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  3. Part 2

Part 2

Insolvency Resolution and Liquidation For Corporate Persons

99 sections (4–77A)

  • 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
  • 19Persons to extend cooperation 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 in respect of certain transactions or trading not to affect processes
  • 27Replacement of resolution professional by committee of creditors
  • 28Approval of committee of creditors for certain actions
  • 28ATransfer of assets of guarantor of corporate debtor during process
  • 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
  • 34AReplacement of liquidator by committee of creditors
  • 35Powers and duties of liquidator
  • 36Liquidation estate
  • 37Powers of liquidator to access information
  • 38Omitted
  • 39Omitted
  • 40Omitted
  • 41Omitted
  • 42Omitted
  • 43Preferential transactions and relevant time
  • 44Orders in case of preferential transactions
  • 45Avoidance of undervalued transactions
  • 46Relevant period for undervalued transactions
  • 47Application by creditors, member or partner in case of certain transactions or trading
  • 48Order in cases of undervalued transactions
  • 49Transactions defrauding creditors
  • 50Extortionate credit transactions
  • 51Order 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
  • 54ICommittee 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
  • 54OInitiation of corporate insolvency resolution process
  • 54PApplication of provisions of Chapters II, III, VI and VII 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
  • 64APenalty for initiating frivolous or vexatious proceedings under Part II
  • 65Fraudulent or malicious initiation of proceedings
  • 66Fraudulent or wrongful trading
  • 67Proceedings under section 66
  • 67AFraudulent management of corporate debtor during pre-packaged insolvency resolution process
  • 67BContravention of moratorium or resolution plan
  • 67CContravention for non-disclosure of dispute or payment of debt by operational creditor
  • 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
  • 74Omitted
  • 75Punishment for false information furnished in application
  • 76Omitted
  • 77Punishment for providing false information in application made by corporate debtor
  • 77APunishment for offences related to prepackaged insolvency resolution process
Part 1PreliminaryPart 3Insolvency Resolution and Bankruptcy For Individuals and Partnership Firms