Contents PAGE u Amendments made by Insolvency and Bankruptcy Code (Amend-
I-7
ment) Act, 2021 at a glance u Guide to Insolvency and Bankruptcy Code (Amendment) Act,
I-9
2021
DIVISION ONE INSOLVENCY AND BANKRUPTCY CODE, 2016 u Arrangement of Sections
1.3
u Text of Insolvency and Bankruptcy Code, 2016 as amended by
Insolvency and Bankruptcy Code (Amendment) Act, 2021
1.15
u Appendix : Provisions of other Acts referred to in Insolvency and
1.189
Bankruptcy Code u Insolvency and Bankruptcy Code (Amendment) Act, 2021
1.223
u Subject Index
1.243
DIVISION TWO RULES AND REGULATIONS u Insolvency and Bankruptcy Board of India (Insolvency Professional
2.3
Agencies) Regulations, 2016 u Insolvency and Bankruptcy Board of India (Insolvency Profession-
2.15
als) Regulations, 2016 u Insolvency and Bankruptcy (Application to Adjudicating
2.46
Authority) Rules, 2016 u Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) Regulations, 2016
2.65
u Insolvency and Bankruptcy Board of India (Liquidation Process)
2.137
Regulations, 2016 u Insolvency and Bankruptcy Board of India (Voluntary Liquida-
2.200
tion Process) Regulations, 2017
I-5
CONTENTS
I-6 PAGE
u Insolvency and Bankruptcy Board of India (Information Utilities)
2.239
Regulations, 2017 u Insolvency and Bankruptcy Board of India (Fast Track Insolvency
Resolution Process for Corporate Persons) Regulations, 2017
2.271
u Insolvency and Bankruptcy (Application to Adjudicating Authority
for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019
2.310
u Insolvency and Bankruptcy (Insolvency and Liquidation Proceed-
ings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
2.329
u Insolvency and Bankruptcy (Application to Adjudicating Authority
for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019
2.337
u Insolvency and Bankruptcy Board of India (Bankruptcy Process for
Personal Guarantors to Corporate Debtors) Regulations, 2019
2.362
u Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Personal Guarantors to Corporate Debtors) Regulations, 2019
2.383
u Insolvency and Bankruptcy (Pre-packaged Insolvency Resolution
2.398
Process) Rules, 2021 u Insolvency and Bankruptcy Board of India (Pre-packaged Insol-
vency Resolution Process) Regulations, 2021
2.405
DIVISION THREE NOTIFICATIONS ISSUED UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 u Notifications issued under Insolvency and Bankruptcy Code, 2016
3.3
DIVISION FOUR RBI (PRUDENTIAL FRAMEWORK FOR RESOLUTION OF STRESSED ASSETS) DIRECTIONS, 2019 u Reserve Bank of India (Prudential Framework for Resolution of
Stressed Assets) Directions, 2019
4.3
INSOLVENCY AND BANKRUPTCY CODE, 2016* [31 OF 2016]
[AS AMENDED BY INSOLVENCY & BANKRUPTCY CODE (AMENDMENT) ACT, 2021]
a i d n I f o c i l b u p e R e h t f o r a e Y h t n e v e s y t x i S e h t n i t n e m a i l r a P y b d e— t : s c aw no el l tf o i s a An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto. Be PART I
PRELIMINARY
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Provided
-
1.15
S. 3(6)
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1.16
b ANY OTHER COMPANY GOVERNED BY ANY SPECIAL !CT FOR THE TIME BEING IN FORCE EXCEPT IN SO FAR AS THE SAID PROVISIONS ARE INCONSISTENT WITH THE PROVISIONS OF SUCH SPECIAL !CT
c ANY ,IMITED ,IABILITY 0ARTNERSHIP INCORPORATED UNDER THE ,IMITED ,IABILITY 0ARTNERSHIP !CT OF
d SUCH OTHER BODY INCORPORATED UNDER ANY LAW FOR THE TIME BEING IN FORCE AS THE #ENTRAL 'OVERNMENT MAY BY NOTIFICATION SPECIFY IN THIS BEHALF ; =
; e PERSONAL GUARANTORS TO CORPORATE DEBTORS f PARTNERSHIP FIRMS AND PROPRIETORSHIP FIRMS AND g INDIVIDUALS OTHER THAN PERSONS REFERRED TO IN CLAUSE e =
IN RELATION TO THEIR INSOLVENCY LIQUIDATION VOLUNTARY LIQUIDATION OR BANKRUPTCY AS THE CASE MAY BE Definitions. 3. )N THIS #ODE UNLESS THE CONTEXT OTHERWISE REQUIRES
1 h"OARDv MEANS THE )NSOLVENCY AND "ANKRUPTCY "OARD OF )NDIA ESTABLISHED UNDER SUB SECTION OF SECTION
2 hBENCHv MEANS A BENCH OF THE !DJUDICATING !UTHORITY
3 hBYE LAWSv MEAN THE BYE LAWS MADE BY THE INSOLVENCY PROFESSIONAL AGENCY UNDER SECTION
4 hCHARGEv MEANS AN INTEREST OR LIEN CREATED ON THE PROPERTY OR ASSETS OF ANY PERSON OR ANY OF ITS UNDERTAKINGS OR BOTH AS THE CASE MAY BE AS SECURITY AND INCLUDES A MORTGAGE
5 h#HAIRPERSONv MEANS THE #HAIRPERSON OF THE "OARD
6 hCLAIMv MEANS a A RIGHT TO PAYMENT WHETHER OR NOT SUCH RIGHT IS REDUCED TO JUDGMENT FIXED DISPUTED UNDISPUTED LEGAL EQUITABLE SECURED OR UNSECURED b RIGHT TO REMEDY FOR BREACH OF CONTRACT UNDER ANY LAW FOR THE TIME BEING IN FORCE IF SUCH BREACH GIVES RISE TO A RIGHT TO PAYMENT WHETHER OR NOT SUCH RIGHT IS REDUCED TO JUDGMENT FIXED MATURED UNMATURED DISPUTED UNDISPUTED SECURED OR UNSECURED
%NFORCED WITH EFFECT FROM EXCEPT WITH REGARD TO VOLUNTARY LIQUIDATION OR "ANKRUPTCY 7ITH EFFECT FROM WITH REGARD TO VOLUNTARY LIQUIDATION OR "ANKRUPTCY 7ORD hANDv OMITTED BY THE )NSOLVENCY AND "ANKRUPTCY #ODE !MENDMENT !CT W R E F #LAUSES e f AND g WERE SUBSTITUTED FOR CLAUSE e ibid. 0RIOR TO ITS SUBSTITUTION CLAUSE e READ AS UNDER h e PARTNERSHIP FIRMS AND INDIVIDUALS v #LAUSE e ENFORCED WITH EFFECT FROM IN SO FAR AS THEY RELATE TO PERSONAL GUARANTORS TO CORPORATE DEBTORS %NFORCED WITH EFFECT FROM %NFORCED WITH EFFECT FROM
1.17
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S. 3(13)
7 hCORPORATE PERSONv MEANS A COMPANY AS DEFINED IN CLAUSE 20 OF SECTION OF THE #OMPANIES !CT OF A LIMITED LIABILITY PARTNERSHIP AS DEFINED IN CLAUSE n OF SUB SECTION OF SECTION OF THE ,IMITED ,IABILITY 0ARTNERSHIP !CT OF OR ANY OTHER PERSON INCORPORATED WITH LIMITED LIABILITY UNDER ANY LAW FOR THE TIME BEING IN FORCE BUT SHALL NOT INCLUDE ANY FINANCIAL SERVICE PROVIDER
8 hCORPORATE DEBTORv MEANS A CORPORATE PERSON WHO OWES A DEBT TO ANY PERSON
9 hCORE SERVICESv MEANS SERVICES RENDERED BY AN INFORMATION UTILITY FOR a ACCEPTING ELECTRONIC SUBMISSION OF FINANCIAL INFORMATION IN SUCH FORM AND MANNER AS MAY BE SPECIFIED b SAFE AND ACCURATE RECORDING OF FINANCIAL INFORMATION c AUTHENTICATING AND VERIFYING THE FINANCIAL INFORMATION SUBMITTED BY A PERSON AND d PROVIDING ACCESS TO INFORMATION STORED WITH THE INFORMATION UTILITY TO PERSONS AS MAY BE SPECIFIED
10 hCREDITORv MEANS ANY PERSON TO WHOM A DEBT IS OWED AND INCLUDES A FINANCIAL CREDITOR AN OPERATIONAL CREDITOR A SECURED CREDITOR AN UNSECURED CREDITOR AND A DECREE HOLDER
11 hDEBTv MEANS A LIABILITY OR OBLIGATION IN RESPECT OF A CLAIM WHICH IS DUE FROM ANY PERSON AND INCLUDES A FINANCIAL DEBT AND OPERATIONAL DEBT
12 hDEFAULTv MEANS NON PAYMENT OF DEBT WHEN WHOLE OR ANY PART OR INSTALMENT OF THE AMOUNT OF DEBT HAS BECOME DUE AND PAYABLE AND IS NOT ;PAID= BY THE DEBTOR OR THE CORPORATE DEBTOR AS THE CASE MAY BE
13 hFINANCIAL INFORMATIONv IN RELATION TO A PERSON MEANS ONE OR MORE OF THE FOLLOWING CATEGORIES OF INFORMATION NAMELY a RECORDS OF THE DEBT OF THE PERSON b RECORDS OF LIABILITIES WHEN THE PERSON IS SOLVENT c RECORDS OF ASSETS OF PERSON OVER WHICH SECURITY INTEREST HAS BEEN CREATED d RECORDS IF ANY OF INSTANCES OF DEFAULT BY THE PERSON AGAINST ANY DEBT e RECORDS OF THE BALANCE SHEET AND CASH FLOW STATEMENTS OF THE PERSON AND f SUCH OTHER INFORMATION AS MAY BE SPECIFIED
%NFORCED WITH EFFECT FROM &OR DEFINITION OF SECTION 20 OF THE #OMPANIES !CT see Appendix &OR TEXT OF SECTION n OF THE ,IMITED ,IABILITY 0ARTNERSHIP !CT see Appendix 3UBSTITUTED FOR hREPAIDv BY THE )NSOLVENCY AND "ANKRUPTCY #ODE 3ECOND !MENDMENT !CT W R E F
S. 3(17)
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1.18
14 hFINANCIAL INSTITUTIONv MEANS a A SCHEDULED BANK b FINANCIAL INSTITUTION AS DEFINED IN SECTION ) OF THE 2ESERVE "ANK OF )NDIA !CT OF c 0UBLIC FINANCIAL INSTITUTION AS DEFINED IN CLAUSE 72 OF SECTION OF THE #OMPANIES !CT OF AND d SUCH OTHER INSTITUTION AS THE #ENTRAL 'OVERNMENT MAY BY NOTIFICATION SPECIFY AS A FINANCIAL INSTITUTION
15 hFINANCIAL PRODUCTv MEANS SECURITIES CONTRACTS OF INSURANCE DEPOSITS CREDIT ARRANGEMENTS INCLUDING LOANS AND ADVANCES BY BANKS AND FINANCIAL INSTITUTIONS RETIREMENT BENEFIT PLANS SMALL SAVINGS INSTRUMENTS FOREIGN CURRENCY CONTRACTS OTHER THAN CONTRACTS TO EXCHANGE ONE CURRENCY WHETHER )NDIAN OR NOT FOR ANOTHER WHICH ARE TO BE SETTLED IMMEDIATELY OR ANY OTHER INSTRUMENT AS MAY BE PRESCRIBED
16 hFINANCIAL SERVICEv INCLUDES ANY OF THE FOLLOWING SERVICES NAMELY a ACCEPTING OF DEPOSITS b SAFEGUARDING AND ADMINISTERING ASSETS CONSISTING OF FINANCIAL PRODUCTS BELONGING TO ANOTHER PERSON OR AGREEING TO DO SO c EFFECTING CONTRACTS OF INSURANCE d OFFERING MANAGING OR AGREEING TO MANAGE ASSETS CONSISTING OF FINANCIAL PRODUCTS BELONGING TO ANOTHER PERSON e RENDERING OR AGREEING FOR CONSIDERATION TO RENDER ADVICE ON OR SOLICITING FOR THE PURPOSES OF i BUYING SELLING OR SUBSCRIBING TO A FINANCIAL PRODUCT ii AVAILING A FINANCIAL SERVICE OR iii EXERCISING ANY RIGHT ASSOCIATED WITH A FINANCIAL PRODUCT OR FINANCIAL SERVICE f ESTABLISHING OR OPERATING AN INVESTMENT SCHEME g MAINTAINING OR TRANSFERRING RECORDS OF OWNERSHIP OF A FINANCIAL PRODUCT h UNDERWRITING THE ISSUANCE OR SUBSCRIPTION OF A FINANCIAL PRODUCT OR i SELLING PROVIDING OR ISSUING STORED VALUE OR PAYMENT INSTRUMENTS OR PROVIDING PAYMENT SERVICES
17 hFINANCIAL SERVICE PROVIDERv MEANS A PERSON ENGAGED IN THE BUSINESS OF PROVIDING FINANCIAL SERVICES IN TERMS OF AUTHORISATION ISSUED OR REGISTRATION GRANTED BY A FINANCIAL SECTOR REGULATOR
%NFORCED WITH EFFECT FROM &OR TEXT OF SECTION ) OF THE 2ESERVE "ANK OF )NDIA !CT see Appendix &OR DEFINITION OF SECTION 72 OF THE #OMPANIES !CT see Appendix
1.19
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S. 3(27)
18 hFINANCIAL SECTOR REGULATORv MEANS AN AUTHORITY OR BODY CONSTITUTED UNDER ANY LAW FOR THE TIME BEING IN FORCE TO REGULATE SERVICES OR TRANSACTIONS OF FINANCIAL SECTOR AND INCLUDES THE 2ESERVE "ANK OF )NDIA THE 3ECURITIES AND %XCHANGE "OARD OF )NDIA THE )NSURANCE 2EGULATORY AND $EVELOPMENT !UTHORITY OF )NDIA THE 0ENSION &UND 2EGULATORY !UTHORITY AND SUCH OTHER REGULATORY AUTHORITIES AS MAY BE NOTIFIED BY THE #ENTRAL 'OVERNMENT
19 hINSOLVENCY PROFESSIONALv MEANS A PERSON ENROLLED UNDER SECTION WITH AN INSOLVENCY PROFESSIONAL AGENCY AS ITS MEMBER AND REGISTERED WITH THE "OARD AS AN INSOLVENCY PROFESSIONAL UNDER SECTION
20 hINSOLVENCY PROFESSIONAL AGENCYv MEANS ANY PERSON REGISTERED WITH THE "OARD UNDER SECTION AS AN INSOLVENCY PROFESSIONAL AGENCY
21 hINFORMATION UTILITYv MEANS A PERSON WHO IS REGISTERED WITH THE "OARD AS AN INFORMATION UTILITY UNDER SECTION
22 hNOTIFICATIONv MEANS A NOTIFICATION PUBLISHED IN THE /FFICIAL 'AZETTE AND THE TERMS hNOTIFIEDv AND hNOTIFYv SHALL BE CONSTRUED ACCORDINGLY
23 hPERSONv INCLUDES a AN INDIVIDUAL b A (INDU 5NDIVIDED &AMILY c A COMPANY d A TRUST e A PARTNERSHIP f A LIMITED LIABILITY PARTNERSHIP AND g ANY OTHER ENTITY ESTABLISHED UNDER A STATUTE AND INCLUDES A PERSON RESIDENT OUTSIDE )NDIA
24 hPERSON RESIDENT IN )NDIAv SHALL HAVE THE MEANING AS ASSIGNED TO SUCH TERM IN CLAUSE v OF SECTION OF THE &OREIGN %XCHANGE -ANAGEMENT !CT OF
25 hPERSON RESIDENT OUTSIDE )NDIAv MEANS A PERSON OTHER THAN A PERSON RESIDENT IN )NDIA
26 hPRESCRIBEDv MEANS PRESCRIBED BY RULES MADE BY THE #ENTRAL 'OVERNMENT
27 hPROPERTYv INCLUDES MONEY GOODS ACTIONABLE CLAIMS LAND AND EVERY DESCRIPTION OF PROPERTY SITUATED IN )NDIA OR OUTSIDE )NDIA AND EVERY DESCRIPTION OF INTEREST INCLUDING PRESENT OR FUTURE OR VESTED OR CONTINGENT INTEREST ARISING OUT OF OR INCIDENTAL TO PROPERTY
%NFORCED WITH EFFECT FROM %NFORCED WITH EFFECT FROM &OR DEFINITIONS OF hPERSON RESIDENT IN )NDIAv AND hWORKMANv see Appendix %NFORCED WITH EFFECT FROM
S. 3(37)
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1.20
A
28 hREGULATIONSv MEANS THE REGULATIONS MADE BY THE "OARD UNDER THIS #ODE
B
29 h3CHEDULEv MEANS THE 3CHEDULE ANNEXED TO THIS #ODE
B
30 hSECURED CREDITORv MEANS A CREDITOR IN FAVOUR OF WHOM SECURITY INTEREST IS CREATED
B
31 hSECURITY INTERESTv MEANS RIGHT TITLE OR INTEREST OR A CLAIM TO PROPERTY CREATED IN FAVOUR OF OR PROVIDED FOR A SECURED CREDITOR BY A TRANSACTION WHICH SECURES PAYMENT OR PERFORMANCE OF AN OBLIGATION AND INCLUDES MORTGAGE CHARGE HYPOTHECATION ASSIGNMENT AND ENCUMBRANCE OR ANY OTHER AGREEMENT OR ARRANGEMENT SECURING PAYMENT OR PERFORMANCE OF ANY OBLIGATION OF ANY PERSON Provided THAT SECURITY INTEREST SHALL NOT INCLUDE A PERFORMANCE GUARANTEE
B
32 hSPECIFIEDv MEANS SPECIFIED BY REGULATIONS MADE BY THE "OARD UNDER THIS #ODE AND THE TERM hSPECIFYv SHALL BE CONSTRUED ACCORDINGLY
B
33 hTRANSACTIONv INCLUDES AN AGREEMENT OR ARRANGEMENT IN WRITING FOR THE TRANSFER OF ASSETS OR FUNDS GOODS OR SERVICES FROM OR TO THE CORPORATE DEBTOR
B
34 hTRANSFERv INCLUDES SALE PURCHASE EXCHANGE MORTGAGE PLEDGE GIFT LOAN OR ANY OTHER FORM OF TRANSFER OF RIGHT TITLE POSSESSION OR LIEN
B
35 hTRANSFER OF PROPERTYv MEANS TRANSFER OF ANY PROPERTY AND INCLUDES A TRANSFER OF ANY INTEREST IN THE PROPERTY AND CREATION OF ANY CHARGE UPON SUCH PROPERTY
B
36 hWORKMANv SHALL HAVE THE SAME MEANING AS ASSIGNED TO IT IN CLAUSE s OF SECTION OF THE )NDUSTRIAL $ISPUTES !CT OF C
A
37 WORDS AND EXPRESSIONS USED BUT NOT DEFINED IN THIS #ODE BUT DEFINED IN THE )NDIAN #ONTRACT !CT OF THE )NDIAN 0ARTNERSHIP !CT OF THE 3ECURITIES #ONTRACTS 2EGULATION !CT OF THE 3ECURITIES AND %XCHANGE "OARD OF )NDIA !CT OF THE 2ECOVERY OF $EBTS $UE TO "ANKS AND &INANCIAL )NSTITUTIONS !CT OF THE ,IMITED ,IABILITY 0ARTNERSHIP !CT OF AND THE #OMPANIES !CT OF SHALL HAVE THE MEANINGS RESPECTIVELY ASSIGNED TO THEM IN THOSE !CTS
A %NFORCED WITH EFFECT FROM B %NFORCED WITH EFFECT FROM C &OR DEFINITIONS OF hPERSON RESIDENT IN )NDIAv AND hWORKMANv see Appendix
Insolvency and Bankruptcy Code with Rules and Regulations AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO PAGE NO. BINDING TYPE
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Description This book incorporates the amended, updated & annotated text of the Insolvency & Bankruptcy Code, 2016 (‘IBC’) [as amended by the Insolvency and Bankruptcy Code (Amendment) Act 2021] and 15+ Rules/Regulations issued thereunder. What sets it apart is the coverage of the IBC and 15+ Rules/Regulations along with Notifications, RBI Directions, and Provisions of other Acts referred to in the IBC. The readers also get a specially curated & comprehensive Guide to Insolvency & Bankruptcy Code (Amendment) Act 2021. The Present Publication is the 5th Edition, authored by Taxmann’s Editorial Board, updated till January 2022, with the following noteworthy features: u
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[Follows the six-sigma approach] to achieve the benchmark of ‘zero error.’
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[Previous Amendments at a Glance] for Insolvency and Bankruptcy Code (Amendment) Act, 2021
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[Short Commentary] on Insolvency and Bankruptcy Code (Amendment) Act, 2021
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