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Section 208 of Insolvency and Bankruptcy Code 2016

CA Satbir Singh — Wed, 16 Nov 2016 23:55:54 +0000

Section 208 of Insolvency and Bankruptcy Code 2016

(Notified S.O. 3453(E) Dated 15.11.2016 :- sub-section (1) of section 208 (i) clause (c);(ii) clause (e);

(3) sub-section (2) of section 208;)

Functions and obligations of insolvency professionals.

208. (1) Where any insolvency resolution , fresh start, liquidation or bankruptcy process has been initiated, it shall be the function of an insolvency professional to take such actions as may be necessary, in the following matters, namely: —

(a)		a fresh start order process under Chapter II of Part III;
(b)		individual insolvency resolution process under Chapter III of Part III;
(c)		corporate insolvency resolution process under Chapter II of Part II;
(d)		individual bankruptcy process under Chapter IV of Part III; and
(e)		liquidation of a corporate debtor firm under Chapter III of Part II.

(2) Every insolvency professional shall abide by the following code of conduct:—

(a)		to take reasonable care and diligence while performing his duties;
(b)		to comply with all requirements and terms and conditions specified in the bye-laws of the insolvency professional agency of which he is a member;
(c)		to allow the insolvency professional agency to inspect his records;
(d)		to submit a copy of the records of every proceeding before the Adjudicating Authority to the Board as well as to the insolvency professional agency of which he is a member; and
(e)		to perform his functions in such manner and subject to such conditions as may be specified.

Insolvency & Bankruptcy Code 2016 : Certain Sections notified w.e.f 15.11.2016

CA Satbir Singh — Wed, 16 Nov 2016 23:09:38 +0000

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 15th November, 2016

S.O. 3453(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 15th November, 2016 as the date on which the provisions of the following sections of the said Code shall come into force:–

(1) section 199 to section 207 [both inclusive];

(2) sub-section (1) of section 208–

(i) clause (c);

(ii) clause (e);

(3) sub-section (2) of section 208;

(4) section 217 to section 220 [both inclusive];

(5) section 251;

(6) section 253;

(7) section 254; and

(8) section 255.

[F. No. 30/7/2016-Insolvency Section]

AMARDEEP SINGH BHATIA, Jt. Secy.