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Bare Act · 277 sections

Insolvency and Bankruptcy Code, 2016 (IBC)

Part I — Preliminary

  1. 1. Short title, extent and commencement
  2. 2. Application
  3. 3. Definitions

Chapter I — Preliminary

  1. 4. Application of this Part
  2. 5. Definitions

Chapter II — Corporate Insolvency Resolution Process

  1. 6. Persons who may initiate corporate insolvency resolution process
  2. 7. Initiation of corporate insolvency resolution process by financial creditor
  3. 8. Insolvency resolution by operational creditor
  4. 9. Application for initiation of corporate insolvency resolution process by operational creditor
  5. 10. Initiation of corporate insolvency resolution process by corporate applicant
  6. 10A. Suspension of initiation of corporate insolvency resolution process
  7. 11. Persons not entitled to make application
  8. 11A. Section 11A
  9. 12. Time-limit for completion of insolvency resolution process
  10. 12A. Withdrawal of application admitted under section 7, 9 or 10
  11. 13. Declaration of moratorium and public announcement
  12. 14. Moratorium
  13. 15. Public announcement of corporate insolvency resolution process
  14. 16. Appointment and tenure of interim resolution professional
  15. 17. Management of affairs of corporate debtor by interim resolution professional
  16. 18. Duties of interim resolution professional
  17. 19. Personnel to extend co-operation to interim resolution professional
  18. 20. Management of operations of corporate debtor as going concern
  19. 21. Committee of creditors
  20. 22. Appointment of resolution professional
  21. 23. Resolution professional to conduct corporate insolvency resolution process
  22. 24. Meeting of committee of creditors
  23. 25. Duties of resolution professional
  24. 25A. Rights and duties of authorised representative of financial creditors
  25. 26. Application for avoidance of transactions not to affect proceedings
  26. 27. Replacement of resolution professional by committee of creditors
  27. 28. Approval of committee of creditors for certain actions
  28. 29. Preparation of information memorandum
  29. 29A. Persons not eligible to be resolution applicant
  30. 30. Submission of resolution plan
  31. 31. Approval of resolution plan
  32. 32. Appeal
  33. 32A. Section 32A

Chapter III — Liquidation Process

  1. 33. Initiation of liquidation
  2. 34. Appointment of liquidator and fee to be paid
  3. 35. Powers and duties of liquidator
  4. 36. Liquidation estate
  5. 37. Powers of liquidator to access information
  6. 38. Consolidation of claims
  7. 39. Verification of claims
  8. 40. Admission or rejection of claims
  9. 41. Determination of valuation of claims
  10. 42. Appeal against the decision of liquidator
  11. 43. Preferential transactions and relevant time
  12. 44. Orders in case of preferential transactions
  13. 45. Avoidance of undervalued transactions
  14. 46. Relevant period for avoidable transactions
  15. 47. Application by creditor in cases of undervalued transactions
  16. 48. Order in cases of undervalued transactions
  17. 49. Transactions defrauding creditors
  18. 50. Extortionate credit transactions
  19. 51. Orders of Adjudicating Authority in respect of extortionate credit transactions
  20. 52. Secured creditor in liquidation proceedings
  21. 53. Distribution of assets
  22. 54. Dissolution of corporate debtor

Chapter III-A — Pre-packaged Insolvency Resolution

  1. 54B. Section 54B
  2. 54E. Section 54E
  3. 54F. Section 54F
  4. 54G. List of claims and preliminary information memorandum
  5. 54H. Management of affairs of corporate debtor
  6. 54J. Vesting management of corporate debtor with resolution professional
  7. 54K. Consideration and approval of resolution plan
  8. 54L. Approval of resolution plan
  9. 54M. Appeal against order under section 54L
  10. 54N. Termination of pre-packaged insolvency resolution process
  11. 54P. Application of provisions of Chapters II, III, VI, and VII to this Chapter

Chapter IV — Fast Track Corporate Insolvency Resolution Process

  1. 55. Fast track corporation insolvency resolution process
  2. 56. Time period for completion of fast track corporate insolvency resolution process
  3. 57. Manner of initiating fast track corporate insolvency resolution process
  4. 58. Applicability of Chapter II to this Chapter

Chapter V — Voluntary Liquidation of Corporate Persons

  1. 59. Voluntary liquidation of corporate persons

Chapter VI — Adjudicating Authority for Corporate Persons

  1. 60. Adjudicating Authority for corporate persons
  2. 61. Appeals and Appellate Authority
  3. 62. Appeal to Supreme Court
  4. 63. Civil court not to have jurisdiction
  5. 64. Expeditious disposal of applications
  6. 65. Fraudulent or malicious initiation of proceedings
  7. 66. Fraudulent trading or wrongful trading
  8. 67. Proceedings under section 66
  9. 67A. Section 67A

Chapter VII — Offences and Penalties

  1. 68. Punishment for concealment of property
  2. 69. Punishment for transactions defrauding creditors
  3. 70. Punishment for misconduct in course of corporate insolvency resolution process
  4. 71. Punishment for falsification of books of corporate debtor
  5. 72. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor
  6. 73. Punishment for false representations to creditors
  7. 74. Punishment for contravention of moratorium or the resolution plan
  8. 75. Punishment for false information furnished in application
  9. 76. Punishment for non-disclosure of dispute or 1 [payment] of debt by operational creditor
  10. 77. Punishment for providing false information in application made by corporate debtor
  11. 77A. Punishment for offences related to pre-packaged insolvency resolution process

Chapter I — Preliminary

  1. 78. Application
  2. 79. Definitions

Chapter II — Fresh Start Process

  1. 80. Eligibility for making an application
  2. 81. Application for fresh start order
  3. 82. Appointment of resolution professional
  4. 83. Examination of application by resolution professional
  5. 84. Admission or rejection of application by Adjudicating Authority
  6. 85. Effect of admission of application
  7. 86. Objections by creditor and their examination by resolution professional
  8. 87. Application against decision of resolution professional
  9. 88. General duties of debtor
  10. 89. Replacement of resolution professional
  11. 90. Directions for compliances of restrictions, etc
  12. 91. Revocation of order admitting application
  13. 92. Discharge order
  14. 93. Standard of conduct

Chapter III — Insolvency Resolution Process

  1. 94. Application by debtor to initiate insolvency resolution process
  2. 95. Application by creditor to initiate insolvency resolution process
  3. 96. Interim- moratorium
  4. 97. Appointment of resolution professional
  5. 98. Replacement of resolution professional
  6. 99. Submission of report by resolution professional
  7. 100. Admission or rejection of application
  8. 101. Moratorium
  9. 102. Public notice and claims from creditors
  10. 103. Registering of claims by creditors
  11. 104. Preparation of list of creditors
  12. 105. Repayment plan
  13. 106. Report of resolution professional on repayment plan
  14. 107. Summoning of meeting of creditors
  15. 108. Conduct of meeting of creditors
  16. 109. Voting rights in meeting of creditors
  17. 110. Rights of secured creditors in relation to repayment plan
  18. 111. Approval of repayment plan by creditors
  19. 112. Report of meeting of creditors on repayment plan
  20. 113. Notice of decisions taken at meeting of creditors
  21. 114. Order of Adjudicating Authority on repayment plan
  22. 115. Effect of order of Adjudicating Authority on repayment plan
  23. 116. Implementation and supervision of repayment plan
  24. 117. Completion of repayment plan
  25. 118. Repayment plan coming to end prematurely
  26. 119. Discharge order
  27. 120. Standard of conduct

Chapter IV — Bankruptcy Order for Individuals and Partnership Firms

  1. 121. Application for bankruptcy
  2. 122. Application by debtor
  3. 123. Application by creditor
  4. 124. Effect of application
  5. 125. Appointment of insolvency professional as bankruptcy trustee
  6. 126. Bankruptcy order
  7. 127. Validity of bankruptcy order
  8. 128. Effect of bankruptcy order
  9. 129. Statement of financial position
  10. 130. Public notice inviting claims from creditors
  11. 131. Registration of claims
  12. 132. Preparation of list of creditors
  13. 133. Summoning of meeting of creditors
  14. 134. Conduct of meeting of creditors
  15. 135. Voting rights of creditors
  16. 136. Administration and distribution of estate of bankrupt
  17. 137. Completion of administration
  18. 138. Discharge order
  19. 139. Effect of discharge
  20. 140. Disqualification of bankrupt
  21. 141. Restrictions on bankrupt
  22. 142. Modification or recall of bankruptcy order
  23. 143. Standard of conduct
  24. 144. Fees of bankruptcy trustee
  25. 145. Replacement of bankruptcy trustee
  26. 146. Resignation by bankruptcy trustee
  27. 147. Vacancy in office of bankruptcy trustee
  28. 148. Release of bankruptcy trustee

Chapter V — Administration and Distribution of the Estate of the Bankrupt

  1. 149. Functions of bankruptcy trustee
  2. 150. Duties of bankrupt towards bankruptcy trustee
  3. 151. Rights of bankruptcy trustee
  4. 152. General powers of bankruptcy trustee
  5. 153. Approval of creditors for certain acts
  6. 154. Vesting of estate of bankrupt in bankruptcy trustee
  7. 155. Estate of bankrupt
  8. 156. Delivery of property and documents to bankruptcy trustee
  9. 157. Acquisition of control by bankruptcy trustee
  10. 158. Restrictions on disposition of property
  11. 159. After-acquired property of bankrupt
  12. 160. Onerous property of bankrupt
  13. 161. Notice to disclaim onerous property
  14. 162. Disclaimer of leaseholds
  15. 163. Challenge against disclaimed property
  16. 164. Undervalued transactions
  17. 165. Preference transactions
  18. 166. Effect of order
  19. 167. Extortionate credit transactions
  20. 168. Obligations under contracts
  21. 169. Continuance of proceedings on death of bankrupt
  22. 170. Administration of estate of deceased bankrupt
  23. 171. Proof of debt
  24. 172. Proof of debt by secured creditors
  25. 173. Mutual credit and set-off
  26. 174. Distribution of interim dividend
  27. 175. Distribution of property
  28. 176. Final dividend
  29. 177. Claims of creditors
  30. 178. Priority of payment of debts

Chapter VI — Adjudicating Authority for Individuals and

  1. 179. Adjudicating Authority for individuals and partnership firms
  2. 180. Civil court not to have jurisdiction
  3. 181. Appeal to Debt Recovery Appellate Tribunal
  4. 182. Appeal to Supreme Court
  5. 183. Expeditious disposal of applications

Chapter VII — Offences and Penalties

  1. 184. Punishment for false information etc. by creditor in insolvency resolution process
  2. 185. Punishment for contravention of provisions
  3. 186. Punishment for false information, concealment, etc., by bankrupt
  4. 187. Punishment for certain actions

Chapter I — The Insolvency and Bankruptcy Board of India

  1. 188. Establishment and incorporation of Board
  2. 189. Constitution of Board
  3. 190. Removal of member from office
  4. 191. Powers of Chairperson
  5. 192. Meetings of Board
  6. 193. Member not to participate in meetings in certain cases
  7. 194. Vacancies etc., not to invalidate proceedings of Board, and Officers and employees of Board
  8. 195. Power to designate financial sector regulator

Chapter II — Powers and Functions of the Board

  1. 196. Powers and functions of Board
  2. 197. Constitution of advisory committee, executive committee or other committee
  3. 198. Condonation of delay

Chapter III — Insolvency Professional Agencies

  1. 199. No person to function as insolvency professional agency without valid certificate of registration
  2. 200. Principles governing registration of insolvency professional agency
  3. 201. Registration of insolvency professional agency
  4. 202. Appeal to National Company Law Appellate Tribunal
  5. 203. Governing Board of insolvency professional agency
  6. 204. Functions of insolvency professional agencies
  7. 205. Insolvency professional agencies to make bye-laws

Chapter IV — Insolvency Professionals

  1. 206. Enrolled and registered persons to act as insolvency professionals
  2. 207. Registration of insolvency professionals
  3. 208. Functions and obligations of insolvency professionals

Chapter V — Information Utilities

  1. 209. No person to function as information utility without certificate of registration
  2. 210. Registration of information utility
  3. 211. Appeal to National Company Law Appellate Tribunal
  4. 212. Governing Board of information utility
  5. 213. Core services, etc. of information utilities
  6. 214. Obligations of information utility
  7. 215. Procedure for submission, etc. of financial information
  8. 216. Rights and obligations of persons submitting financial information

Chapter VI — Inspection and Investigation

  1. 217. Complaints against insolvency professional agency or its member or information utility
  2. 218. Investigation of insolvency professional agency or its member or information utility
  3. 219. Show cause notice to insolvency professional agency or its member or information utility
  4. 220. Appointment of disciplinary committee

Chapter VII — Finance, Accounts and Audit

  1. 221. Grants by Central Government
  2. 222. Board’s Fund
  3. 223. Accounts and audit

Part V — Miscelleneous

  1. 224. Insolvency and Bankruptcy Fund
  2. 225. Power of Central Government to issue directions
  3. 226. Power of Central Government to supersede Board
  4. 227. Power of Central Government to notify financial sector providers etc
  5. 228. Budget
  6. 229. Annual Report
  7. 230. Delegation
  8. 231. Bar of jurisdiction
  9. 232. Members, officers and employees of the Board to be public servants
  10. 233. Protection of action taken in good faith
  11. 234. Agreements with foreign countries
  12. 235. Letter of request to a country outside India in certain cases
  13. 235A. Punishment where no specific penalty or punishment is provided
  14. 236. Trial of offences by Special Court
  15. 237. Appeal and revision
  16. 238. Provisions of this Code to override other laws
  17. 238A. Limitation
  18. 239. Power to make rules
  19. 240. Power to make regulations
  20. 240A. Application of this Code to micro, small and medium enterprises
  21. 241. Rules and Regulations to be laid before Parliament
  22. 242. Power to remove difficulties
  23. 243. Repeal of certain enactments and savings
  24. 244. Transitional provisions
  25. 245. Amendments of Act 9 of 1932
  26. 246. Amendments of Act 1 of 1944
  27. 247. Amendments of Act 43 of 1961
  28. 248. Amendments of Act 52 of 1962
  29. 249. Amendments of Act 51 of 1993
  30. 250. Amendments of Act 32 of 1994
  31. 251. Amendments of Act 54 of 2002
  32. 252. Amendments of Act 1of 2004
  33. 253. Amendments of Act 51of 2007
  34. 254. Amendments of Act 6 of 2009
  35. 255. Amendments of Act 18 of 2013

Source: official text.