The Insolvency and Bankruptcy (Notes / Guide Books)

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Description
The Insolvency and Bankruptcy Code, 2016 (in short IBC) is the Bankruptcy Law of India which seeks to consolidate the existing framework by creating a single law for the Insolvency and Bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015. It was passed by Lok Sabha on 5 May 2016 and by Rajya Sabha on 11 May 2016. The Code received the assent of the President of India on 28 May 2016. Certain Provisions of the Act have come into force from 5 August and 19 August 2016. The Bankruptcy Code is a one stop solution for resolving the insolvencies which previously was a long process that did not offer an economically viable arrangement.
The Insolvency & Bankruptcy Code, 2016 has 255 Sections and 11 Schedules.
OBJECT: The Code aims to protect the interests of small investors and make the process of doing
business less cumbersome.
HISTORY: The Insolvency and Bankruptcy Code, 2015 was introduced in the Lok Sabha on 21 December 2015 by former Finance Minister, Late Arun Jaitley. The Code was referred to a Joint Committee of Parliament on 23 December 2015, and recommended by the Committee on 28 April 2016. The Code was passed by the Lok Sabha and the Rajya Sabha on 5 May and 11 May 2016 respectively. Subsequently, it received assent from President Pranab Mukherjee and was notified in The Gazette of India on 28 May 2016.
The Code was passed by Parliament in May 2016 and became effective in December 2016. Section 243 of this Code repeals the Presidency Towns Insolvency Act, 1909 and Provincial
Insolvency Act, 1920.
The first insolvency resolution order under this code was passed by the National Company Law Tribunal (NCLT) in the case of Synergies-Dooray Automotive Ltd on 14 August 2017 and the second resolution plan was submitted in the case of Prowess International Private Limited. The plea for insolvency was submitted by company on 23 January 2017. The resolution plan was submitted to the NCLT within a period of 180 days as required by the Code, and the approval for the same was received on 2 August 2017 from the tribunal. The final order was uploaded on 14 August 2017 on the NCLT website.
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Table of Contents
Part 1  Basics about the Insolvency and Bankruptcy Code, 2016
Part 2  Insolvency    Resolution    and    Liquidation    for Corporate Persons
Chapter 1   Preliminary — Definitions
Chapter 2   Corporate Insolvency Resolution Process
Chapter 3   Liquidation Process
Chapter 4   Fast Track Corporate Insolvency Resolution Process
Chapter 5  Voluntary  Liquidation  of  Corporate Persons
Chapter 6   Adjudicating Authority for Corporate Persons
Chapter 7   Offences and Penalties
Part 3 Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
Chapter 1   Fresh Start Process
Chapter 2   Insolvency Resolution Process
Chapter 3   Bankruptcy Order for Individuals and Partnership Firms
Chapter 4   Administration and Distribution of the Estate of the Bankrupt
Chapter 5   Administration and Distribution of the Estate of the Bankrupt
Chapter 6   Offences and Penalties
Part  4 Regulation of Insolvency Professionals, Agencies and Information Utilities
Chapter 1   The Insolvency and Bankruptcy Board of India
Chapter 2   Powers and Functions of Board
Chapter 3   Insolvency Professional Agencies
Chapter 4   Insolvency Professionals
Chapter 5   Information Utilities
Chapter 6   Inspection and Investigation
Chapter 7   Finance, Accounts and Audit
Part 5 Miscellaneous
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