Section 17 of Insolvency and Bankruptcy Code 2016 [ Note : Section 17 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Management of affairs of corporate debtor by interim resolution professional. 17. (1) From the date of appointment of the interim resolution professional,— (a) the management of the… Read More »
Section 16 of Insolvency and Bankruptcy Code 2016 [ Note : Section 16 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appointment and tenure of interim resolution professional. 16. (1) The Adjudicating Authority shall appoint an interim resolution professional within fourteen days from the insolvency commencement date. (2)… Read More »
Section 15 of Insolvency and Bankruptcy Code 2016 [ Note : Section 15 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Public announcement of corporate insolvency resolution process. 15. (1) The public announcement of the corporate insolvency resolution process under the order referred to in section 13 shall… Read More »
Section 14 of Insolvency and Bankruptcy Code 2016 [ Note : Section 14 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Moratorium. 14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all… Read More »
Section 13 of Insolvency and Bankruptcy Code 2016 [ Note : Section 13 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Declaration of moratorium and public announcement. 13. (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by… Read More »
Section 12 of Insolvency and Bankruptcy Code 2016 [ Note : Section 12 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Time-limit for completion of insolvency resolution process. 12. (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred… Read More »
Section 11 of Insolvency and Bankruptcy Code 2016 [ Note : Section 11 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Persons not entitled to make application. 11. The following persons shall not be entitled to make an application to initiate corporate insolvency resolution process under this Chapter,… Read More »
Section 10 of Insolvency and Bankruptcy Code 2016 [ Note : Section 10 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Initiation of corporate insolvency resolution process by corporate applicant. 10. (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for… Read More »
Section 9 of Insolvency and Bankruptcy Code 2016 [ Note : Section 9 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Application for initiation of corporate insolvency resolution process by operational creditor. 9. (1) After the expiry of the period of ten days from the date of delivery… Read More »
Section 8 of Insolvency and Bankruptcy Code 2016 [ Note : Section 8 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Insolvency resolution by operational creditor. 8. (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of… Read More »