Taxmann's Insolvency and Bankruptcy Law Manual

Page 1

Text of Insolvency and Bankruptcy Code, 2016 as amended by Insolvency and Bankruptcy Code (Amendment) Act, 2021 1.15

List of Circulars I-13

DIVISION ONE INSOLVENCY AND BANKRUPTCY CODE, 2016

Contents

I-5

List of Rules/Regulations I-9

List of Guidelines I-19

Amendments made by Insolvency and Bankruptcy Code (Amendment) Act, 2020 and Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 at a glance I-23

Amendments made by Insolvency and Bankruptcy Code (Amendment) Act, 2021 at a glance I-21

Appendix : Provisions of other Acts referred to in Insolvency and Bankruptcy Code 1.189

Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 1.243

Amendments made by Insolvency and Bankruptcy Code (Amendment) Act, 2019 at a glance I-25

Arrangement of Sections 1.3

Insolvency and Bankruptcy Code (Amendment) Act, 2020 1.245

Insolvency and Bankruptcy Code (Amendment) Act, 2019 1.251

Insolvency and Bankruptcy Law Guide I-31

List of Notifications I-11

A table showing enforcement of provisions of Insolvency and Bankruptcy Code, 2016 I-133

PAGE

Insolvency and Bankruptcy Code (Amendment) Act, 2021 1.223

Subject Index 1.255

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 2.3

Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 2.68

Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018 2.431

Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018 2.434

DIVISION TWO

Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 2.167

Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018 2.453

CONTENTS I-6 PAGE

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 2.87

Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 2.373

Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017 2.322

Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 2.20

Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 2.276

Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 2.334

Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 2.32

Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017 2.313

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 2.231

Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017 2.310

RULES AND REGULATIONS

Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 2.424

Insolvency and Bankruptcy Board of India (Salary, Allowances and Other Terms and Conditions of Service of Chairperson and Members) Rules, 2016 2.328

Insolvency and Bankruptcy Board of India (Employees’ Service) Regulations, 2017 2.385

Insolvency and Bankruptcy (Pre-packaged Insolvency Resolution Process) Rules, 2021 2.568

GUIDELINES ISSUED UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

Guidelines for empanelment of advocates 3.36

Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020 3.46

Insolvency and Bankruptcy Board of India (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019 3.69

Guidelines for Technical Standards for the Performance of Core Services and Other Services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 3.3

Companies (Registered Valuers and Valuation) Rules, 2017 2.456

Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 2.507

DIVISION THREE

Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 3.75

Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 2.480

Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 2.575

Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 2.499

Insolvency and Bankruptcy Board of India (Medical Facility to Chairperson and Whole-time Members) Scheme Rules, 2019 2.478

Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 2.532

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 2.553

Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations and Disclaimers by the Registered Valuers in Valuation Reports) Guidelines, 2020 3.50

PAGE I-7 CONTENTS

Insolvency Professionals to Act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2022 3.82

Circulars issued under Insolvency and Bankruptcy Code, 2016 5.3

PAGE CONTENTS I-8

DIVISION FIVE CIRCULARS ISSUED UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

DIVISION SIX RBI (PRUDENTIAL FRAMEWORK FOR RESOLUTION OF STRESSED ASSETS) DIRECTIONS, 2019

DIVISION FOUR NOTIFICATIONS ISSUED UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

Notifications issued under Insolvency and Bankruptcy Code, 2016 4.3

Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 6.3

27

Persons who may initiate corporate insolvency resolution process. of corporate insolvency resolution process by financial creditor. A

[or the pre-packaged insolvency resolu tion process, as the case may be,]

Initiation6.

7.

25 25 4-4-2021 S.7 1.28

CHAPTER II

Explanation.— -

28

25 h [or pursuant to section 54K, as the case may be] 26

CORPORATE INSOLVENCY RESOLUTION PROCESS

Provided a b

Provided also

Provided further

Explanation.—abc 1.29Provided S. 7

Insolvency resolution by operational creditor.

baProvided b a a b b

ba iii S. 8 1.30

8.

Explanation.—

9. a

Application for initiation of corporate insolvency resolution process by operational creditor.

bacdei

1.31 S. 9 d e d ibid. d d

S.10.10 1.32 ba

dbce ii dbace Provided a ii

Initiation of corporate insolvency resolution process by corporate applicant.

bacab ProvidedSuspension of initiation of corporate insolvency resolution process. Provided10A.

1.33 S. 10A

Explanation.—

Notification No. S.O. 3265(E), dated 24-9-2020 :

Notification No. S.O. 4638(E), dated 22-12-2020 :

Explanation

Explanation II.

[or a pre-packaged insolvency resolution process]

ibid.

11A. (1) Where an application filed under section 54C is pending, the Adjudicating Authority shall pass an order to admit or reject such application, before considering any application filed under section 7 or section 9 or section 10 during the pendency of such application under section 54C, in respect of the same corporate debtor.

Persons not entitled to make application.

11. a

[( ) a financial creditor or an operational creditor of a corporate debtor undergoing a pre-packaged insolvency resolution process; or] b

a d

(3)Where an application under section 54C is filed after fourteen days of the filing of any application under section 7 or section 9 or section 10, in respect of the same corporate debtor, the Adjudicating Authority shall first dispose of the application under section 7 or section 9 or section 10.

Explanation I

Explanationdc I .—

S.11A 4-4-20211.34

[( ) a corporate debtor in respect of whom a resolution plan has been approved under Chapter III-A, twelve months preceding the date of making of the application; or]

[Disposal of applications under section 54C and under section 7 or section 9 or section 10.

(2) Where an application under section 54C is filed within fourteen days of filing of any application under section 7 or section 9 or section 10, which is pending, in respect of the same corporate debtor, then, notwithstanding anything con tained in sections 7, 9 and 10, the Adjudicating Authority shall first dispose of the application under section 54C.

ProvidedWithdrawalalso

(4) The provisions of this section shall not apply where an application under section 7 or section 9 or section 10 is filed and pending as on the date of the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2021.] Time-limit for completion of insolvency resolution process. further

Provided12.Provided

of application admitted under section 7, 9 or 10.

12A.1.35 S. 12A

of moratorium and public announcement. 13. bac b Moratorium.14. Explanation.—bacd S. 14 1.36

Declaration

15.

ba 1.37 S. 15 a a

ba PublicProvidedannouncement of corporate insolvency resolution process.

Appointment and tenure of interim resolution professional. 16.

dcef

ba S. 16 1.38

Management of affairs of corporate debtor by interim resolution professional. 17.

dbacabcde 1.39 S. 17

BINDING TYPE : PAPERBACK

o Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 & Insolvency and Bankruptcy Code (Amendment) Act, 2020

Insolvency and Bankruptcy Law Manual

RBI (Prudential Framework for Resolution of Stressed Assets) Directions 2019

Rs. : 1995 |

USD

Insolvency and Bankruptcy Code 2016 (IBC) [as amended by the Insolvency and Bankruptcy Code (Amendment) Act 2021]

[Tables] showing enforcement of Provisions of the IBC

Description : 64

EDITION

25+ Relevant Notifications issued under the IBC

ISBN

7+ Relevant Guidelines issued under the IBC

AUTHOR Taxmann

[Previous Amendments at a glance] made by the following:

NO. OF PAGES : 1450

o Insolvency and Bankruptcy Code (Amendment) Act, 2019

28+ Relevant Rules/Regulations

Along with the above, the readers also get a specially curated & comprehensive (100+ pages) guide to Insolvency & Bankruptcy Code.

PUBLISHER TAXMANN

[Taxmann's series of Bestseller Books] on IBC

:

This book contains the amended, updated & annotated text of the Insolvency and Bankruptcy Code 2016 (IBC). The coverage of this book includes:

o Insolvency and Bankruptcy Code (Amendment) Act, 2021

55+ Relevant Circulars issued under the IBC

The Present Publication is the 16th Edition and amended up to 1st August 2022. This book is edited by Taxmann's Editorial Board, with the following noteworthy features:

[Follows the six-sigma approach] to achieve the benchmark of 'zero error.'

:

DATE OF PUBLICATION : August 2022 : 16th Edition NO : 9789356223707

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