Section 27 of Insolvency and Bankruptcy Code 2016 [ Note : Section 27 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Replacement of resolution professional by committee of creditors. 27. (1) Where, at any time during the corporate insolvency resolution process, the committee of creditors is of the… Read More »
Section 26 of Insolvency and Bankruptcy Code 2016 [ Note : Section 26 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Application for avoidance of transactions not to affect proceedings. 26. The filing of an avoidance application under clause (j) of sub-section (2) of section 25 by the… Read More »
Section 25 of Insolvency and Bankruptcy Code 2016 [ Note : Section 25 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Duties of resolution professional. 25. (1) It shall be the duty of the resolution professional to preserve and protect the assets of the corporate debtor, including the… Read More »
Section 24 of Insolvency and Bankruptcy Code 2016 [ Note : Section 24 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Meeting of committee of creditors. 24. (1) The members of the committee of creditors may meet in person or by such electronic means as may be specified.… Read More »
Section 23 of Insolvency and Bankruptcy Code 2016 [ Note : Section 23 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Resolution professional to conduct corporate insolvency resolution process. 23. (1) Subject to section 27, the resolution professional shall conduct the entire corporate insolvency resolution process and manage… Read More »
Section 22 of Insolvency and Bankruptcy Code 2016 [ Note : Section 22 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appointment of resolution professional. 22. (1) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of… Read More »
Section 21 of Insolvency and Bankruptcy Code 2016 [ Note : Section 21 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Committee of creditors. 21. (1) The interim resolution professional shall after collation of all claims received against the corporate debtor and determination of the financial position of… Read More »
Section 20 of Insolvency and Bankruptcy Code 2016 [ Note : Section 20 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Management of operations of corporate debtor as going concern. 20. (1) The interim resolution professional shall make every endeavour to protect and preserve the value of the… Read More »
Section 19 of Insolvency and Bankruptcy Code 2016 [ Note : Section 19 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Personnel to extend cooperation to interim resolution professional. 19. (1) The personnel of the corporate debtor, its promoters or any other person associated with the management of… Read More »
Section 18 of Insolvency and Bankruptcy Code 2016 [ Note : Section 18 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Duties of interim resolution professional. 18. (1) The interim resolution professional shall perform the following duties, namely:— (a) collect all information relating to the assets, finances and… Read More »