Key to Insolvency and Bankruptcy Code (Practice and Procedure)

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Description
There have been changes in the National and International Economic Environment. For expansion and growth of economy of our Country, Central Government decided to consolidate and amend the law relating to Companies. As a result, the Companies Act, 2013 came into force. As it was felt that the framework then existing for Insolvency and Bankruptcy was inadequate, ineffective and resulted in undue delays in resolution, in 2015, the recommendations of Bankruptcy Law Reforms Committee, led to the legislation of IB Code with the object of consolidating and amending the laws relating to Insolvency and Bankruptcy. For Reorganization and Insolvency resolution of Corporate Persons, Firms and Individuals, in a time bound manner, process has been laid down in IB Code. The idea is that value of assets of these persons is maximized. Balancing the interests of all the stakeholders is one of the objects. Insolvency and Bankruptcy Board of India is to regulate Insolvency  professionals, Insolvency Professionals Agencies and Information utilities, Debts have been categorized. For payment of the debts, in the IB Code provision has been made for recovery or seizure and sale of assets of the debtors, by following time-line Corporate Insolvency Resolution Process (CIRP), Fast Track CIRP, and Liquidation process. Corporate debtor, Corporate Applicant, Operational Creditor, Financial Creditor, Interim Resolution Professional, Resolution Professional, Committee of Creditors, Liquidator, Registered Valuers and Other Stakeholders are the main participants in the process. Adjudicating Authorities under the Code are NCLT, the Appellate Authority-NCLAT and Supreme Court.
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Table of Contents
The Insolvency And Bankruptcy Code, 2016 Introduction
1. Corporate Insolvency Resolution Process
2. Initiation Of Corporate Insolvency Resolution Process By Financial Creditor
3. Adjudication By NCLT
4. Insolvency Resolution By Operational Creditor
5. Initiation Of Cirp By "Corporate Applicant"
6. Corporate Insolvency Resolution Professional & Consideration Of Resolution Plans.
7. Moratorium.
8. Prohibitions-While Moratorium Is Declared
9. Interim Resolution Professional...
10. Management Of Affairs Of Corporate Debtor By Interim Resolution Professional.
11. Resolution Professional.
12. Committee Of Creditors.
13. Resolution Professional-It's Appointment, Replacement, Duties And Powers
14. Duties Of Resolution Professional
15. Actions Of Resolution Professional - Requiring Prior Approval Of Committee Of Creditors
16. Preparation Of A Resolution Plan
17. Resolution Plan And Its Approval.
18. On Approval Of A Resolution Plan
19. Pre-Packaged Insolvency Resolution Process.
20. Appeals
21. Liability For Offences Committed Prior To Corporate Insolvency Resolution Process Commencement
22. Liquidation Process
23. Liquidator-His Powers And Duties
24. Claims And Role Of The Liquidator
25. Preferential, Undervalued, & Extortionate Credit Transactions
26. Secured Creditor And Liquidation Proceedings.
27. Distribution Of Assets
28. Dissolution Of Corporate Debtor
29. Fast Track Corporate Insolvency Resolution Process
30. Conducting Of Fast Track Process
31. Voluntary Liquidation Of Corporate Persons
32. Adjudicating Authority For Corporate Persons
33. Appeals And Appellate Authority
34. Fraudulent Or Malicious Initiation Of Proceedings
35. Offences And Penalties
36. Leading Decisions
37. Summary Of Procedure For Insolvency Resolution & Bankruptcy For Individuals And Partnership Firms
38. Administration And Distribution Of The Estate Of Decease Bankrupt
39. Distribution
40. Adjudicating Authority For Individuals And Partnership Firms
41. Offences And Penalties
Annexure
Insolvency And Bankruptcy Board Of India (Pre-Packaged Insolvency
Resolution Process) Regulations, 2021
Subject Index
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Author Details
Narender Kumar
Member (Judicial), Delhi Value Added Tax, Appellate Tribunal, Delhi
Foreword by
Hon'ble Mr. Justice M M Kumar
Member, NHRC
Former Chief Justice, Jammu & Kashmir High Court
Founder President, NCLT