Validity of bankruptcy order Section 127: Validity of bankruptcy order. *127. The bankruptcy order passed by the Adjudicating Authority under section 126 shall continue to have effect till the debtor is discharged under section 138.
Bankruptcy order Section 126: Bankruptcy order. *126. (1) The Adjudicating Authority shall pass a bankruptcy order within fourteen days of receiving the confirmation or nomination of the bankruptcy trustee under section 125. (2) The Adjudicating Authority shall provide the following documents to bankrupt, creditors and the bankruptcy trustee within seven days of the passing of … Read more
Appointment of insolvency professional as bankruptcy trustee Section 125: Appointment of insolvency professional as bankruptcy trustee. *125. (1) If an insolvency professional is proposed as the bankruptcy trustee in the application for bankruptcy under section 122 or section 123, the Adjudicating Authority shall direct the Board within seven days of receiving the application for bankruptcy … Read more
Effect of application Section 124: Effect of application. *124. (1) When an application is filed under sections 122 or 123,— (a) an interim-moratorium shall commence on the date of the making of the application on all actions against the properties of the debtor in respect of his debts and such moratorium shall cease to have … Read more
Application by creditor Section 123: Application by creditor. *123. (1) The application for bankruptcy by the creditor shall be accompanied by— (a) the records of insolvency resolution process undertaken under Chapter III; (b) a copy of the order passed by the Adjudicating Authority under Chapter III permitting the creditor to apply for bankruptcy; (c) details … Read more
Application by debtor Section 122: Application by debtor. *122. (1) The application for bankruptcy by the debtor shall be accompanied by— (a) the records of insolvency resolution process undertaken under Chapter III of Part III; (b) the statement of affairs of the debtor in such form and manner as may be prescribed, on the date … Read more
Application for bankruptcy Section 121: Application for bankruptcy. *121. (1) An application for bankruptcy of a debtor may be made, by a creditor individually or jointly with other creditors or by a debtor, to the Adjudicating Authority in the following circumstances, namely;— (a) where an order has been passed by an Adjudicating Authority under sub-section … Read more
Standard of conduct Section 120: Standard of conduct. *120. The resolution professional shall perform his functions and duties in compliance with the code of conduct provided under section 208.
Discharge order Section 119: Discharge order. *119. (1) On the basis of the repayment plan, the resolution professional shall apply to the Adjudicating Authority for a discharge order in relation to the debts mentioned in the repayment plan and the Adjudicating Authority may pass such discharge order. (2) The repayment plan may provide for— (a) … Read more
Repayment plan coming to end prematurely Section 118: Repayment plan coming to end prematurely. *118. (1) A repayment plan shall be deemed to have come to an end prematurely if it has not been fully implemented in respect of all persons bound by it within the period as mentioned in the repayment plan. (2) Where … Read more