Punishment for certain actions Section 187: Punishment for certain actions. *187. If a bankruptcy trustee,— (a) has fraudulently misapplied, retained or accounted for any money or property comprised in the estate of the bankrupt; or (b) has wilfully acted in a manner that the estate of the bankrupt has suffered any loss in consequence of … Read more

Punishment for false information, concealment, etc., by bankrupt Section 186: Punishment for false information, concealment, etc., by bankrupt. *186. If the bankrupt— (a) knowingly makes a false representation or wilfully omits or conceals any material information while making an application for bankruptcy under section 122 or while providing any information during the bankruptcy process, he … Read more

Punishment for contravention of provisions Section 185: Punishment for contravention of provisions. *185. If an insolvency professional deliberately contravenes the provisions of this Part, he shall be punishable with imprisonment for a term which may extend to six months, or with fine, which shall not be less than one lakh rupees, but may extend to … Read more

Punishment for false information, etc., by creditor in insolvency resolution process Section 184: Punishment for false information, etc., by creditor in insolvency resolution process. *184. (1) If a debtor or creditor provides information which is false in any material particulars to the resolution professional, he shall be punishable with imprisonment for a term which may … Read more

Expeditious disposal of applications Section 183: Expeditious disposal of applications. *183. Where an application is not disposed of or an order is not passed within the period specified in this Code, the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal, as the case may be, shall record the reasons for not doing so within … Read more

Appeal to Supreme Court Section 182: Appeal to Supreme Court. *182. (1) An appeal from an order of the Debt Recovery Appellate Tribunal on a question of law under this Code shall be filed within forty-five days before the Supreme Court. (2) The Supreme Court may, if it is satisfied that a person was prevented … Read more

Appeal to Debt Recovery Appellate Tribunal Section 181: Appeal to Debt Recovery Appellate Tribunal. *181. (1) An appeal from an order of the Debt Recovery Tribunal under this Code shall be filed within thirty days before the Debt Recovery Appellate Tribunal. (2) The Debt Recovery Appellate Tribunal may, if it is satisfied that a person … Read more

Civil court not to have jurisdiction Section 180: Civil court not to have jurisdiction. *180. (1) No civil court or authority shall have jurisdiction to entertain any suit or proceedings in respect of any matter on which the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal has jurisdiction under this Code. (2) No injunction … Read more

Adjudicating Authority for individuals and partnership firms Section 179: Adjudicating Authority for individuals and partnership firms. *179. (1) Subject to the provisions of section 60, the Adjudicating Authority, in relation to insolvency matters of individuals and firms shall be the Debt Recovery Tribunal having territorial jurisdiction over the place where the individual debtor actually and … Read more

Priority of payment of debts Section 178: Priority of payment of debts. *178. (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or the State Legislature for the time being in force, in the distribution of the final dividend, the following debts shall be paid in priority to all other … Read more