Punishment for concealment of property Section 68: Punishment for concealment of property. *68. Where any officer of the corporate debtor has,— (i) within the twelve months immediately preceding the insolvency commencement date,— (a) wilfully concealed any property or part of such property of the corporate debtor or concealed any debt due to, or from, the … Read more

Fraudulent management of corporate debtor during pre-packaged insolvency resolution process Section 67A: Fraudulent management of corporate debtor during pre-packaged insolvency resolution process. 1[67A. On and after the pre-packaged insolvency commencement date, where an officer of the corporate debtor manages its affairs with the intent to defraud creditors of the corporate debtor or for any fraudulent … Read more

Proceedings under section 66 Section 67: Proceedings under section 66. *67. (1) Where the Adjudicating Authority has passed an order under sub-section (1) or sub-section (2) of section 66, as the case may be, it may give such further directions as it may deem appropriate for giving effect to the order, and in particular, the … Read more

Fraudulent trading or wrongful trading Section 66: Fraudulent trading or wrongful trading. *66. (1) If during the corporate insolvency resolution process or a liquidation process, it is found that any business of the corporate debtor has been carried on with intent to defraud creditors of the corporate debtor or for any fraudulent purpose, the Adjudicating … Read more

Fraudulent or malicious initiation of proceedings Section 65: Fraudulent or malicious initiation of proceedings. *65. (1) If any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the Adjudicating Authority may impose upon … Read more

Expeditious disposal of applications Section 64: Expeditious disposal of applications. *64. (1) Where an application is not disposed of or an order is not passed within the period specified in this Code, the National Company Law Tribunal or the National Company Law Appellate Tribunal, as the case may be, shall record the reasons for not … Read more

Civil court not to have jurisdiction Section 63: Civil court not to have jurisdiction. *63. No civil court or authority shall have jurisdiction to entertain any suit or proceedings in respect of any matter on which National Company Law Tribunal or the National Company Law Appellate Tribunal has jurisdiction under this Code. Civil court not … Read more

Appeal to Supreme Court Section 62: Appeal to Supreme Court. *62. (1) Any person aggrieved by an order of the National Company Law Appellate Tribunal may file an appeal to the Supreme Court on a question of law arising out of such order under this Code within forty-five days from the date of receipt of … Read more

Appeals and Appellate Authority Section 61: Appeals and Appellate Authority. *61. (1) Notwithstanding anything to the contrary contained under the Companies Act 2013, any person aggrieved by the order of the Adjudicating Authority under this part may prefer an appeal to the National Company Law Appellate Tribunal. (2) Every appeal under sub-section (1) shall be … Read more

Adjudicating Authority for corporate persons Section 60: Adjudicating Authority for corporate persons. *60. (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons including corporate debtors and personal guarantors thereof shall be the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of the corporate persons … Read more