Section – 44 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Order in case of preferential transactions. 44. (1) The Adjudicating Authority, may, on an application made by the resolution professional or liquidator under sub-section (1) of section 43, by an order :… Read More »
Section – 43 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Preferential transactions and relevant time. 43. (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… Read More »
Section – 42 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Appeal against the decision of Liquidator. 42. A creditor may appeal to the Adjudicating Authority against the decision of the liquidator rejecting the claims within fourteen days of the receipt of such… Read More »
Section – 41 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Determination of valuation of claims. 41. The liquidator shall determine the value of claims admitted under section 40 in such manner as may be specified by the Board.
Section – 40 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Admission or rejection of claims. 40. (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… Read More »
Section – 39 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Verification of claims. 39. (1) The liquidator shall verify the claims submitted under section 38 within such time as specified by the Board. (2) The liquidator may require any creditor or the… Read More »
Section – 38 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Consolidation of claims. 38. (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. (2)… Read More »
Section – 37 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Powers of Liquidator to access information. 37. (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… Read More »
Section – 36 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Liquidation Estate. 36. (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… Read More »
Section – 35 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Powers and duties of Liquidator. 35. (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:— (a) to verify claims of all the… Read More »