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 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 »
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 »