Guide to IBC | Insolvency and Bankruptcy Code in India
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Section Subject
Related Regulations of IB Code
1.
Short title, extent and commencement
2.
Application
3.
IB CODE (Definition Part Section 3)
4.
Application of this Part
40.
Extension of the corporate insolvency resolution process period
5.
IB CODE (Definition Part Section 5)
6.
Persons who may initiate corporate insolvency resolution process
2D.
Details of debt, default and limitation in respect of applications under section 7 or section 9
7.
Initiation of corporate insolvency resolution process by financial creditor
8.
Insolvency resolution by operational creditor
9.
Application for initiation of corporate insolvency resolution process by operational creditor
10.
Initiation of corporate insolvency resolution process by corporate applicant
10A.
Suspension of initiation of corporate insolvency resolution process
40C.
Special provision relating to timeline
11.
Persons not entitled to make application
11A.
Disposal of applications under section 54C and under section 7 or section 9 or section 10
12.
Time-limit for completion of insolvency resolution process
40.
Extension of the corporate insolvency resolution process period
12A.
Withdrawal of application admitted under section 7, 9 or 10
30A.
Withdrawal of application
13.
Declaration of moratorium and public announcement
14.
Moratorium
32.
Essential Supplies
15.
Public announcement of corporate insolvency resolution process
6.
Public announcement
6A.
Communication to creditors
16.
Appointment and tenure of interim resolution professional
3.
Eligibility for resolution professional
17.
Management of affairs of corporate debtor by interim resolution professional
4.
Access to books
18.
Duties of interim resolution professional
4B.
Disclosure of change in name and address of corporate debtor
4C.
Process e-mail
4D.
Operating separate bank account for each real estate project.
4E.
Handing over the possession
7.
Claims by operational creditors
8.
Claims by financial creditors
8A.
Claims by creditors in a class
9.
Claims by workmen and employees
9A.
Claims by other creditors
10.
Substantiation of claims
11.
Cost of proof
12.
Submission of proof of claims
12A.
Updation of claim at IBBI
13.
Verification of claims
14.
Determination of amount of claim
15.
Debt in foreign currency
30B.
Audit of corporate debtor
30C.
Report on the status of development rights and permissions of real estate projects
31.
Insolvency resolution process costs
31B.
Approval of committee for insolvency resolution process costs
33.
Costs of the interim resolution professional
34.
Resolution professional costs
34A.
Disclosure of Costs
34B.
Fee to be paid to interim resolution professional and resolution professional
19.
Personnel to extend co-operationto interim resolution professional
3A.
Assistance and cooperation by the personnel of the corporate debtor
20.
Management of operations of corporate debtor as going concern
21.
Committee of creditors
4A.
Choice of authorized representative
16.
Committee with only operationalcreditors
16A.
Authorized representative
16B.
Committee with only creditors in a class
16C.
Appointment of facilitators
16D.
Roles and responsibilities of the facilitator
17.
Constitution of committee
22.
Appointment of resolution professional
23.
Resolution professional to conduct corporate insolvency resolution process
24.
Meeting of committee of creditors
18.
Meetings of the committee
19.
Notice
20.
Service of notice by electronic means
21.
Contents of the notice for meeting
22.
Quorum at the meeting
23.
Participation through video conferencing
24.
Conduct of meeting
25.
Voting by the committee
25A.
Voting by Authorized Representative
26.
Voting through electronic means
25.
Duties of resolution professional
5.
Extortionate credit transaction
27.
Appointment of Professional
28.
Transfer of debt due to creditors
29.
Sale of assets outside the ordinary course of business
30.
Assistance of local district administration
35.
Fair value and Liquidation value
25A.
Rights and duties of authorizedrepresentative of financial creditors
26.
Application for avoidance oftransactions not to affectproceedings
27.
Replacement of resolutionprofessional by committee ofcreditors
28.
Approval of committee of creditorsfor certain actions
29.
Preparation of information memorandum
36.
Information memorandum
36A.
Invitation for expression of interest
36B.
Request for resolution plans
36C.
Strategy for marketing of assets of the corporate debtor
37.
Resolution plan
38.
Mandatory contents of the resolution plan
29A.
Persons not eligible to beresolution applicant
30.
Submission of resolution plan
39.
Approval of resolution plan
39A.
Preservation of records
39B.
Meeting liquidation cost
39BA.
Assessment of Compromise or Arrangement
39C.
Assessment of sale as a going concern
39D.
Fee of the liquidator
31.
Approval of resolution plan
31A.
Regulatory Fees
40A.
Model timeline for corporate insolvency resolution process
40B.
Filing of Forms
40C.
Special provision relating to timeline
40D.
Decision for liquidation
32.
Appeal
32A.
Offense committed prior to CIRP
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