Guide to the Insolvency and Bankruptcy Code (Two Volumes)

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Description
The Insolvency and Bankruptcy Code, 2016 ("IBC") is a valiant attempt at rehauling the insolvency and bankruptcy regime on a national scale in India, replacing a motley set of laws, often contradictory and frequently inadequate, such as the Presidency Towns Insolvency Act, 1909, the Provincial Insolvency Act, 1920, the Companies Act, 1956, the Companies Act 2013, and the Sick Industrial Companies (Special Provisions) Act, 1985, with a more holistic regime. The IBC represents a timely and paradigm shift in India's approach to insolvency and bankruptcy. Under the IBC, once the act of Insolvency or Bankruptcy as stipulated takes place, the power to resolve the debt of corporate persons, partnership firms and individuals facing financial difficulty shifts to the creditors through the two-stage process of reorganization / resolution and the liquidation / bankruptcy. Though some provisions of the IBC can be traced to earlier enactments, the complete overhaul in the law and the institutional machinery and the introduction of a new bureaucracy under its regime, required urgent study and analysis, as did the overwhelming and often contradictory mass of new jurisprudence. This provided us the motivation to write this book as a guide to interpret and understand the IBC. In this edition, we have looked exhaustively at orders and judgments passed by the various National Company Law Tribunals, the National Company Law Appellate Tribunal, High Courts, the Supreme Court of India and courts in the United Kingdom and other jurisdictions in guiding our interpretation of the IBC.
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Contents
Volume 1 

1. Insolvency and Bankruptcy Code, 2016

2. Economic Survey 2017-2018.

(a) Monetary Management and Financial Intermediation.

3. Economic Survey, 2019-20.

4 . Report of Insolvency Law Committee February 2020.

5. Report of Committee on Cross Border Insolvency, October,2018

6. Committee on Cross Border Insolvency

7. Amendments made in the Insolvency and Bankruptcy Code, 2016....

Insolvency and Bankruptcy Code, 2016

Part I     Preliminary [Sections 1 to 3]
Part II    Insolvency Resolution and Liquidation for Corporate Persons
Chapter I—Preliminary [Sections 4 to 5]
Chapter II—Corporate Insolvency Resolution Process [Sections 6 to 32]
Chapter III—Liquidation Process [Sections 33 to 54]
Chapter IV—Fast Track Corporate Insolvency Resolution Process [Sections 55 to 58]
Chapter V—Voluntary Liquidation of Corpo­rate Persons [Section 59]
Chapter VI—Adjudicating Authority for Cor­porate Persons [Sections 60 to 67]
Chapter VII—Offences and Penalties [Sections 68 to 77]
Part III     Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
Chapter I—Preliminary [Sections 78 to 79]
Chapter II—Fresh Start Process [Sections 80 to 93]
Chapter III—Insolvency Resolution Process [Sections 94 to 120]
Chapter IV—Bankruptcy Order for Indivi­duals and Partnership Firms [Sections 121 to 148]
Chapter V—Administration and Distribution of the Estate of the Bankrupt [Sections 149 to 178]
Chapter VI—Adjudicated Authority for Individuals and Partnership Firms [Sections 179 to 183]
Chapter VII—Offences and Penalties [Sections 184 to 187]
Part IV     Regulation of Insolvency Professionals, Agencies and Information Utilities
Chapter I—The Insolvency and Bankruptcy Board of India [Sections 188 to 195]
Chapter II—Powers and Functions of the Board [Sections 196 to 198]
Chapter III—Insolvency Professional Agencies [Sections 199 to 205]
Chapter IV—Insolvency Professionals [Sections 206 to 208]
Chapter V—Information Utilities [Sections 209 to 216]
Chapter VI—Inspection and Investigation [Sections  217 to 220]
Chapter VII—Finance, Accounts and Audit [Sections 221 TO 223]
Part V     Miscellaneous [Sections 224 o 255]
                Schedules [First Schedule to Twelfth Schedule]

APPENDICES

REGULATIONS, RULES, NOTIFICATIONS, CIRCULRS, ALLIED ACTS, COMMITTEE REPORTS, UNCITRAL LAW, SARFAESI ACT & RULES AND DRT ACT & RULES, ETC.

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Author Details
Justice Rohinton Fali Nariman Justice Supreme Court of India
Justice S.J. Mukhopadhya Formers Judge, Supreme Court of India Chairperson, National Company Law Appellate Tribunal, New Delhi
Arvind P. Datar Senior Advocate
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