Initiation of liquidation Section 33: Initiation of liquidation. *33. (1) Where the Adjudicating AuthorityJ1, — (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case … Read more
Liability for prior offences, etc. Section 32A: Liability for prior offences, etc. 1[32A. (1) Notwithstanding anything to the contrary contained in this Code or any other law for the time being in force, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, … Read more
Appeal Section 32: Appeal. *32. Any appeal from an order approving the resolution plan shall be in the manner and on the grounds laid down in sub-section (3) of section 61.
Approval of resolution plan Section 31: Approval of resolution plan. *31. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30, it shall by order approve the resolution plan … Read more
Submission of resolution plan Section 30: Submission of resolution plan. *30. (1) A resolution applicant may submit a resolution plan [along with an affidavit stating that he is eligible under section 29A] to the resolution professional prepared on the basis of the information memorandum. (2) The resolution professional shall examine each resolution plan received by … Read more
Persons not eligible to be resolution applicant Section 29A: Persons not eligible to be resolution applicant. 1[29A. A person shall not be eligible1A to submit a resolution plan, if such person, or any other person acting jointlyJ1 or in concertJ1 with such person— (a) is an undischarged insolvent; (b) is a wilful defaulter in accordance … Read more
Preparation of information memorandum Section 29: Preparation of information memorandum. *29. (1) The resolution professional shall prepare an information memorandum in such form and manner containing such relevant information as may be specified by the Board for formulating a resolution plan. (2) The resolution professional shall provide to the resolution applicant access to all relevant … Read more
Approval of committee of creditors for certain actions Section 28: Approval of committee of creditors for certain actions. *28. (1) Notwithstanding anything contained in any other law for the time being in force, the resolution professional, during the corporate insolvency resolution process, shall not take any of the following actions without the prior approval of … Read more
Replacement of resolution professional by committee of creditors Section 27: Replacement of resolution professional by committee of creditors. *27. (1) Where, at any time during the corporate insolvency resolution process, the committee of creditors is of the opinion that a resolution professional appointed under section 22 is required to be replaced, it may replace him … Read more
Application for avoidance of transactions not to affect proceedings Section 26: Application for avoidance of transactions not to affect proceedings. *26. The filing of an avoidance application under clause (j) of sub-section (2) of section 25 by the resolution professional shall not affect the proceedings of the corporate insolvency resolution process.