The Insolvency and Bankruptcy Code, 2016

Proof of debt (1) The bankruptcy trustee shall give notice to each of the creditors to submit proof of debt within fourteen days of preparing the list of creditors under section 132. (2) The proof of debt shall – (a) require the creditor to give full particulars of debt , including the date on which the debt was contracted and the value at which that person assesses it; […]

Administration of estate of deceased bankrupt (1) All the provisions of Chapter V relating to the administration and distribution of the estate of the bankrupt shall, so far as the same are applicable, apply to the administration of the estate of a deceased bankrupt. (2) While administering the estate of a deceased bankrupt, the bankruptcy trustee shall have regard to the claims by the

Continuance of proceedings on death of bankrupt If a bankrupt dies, the bankruptcy proceedings shall, continue as if he were alive. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit |

Obligations under contracts (1) This section shall apply where a contract has been entered into by the bankrupt with a person before the bankruptcy commencement date. (2) Any party to a contract, other than the bankrupt under sub-section (1), may apply to the Adjudicating Authority for – (a) an order discharging the obligations of the applicant or the bankrupt under the contract; and (b) payment of

Extortionate credit transactions (1) Subject to sub-section (6), on an application by the bankruptcy trustee, the Adjudicating Authority may make an order under this section in respect of extortionate credit transactions to which the bankrupt is or has been a party. (2) The transactions under sub-section (1) should have been entered into by the bankrupt during the period of two years ending on the bankruptcy commencement date.

Effect of order (1) Subject to the provision of sub-section (2), an order passed by the Adjudicating Authority under section 164 or section 165 shall not, – (a) give rise to a right against a person interested in the property which was acquired in an undervalued transaction or a transaction giving preference, whether or not he is the person with whom the bankrupt entered into such transaction; and (b) require any person to pay a sum

Preference transactions (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section if a bankrupt has given a preference to any person. (2) The transaction giving preference to an associate of the bankrupt under sub-section (1) should have been entered into by the bankrupt with the associate during the period of two years ending on the date of the application for bankruptcy. (3) Any transaction giving preference not

Undervalued transactions (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section in respect of an undervalued transaction between a bankrupt and any person. (2) The undervalued transaction referred to in sub-section (1) should have – (a) been entered into during the period of two years ending on the filing of the application for bankruptcy; and (b) caused bankruptcy process to be

Challenge against disclaimed property (1) An application challenging the disclaimer may be made by the following persons under this section to the Adjudicating Authority– (a) any person who claims an interest in the disclaimed property; or (b) any person who is under any liability in respect of the disclaimed property; or (c) where the disclaimed property is a dwelling house, any person who on the date

Disclaimer of leaseholds (1) The bankruptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has been served on every interested person and – (a) no application objecting to the disclaimer by the interested person, has been filed with respect to the leasehold interest, within fourteen days of the date on which notice was