The Insolvency and Bankruptcy Code, 2016

Public notice inviting claims from creditors (1) The Adjudicating Authority shall– (a) send notices within ten days of the bankruptcy commencement date, to the creditors mentioned in – (i) the statement of affairs submitted by the bankrupt under section 129; or (ii) the application for bankruptcy submitted by the bankrupt under section 122. (b) issue a public notice inviting claims from creditors. (2) The public notice under clause […]

Statement of financial position (1) Where a bankruptcy order is passed on the application for bankruptcy by a creditor under section 123, the bankrupt shall submit his statement of financial position to the bankruptcy trustee within seven days from the bankruptcy commencement date. (2 ) The statement of financial position shall be submitted in the such form and manner as may be prescribed. (3) Where the bankrupt is a firm, its partners on the

Effect of bankruptcy order (1) On the passing of the bankruptcy order under section 126, – (a) the estate of the bankrupt shall vest in the bankruptcy trustee as provided in section 154; (b) the estate of the bankrupt shall be divided among his creditors; (c) subject to provisions of sub-section (2), a creditor of the bankrupt indebt ed in respect of any debt claimed as a bankruptcy debt shall not– (i) initiate any

bankruptcy order (1) The Adjudicating Authority shall pass a bankruptcy order within fourteen days of receiving the confirmation or nomination of the bankruptcy trustee under section 125. (2) The Adjudicating Authority shall provide the following documents to bankrupt, creditors and the bankruptcy trustee within seven days of the passing of the bankruptcy order, namely: – (a) a copy of the application for bankruptcy; and (b) a copy

Appointment of insolvency professional as bankruptcy trustee (1) If an insolvency professional is proposed as the bankruptcy trustee in the application for bankruptcy under section 122 or section 123, the Adjudicating Authority shall direct the Board within seven days of receiving the application for bankruptcy to confirm that there are no disciplinary proceedings against such professional. (2) The Board shall within ten days of the receipt of the direction under sub-section (1)

Effect of application (1) When an application is filed under sections 122 or 123 – (a) an interim-moratorium shall commence on the date of the making of the application on all actions against the properties of the debtor in respect of his debt s and such moratorium shall cease to have effect on the bankruptcy commencement date; and (b) during

Application by creditor (1) The application for bankruptcy by the creditor shall be accompanied by- (a) the records of insolvency resolution process undertaken under Chapter III; (b) a copy of the order passed by the Adjudicating Authority under Chapter III permitting the creditor to apply for bankruptcy; (c) details of the debt s owed by the debtor to the creditor as on the date of the application for bankruptcy; and (d) such

Application by debtor (1) The application for bankruptcy by the debtor shall be accompanied by – (a) the records of insolvency resolution process undertaken under Chapter III of Part III; (b) the statement of affairs of the debtor in such form and manner as may be prescribed, on the date of the application for bankruptcy; and (c) a copy of the order passed

Application for bankruptcy (1) An application for bankruptcy of a debtor may be made, by a creditor individually or jointly with other creditors or by a debtor, to the Adjudicating Authority in the following circumstances, namely; – (a) where an order has been passed by an Adjudicating Authority under sub-section 4 of section 100; or (b) where an order has been passed by an Adjudicating

Standard of conduct The resolution professional shall perform his functions and duties in compliance with the code of conduct provided under section 208. 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 |