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 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 »
Section 7 of Insolvency and Bankruptcy Code 2016 [ Note : Section 7 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 financial creditor. 7. (1) A financial creditor either by itself or jointly with other financial creditors may file an application… Read More »
Section 6 of Insolvency and Bankruptcy Code 2016 [ Note : Section 6 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] CHAPTER II CORPORATE INSOLVENCY RESOLUTION PROCESS Persons who may initiate corporate insolvency resolution process. 6. Where any corporate debtor commits a default, a financial creditor, an operational… Read More »
Section 5 of Insolvency and Bankruptcy Code 2016 [ Note : Section 5 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Definition. 5. In this Part, unless the context otherwise requires,— (1) “Adjudicating Authority”, for the purposes of this Part, means National Company Law Tribunal constituted under section… Read More »
Section – 4, Insolvency and Bankruptcy Code, 2016 [ Note : section 4 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] PART II INSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS CHAPTER I PRELIMINARY Application of this Part. 4. (1) This Part shall apply to matters relating to the… Read More »
Section – 2, Insolvency and Bankruptcy Code, 2016 [ Note : clause (a) to clause (d) of section 2 (except with regard to voluntary liquidation or Bankruptcy) comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Application. 2. The provisions of this Code shall apply to— (a) any company… Read More »