creditor.→77Punishment for providing false information in application made by corporate debtor.→77APunishment for offences related to pre-packaged insolvency resolution process.→78Application.→79Definitions.→80Eligibility for making an application.→81Application for fresh start order.→82Appointment of resolution professional.→83Examination of application by resolution professional.→84Admission or rejection of application by Adjudicating Authority.→85Effect of admission of application.→86Objections by creditor and their examination by resolution professional.→87Application against decision of resolution professional.→88General duties of debtor.→89Replacement of resolution professional.→90Directions for compliances of restrictions, etc.→91Revocation of order admitting application.→92Discharge order.→93Standard of conduct.→94Application by debtor to initiate insolvency resolution process.→95Application by creditor to initiate insolvency resolution process.→96Interim moratorium.→97Appointment of resolution professional.→98Replacement of resolution professional.→99Submission of report by resolution professional.→100Admission or rejection of application.→101Moratorium.→102Public notice and claims from creditors.→103Registering of claims by creditors.→104Preparation of list of creditors.→105Repayment plan.→106Report of resolution professional on repayment plan.→107Summoning of meeting of creditors.→108Conduct of meeting of creditors.→109Voting rights in meeting of creditors.→110Rights of secured creditors in relation to repayment plan.→111Approval of repayment plan by creditors.→112Report of meeting of creditors on repayment plan.→113Notice of decisions taken at meeting of creditors.→114Order of Adjudicating Authority on repayment plan.→115Effect of order of Adjudicating Authority on repayment plan.→116Implementation and supervision of repayment plan.→117Completion of repayment plan.→118Repayment plan coming to end prematurely.→119Discharge order.→120Standard of conduct.→121Application for bankruptcy.→122Application by debtor.→123Application by creditor.→124Effect of application.→125Appointment of insolvency professional as bankruptcy trustee.→126Bankruptcy order.→127Validity of bankruptcy order.→128Effect of bankruptcy order.→129Statement of financial position.→130Public notice inviting claims from creditors.→131Registration of claims.→132Preparation of list of creditors.→133Summoning of meeting of creditors.→134Conduct of meeting of creditors.→135Voting rights of creditors.→136Administration and distribution of estate of bankruptcy.→137Completion of administration.→138Discharge order.→139Effect of discharge.→140Disqualification of bankrupt.→141Restrictions on bankrupt.→142Modification or recall of bankruptcy order.→143Standard of conduct.→144Fees of bankruptcy trustee.→145Replacement of bankruptcy trustee.→146Resignation by bankruptcy trustee.→147Vacancy in office of bankruptcy trustee.→148Release of bankruptcy trustee.→149Functions of bankruptcy trustee.→150Duties of bankrupt towards bankruptcy trustee.→151Rights of bankruptcy trustee.→152General powers of bankruptcy trustee.→153Approval of creditors for certain acts.→154Vesting of estate of bankrupt in bankruptcy trustee.→155Estate of bankrupt.→156Delivery of property and documents to bankruptcy trustee.→157Acquisition of control by bankruptcy trustee.→158Restrictions on disposition of property.→159After-acquired property of bankrupt.→160Onerous property of bankrupt.→161Notice to disclaim onerous property.→162Disclaimer of leaseholds.→163Challenge against disclaimed property.→164Undervalued transactions.→165Preference transactions.→166Effect of order.→167Extortionate credit transactions.→168Obligations under contracts.→169Continuance of proceedings on death of bankrupt.→170Administration of estate of deceased bankrupt.→171Proof of debt.→172Proof of debt by secured creditors.→173Mutual credit and set-off.→174Distribution of interim dividend.→175Distribution of property.→176Final dividend.→177Claims of creditors.→178Priority of payment of debts.→179Adjudicating authority for individuals and partnership firms.→180Civil court not to have jurisdiction.→181Appeal to Debt Recovery Appellate Tribunal.→182Appeal to Supreme Court.→183Expeditious disposal of applications.→184Punishment for false information, etc., by creditor in insolvency resolution process.→185Punishment for contravention of provisions.→186Punishment for false information, concealment, etc., by bankrupt.→187Punishment for certain actions.→188Establishment and incorporation of Board.→189Constitution of Board.→190Removal of member from office.→191Powers of Chairperson.→192Meetings of Board.→193Member not to participate in meetings in certain cases.→194Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board.→195Power to designate financial sector regulator.→196Powers and functions of Board.→197Constitution of advisory committee, executive committee or other committee.→198Condonation of delay.→199No person to function as insolvency professional agency without valid certificate of registration.→200Principles governing registration of insolvency professional agency.→201Registration of insolvency professional agency.→202Appeal to National Company Law Appellate Tribunal.→203Governing Board of insolvency professional agency.→204Functions of insolvency professional agencies.→205Insolvency professional agencies to make bye-laws.→206Enrolled and registered persons to act as insolvency professionals.→207Registration of insolvency professionals.→208Functions and obligations of insolvency professionals.→209No person to function as information utility without certificate of registration.→210Registration of information utility.→211Appeal to National Company Law Appellate Tribunal.→212Governing Board of information utility.→213Core services, etc., of information utilities.→214Obligations of information utility.→215Procedure for submission, etc., of financial information.→216Rights and obligations of persons submitting financial information.→217Complaints against insolvency professional agency or its member or information utility.→218Investigation of insolvency professional agency or its member or information utility.→219Show cause notice to insolvency professional agency or its member or information utility.→220Appointment of disciplinary committee.→221Grants by Central Government.→222Board’s Fund.→223Accounts and audit.→224Insolvency and Bankruptcy Fund.→225Power of Central Government to issue directions.→226Power of Central Government to supersede Board.→227Power of Central Government to notify financial service providers, etc.→228Budget.→229Annual report.→230Delegation.→231Bar of jurisdiction.→232Members, officers and employees of Board to the public servants.→233Protection of action taken in good faith.→234Agreements with foreign countries.→235Letter of request to a country outside India in certain cases.→235APunishment where no specific penalty or punishment is provided.→236Trial of offences by Special Court.→237Appeal and revision.→238Provisions of this Code to override other laws.→238ALimitation.→239Power to make rules.→240Power to make regulations.→240AApplication of this Code to micro, small and medium enterprises.→241Rules and regulations to be laid before Parliament.→242Power to remove difficulties.→243Repeal of certain enactments and savings.→244Transitional provisions.→245Amendments of Act 9 of 1932.→246Amendments of Act 1 of 1944.→247Amendments of Act 43 of 1961.→248Amendments of Act 52 of 1962.→249Amendments of Act 51 of 1993.→250Amendments of Act 32 of 1994.→251Amendments of Act 54 of 2002.→252Amendments of Act 1 of 2004.→253Amendments of Act 51 of 2007.→254Amendments of Act 6 of 2009.→255Amendments of Act 18 of 2013.→
Schedules
THE FIRST SCHEDULEOfficial attachment ↗THE SECOND SCHEDULE.Official attachment ↗THE THIRD SCHEDULEOfficial attachment ↗THE FOURTH SCHEDULEOfficial attachment ↗THE FIFTH SCHEDULEOfficial attachment ↗THE SIXTH SCHEDULEOfficial attachment ↗THE SEVENTH SCHEDULEOfficial attachment ↗THE EIGHTH SCHEDULEOfficial attachment ↗THE NINTH SCHEDULEOfficial attachment ↗THE TENTH SCHEDULEOfficial attachment ↗THE ELEVENTH SCHEDULEOfficial attachment ↗THE TWELFTH SCHEDULEOfficial attachment ↗
India Code, Government of India. Text fetched 10 Oct 2026. Source metadata reports last modification: 2024-07-25. Check the linked official text and subsequent notifications when applying a provision.