Guide to Insolvency and Bankruptcy Code

As Amended by Insolvency & Bankruptcy Code (Amendment) Act, 2021
Based on the Insolvency and Bankruptcy Code, 2016 and Rules and Regulations notified thereunder along
with commentary and case laws
For Resolution Professionals, Liquidators, Financial Creditors, Operational Creditors, Corporate Debtors,
CA/CS/CMA/Consultants/Advocates and Corporates
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Description
It gives me immense pleasure in bringing out the first edition of "Guide to Insolvency and Bankruptcy Code". This Book is based on the practical experience of the author gained during the last 23 years of career as a Company Secretary and further experience of Resolution Professional.The Central Government has enacted the Insolvency and Bankruptcy Code, 2016 on 28th May, 2016 and the Insolvency and Bankruptcy Board of India has also been constituted. The National Company Law Tribunal is functioning as the Adjudicating Authority which is having 10 benches across India, whereas the National Company Law Appellate Tribunal, New Delhi is functioning as the Appellate Authority. The Supreme Court of India is final appellate Court, thereby other courts are not having any jurisdiction under the Code. Three Insolvency Professional Agencies are functioning to govern the Resolution Professionals. Information Utility is being set up in due course. 544 Insolvency Professionals are already registered by the Insolvency and Bankruptcy Board of India till 30th June 2017 and the numbers are gradually increasing to meet the demand of the resolution professional.
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Contents
DIVISION I - LAW & PROCEDURE
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
DIVISION II - ACT, RULES & REGULATIONS
1.  The Insolvency and Bankruptcy Code, 2016
2.   Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
3.   Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations,2019
4.   Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019
5.   Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate persons) Regulations, 2016
6.   Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021
7.   IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
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Author Details
Dr. O.K. JAIN, M.Com, PCS, ACIS (UK), Ph.D., IP is a Practicing Company Secretary, engaged in the practising field of Company Law, Insolvency and Bankruptcy Law, LLP, SEBI and Stock Exchange compliances. He has more than 32 years of practical experience in corporate laws and has been in the profession of Company Secretary for over 23 years. Dr. Jain is qualified as Insolvency Professional of the Insolvency and Bankruptcy Board of India and having international professional qualification of Chartered Secretary from the Institute of Chartered Secretaries and Administrators (UK) and is a Fellow Member of the Institute of Company Secretaries of India. He has completed research work on Generally Accepted Accounting Principles and its effect on final accounts (a comparative study of GAAP of India, UK and USA).
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