Corporate Insolvency Resolution Process and Liquidation Under the Insolvency and Bankruptcy Code, 2016

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Description
The Insolvency and Bankruptcy Code, 2016 is one of the most important and significant reform which has reshaped corporate India in the last decade. The IBC as noted by the Supreme Court of India in Swiss Ribbons v Union of India, (2019) 4 SCC 17 has ensured that the defaulters paradise is lost. This, the IBC achieves, by separating the promoters and management of a company from the company and enabling the revival of the company by replacing its management with a new management. By this process, the IBC promotes entrepreneurship and fosters economic growth and revitalization.
To facilitate the achievement of these solemn objects, the Insolvency and Bankruptcy Board of India (IBBI) was set up, which has in turn specified a number of Regulations, which govern the process of corporate insolvency resolution process (CIRP) and liquidation under the IBC. Further, a number of rules have also been prescribed by the Central Government to enable implementation of the IBC. The IBC, the Rules and Regulations made thereunder, along with the decisions of the NCLTS, NCLATS and the Supreme Court, comprise the legal framework governing the process under the IBC.
Thus, there is a necessity to study the IBC in conjunction with the rules and regulations made therein, whilst being conscious of the ever-growing number of orders and judgments of the Tribunals and the Supreme Court. The object of this book is to present the IBC with its rules, regulations and case laws in this conjunction. This book aims to present to the reader, a holistic treatise on the corporate insolvency resolution process and liquidation process, dealing with the subject in a stage-wise manner, as it would practically proceed, as against a section-by- section approach.
In writing this book, several professionals have given their valuable inputs. We acknowledge the inputs from Mr Goutham Shivshankar, Mr CV Shailendhran, Mr Pawan Jhabakh, Mrs Harshini Jhothiraman, Mr Jerin Asher Sojan, B Arvind Srevatsa, Mr Ujjwal Jain and Mrs Aneetha Subramaniam. We also acknowledge inputs from senior advocates Mr P H Arvindh Pandian and Mr R Sankaranarayanan. We also thank the team from LexisNexis led by Mrs V Priyeshwarya and Mr Arjun Bhargava for their support throughout the process.
We thank Hon'ble Mr Justice Ashok Bhushan, Former Judge Supreme Court of India and Chairperson, National Company Law Appellate Tribunal and Hon'ble Mr Justice V Ramasubramanian, Judge, Supreme Court of India, for their Foreword and Introduction to this book.
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Table of Contents
Chapter 1: Definitions Under the IBC and Threshold for Corporate Insolvency Resolution Process
Chapter 2: Admission into Corporate Insolvency Resolution Process: Financial Creditors
Chapter 3: Admission into Corporate Insolvency Resolution Process: Operational Creditors
Chapter 4: Admission into Corporate Insolvency Resolution Process: Corporate Applicants
Chapter 5: Debts and Persons not Eligible to be Pursued Under the IBC
Chapter 6: Timelines Under the Insolvency and Bankruptcy Code
Chapter 7:  Limitation and Insolvency and Bankruptcy Code
Chapter 8: Effect of Admission into Corporate Insolvency Resolution Process: An Introduction
Chapter 9: Moratorium Under Section 14 of the Insolvency and Bankruptcy Code
Chapter 10: Interim Resolution Professional and Resolution Professional: Appointment, Rights and Duties
Chapter 11: Public Announcement, Filing of Claims and Verification of Claims
Chapter 12: Constitution, Meeting and Voting of the Committee of Creditors
Chapter 13: Invitation for Expression of Interest and Shortlisting of Prospective Resolution Applicants
Chapter 14: Information Memorandum, Request for Resolution Plan and Evaluation Matrix
Chapter 15: Valuation of the Corporate Debtor and Appointment of Other Professionals by the Resolution Professional
Chapter 16 Persons Ineligible to Act as a Resolution Applicant
Chapter 17: Nature, Scope and Contents of a Resolution Plan and its Consideration by the Committee of Creditors and the NCLT, NCLAT and Supreme Court
Chapter 18: Withdrawal and Settlement Under Section 12A of the Code
Chapter 19: Liquidation of Corporate Debtor
Chapter 20: Appointment, Replacement, Rights and Duties of the Liquidato
Chapter 21: Public Announcement, Claims and Reports in Liquidation
Chapter 22: List of Stakeholders, Constitution of the Stakeholders' Consultation Committee, its Meetings and Powers
Chapter 23: Liquidation Estate of the Corporate Debtor
Chapter 24: Asset Memorandum and Valuation of the Corporate Debtor in Liquidation
Chapter 25: Relinquishment of Security Interest
Chapter 26: Schemes Under Section 230-232 of the Companies Act, 2013 in Liquidation
Chapter 27: Sale in Liquidation
Chapter 28: Distribution in Liquidation
Chapter 29: Completion of Liquidation and Dissolution
Chapter 30: Avoidance of Transactions
Chapter 31: Fast Track Corporate Insolvency Resolution Process
Chapter 32: Fast Track Corporate Insolvency Resolution Process. Jurisdiction of the NCLT, NCLAT and Supreme Court Under the Insolvency and Bankruptcy Code, 2016
Chapter 33: Powers Under the Companies Act, 2013, NCLT Rules, 2016, NCLAT Rules, 2016 and Proceedings Under IBC
Chapter 34: Malicious and Fraudulent Initiation of Proceedings Under IBC
Chapter 35: Offences Under the IBC
Chapter 36: Voluntary Liquidation and Dissolution of Corporate Persons
Chapter 37: Pre-Packaged Insolvency Resolution Process Under IBC
 Chapter 38: Miscellaneous Concepts Under IBC
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Author Details
Hon'ble Mr Justice L Nageswara Rao, Former Judge, Supreme Court of India, is the 7th judge in the history of India to be directly elevated as a judge to the Supreme Court of India. Justice Rao, practiced as an Advocate in the High Court of Andhra Pradesh, Hyderabad from 1985 to 1994, after which, he shifted his practice to the Supreme Court of India in 1995. He was designated as a Senior Advocate by the High Court of Andhra Pradesh, Hyderabad in 2000. Justice Rao served as the Additional Solicitor General of India from August, 2003 to May, 2004 and again from August, 2013 to December, 2014. Justice L Rao was appointed as a Judge of the Supreme Court of India on 13th May, 2016.
Mr Avinash Krishnan Ravi, BBA LL B(H) (Gold Medal); CS (Grad); BCL (Oxford) (Distinction) is an Advocate practicing before the High Court of Judicature at Madras; National Company Law Appellate Tribunal (NCLAT), Chennai Bench and various benches of the National Company Law Tribunal (NCLTs). Avinash is a Commonwealth Scholar and a recipient of the Dr and Mrs Ambriti Salve Scholarship at the University of Oxford. Avinash currently holds the post of a Central Government Standing Counsel and a Standing Counsel for the Income Tax Department before the High Court of Judicature at Madras. Avinash is also a Special Standing Counsel for the Ministry of Corporate Affairs, Government of India for NCLTS and NCLATS in Tamil Nadu.