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The document outlines the contents of the Insolvency and Bankruptcy Code of India. It includes 4 parts that cover preliminary aspects, insolvency resolution and liquidation for corporate persons and individuals/partnership firms, and the regulation of insolvency professionals and information utilities. It also includes 7 regulations, including the Insolvency Resolution Process for Corporate Persons Regulations which outlines the resolution process and requirements in 10 chapters covering public announcements, creditor claims, committee of creditors meetings and voting, resolution plan requirements, and other procedural aspects.

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110 views

Flow Chart Content

The document outlines the contents of the Insolvency and Bankruptcy Code of India. It includes 4 parts that cover preliminary aspects, insolvency resolution and liquidation for corporate persons and individuals/partnership firms, and the regulation of insolvency professionals and information utilities. It also includes 7 regulations, including the Insolvency Resolution Process for Corporate Persons Regulations which outlines the resolution process and requirements in 10 chapters covering public announcements, creditor claims, committee of creditors meetings and voting, resolution plan requirements, and other procedural aspects.

Uploaded by

Md Ahsan Ali
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as TXT, PDF, TXT or read online on Scribd
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PART 1: PRELIMINARY (Section 1 to 3)

PART 2: INSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS

Chapter I. PRELIMINARY (Section 4 & 5)

Chapter II. CORPORATE INSOLVENCY RESOLUTION PROCESS (Section 6 to 32)

Chapter III. LIQUIDATION PROCESS (Section 33 to 54)

Chapter III A. PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS (Section 54A. to 54P.)

Chapter IV. FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS (Section 55 to 58)

Chapter V. VOLUNTARY LIQUIDATION OF CORPORATE PERSONS (Section 59)

Chapter VI. ADJUDICATING AUTHORITY FOR CORPORATE PERSONS (Section 60 to 67)

Chapter VII. OFFENCES AND PENALTIES (Section 68 to 77)

PART III: INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP
FIRMS

Chapter I. PRELIMINARY (Section 78 & 79)

Chapter II. FRESH START PROCESS (Section 80 to 93)

Chapter III. INSOLVENCY RESOLUTION PROCESS (Section 94 to 120)

Chapter IV. BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS (Section 121 to
148)

Chapter V. ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT (Section


149 to 178)

Chapter VI. ADJUDICATING AUTHORITY FOR INDIVIDUALS AND PARTNERSHIP FIRMS (Section
179 to 183)

Chapter VII. OFFENCES AND PENALTIES (Section 184 to 187)

PART IV: REGULATION OF INSOLVENCY PROFESSIONALS, AGENCIES AND INFORMATION UTILITIES

Chapter I. THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Section 188 to 195)

Chapter II. POWERS AND FUNCTIONS OF THE BOARD (Section 196 to 198)

Chapter III. INSOLVENCY PROFESSIONAL AGENCIES (Section 199 to 205)

Chapter IV. INSOLVENCY PROFESSIONALS (Section 206 to 208)

Chapter V. INFORMATION UTILITIES (Section 209 to 216)

Chapter VI. INSPECTION AND INVESTIGATION (Section 217 to 220)

Chapter VII. FINANCE, ACCOUNTS AND AUDIT (Section 221 to 223)

PART V: MISCELLENEOUS (Section 224 to 255)

# Regulations
2.4. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process
for Corporate Persons) Regulations, 2016.
Preamble
Chapter I. PRELIMINARY

1. Short title and commencement.


2. Definitions.

Chapter II. GENERAL

3. Eligibility for resolution professional. 3A. Assistance and cooperation by the


personnel of the corporate debtor.
4. Access to books.
5. Extortionate credit transaction.

Chapter III. PUBLIC ANNOUNCEMENT

6. Public announcement.

Chapter IV. PROOF OF CLAIMS

7. Claims by operational creditors.


8. Claims by financial creditors.
9. Claims by workmen and employees.
10. Substantiation of claims.
11. Cost of proof.
12. Submission of proof of claims.
13. Verification of claims.
14. Determination of amount of claim.
15. Debt in foreign currency.

Chapter V. COMMITTEE OF CREDITORS

16. Committee with only operational creditors.


17. First meeting of the committee.

Chapter VI. MEETINGS OF THE COMMITTEE

18. Meetings of the committee.


19. Notice for meetings of the committee.
20. Service of notice by electronic means.
21. Contents of the notice for meeting.
22. Quorum at the meeting.
23. Participation through video conferencing.
24. Conduct of meeting.

Chapter VII. VOTING BY THE COMMITTEE

25. Voting by the committee.


26. Voting through electronic means.

Chapter VIII. CONDUCT OF CORPORATE INSOLVENCY RESOLUTION PROCESS

27. Appointment of registered valuers.


28. Transfer of debt due to creditors.
29. Sale of assets outside the ordinary course of business.
30. Assistance of local district administration.
Chapter IX. INSOLVENCY RESOLUTION PROCESS COSTS

31. Insolvency resolution process costs.


32. Essential supplies.
33. Costs of the interim resolution professional.
34. Resolution professional costs.

Chapter X. RESOLUTION PLAN

35. Fair value and Liquidation value.


36. Information memorandum.
37. Resolution plan.
38. Mandatory contents of the resolution plan.
39. Approval of resolution plan.
40. Extension of the corporate insolvency resolution process period.

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