Application for initiation of corporate insolvency resolution process (CIRP) by operational creditor Section 9: Application for initiation of corporate insolvency resolution process by operational creditor. *9. (1) After the expiry of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-section (1) of section 8, if … Read more

Insolvency resolution by operational creditor Section 8: Insolvency resolution by operational creditor. *8. (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debt or copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner … Read more

Initiation of corporate insolvency resolution process (CIRP) by financial creditor Section 7: Initiation of corporate insolvency resolution process by financial creditor. *7. (1) A financial creditorJ1 either by itself or jointlyJ2 with 1[other financial creditors, or any other person on behalf of the financial creditor, as may be notified2 by the Central Government] may fileJ3 … Read more

Persons who may initiate corporate insolvency resolution process Section 6: Persons who may initiate corporate insolvency resolution process. * 6. Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided … Read more

Definitions under Part-II Section 5: Definitions. *5. In this Part, unless the context otherwise requires,— (1) “Adjudicating Authority“, for the purposes of this Part, means National Company Law Tribunal constituted under section 408 of the Companies Act, 2013; (2) “auditor” means a chartered accountant certified to practice as such by the Institute of Chartered Accountants … Read more

Application of this Part-II (Insolvency Resolution and Liquidation for Corporate Persons) Section 4: Application of this Part. *4. (1) This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is one lakh rupees: Provided that the Central Government may, by notification1, specify the … Read more

Definitions Section 3: Definitions *3. In this Code, unless the context otherwise requires,— (1) “Board” means the Insolvency and Bankruptcy Board of India established under sub-section (1) of section 188; (2) “bench” means a bench of the Adjudicating Authority; (3) “bye-laws” mean the bye-laws made by the insolvency professional agency under section 205; (4) “charge” … Read more

Application Section 2: Application. *2. The provisions of this Code shall apply to— (a) any company incorporated under the Companies Act, 2013 or under any previous company law; (b) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the … Read more

Short title, extent and commencement Section 1: Short title, extent and commencement. 1. (1) This Code may be called the Insolvency and Bankruptcy Code, 2016. (2) It extends to the whole of India: 1[***] (3) It shall come into force on such date as the Central Government may, by notification1 in the Official Gazette, appoint: … Read more