The Insolvency and Bankruptcy Code, 2016

Application against decision of resolution professional. (1) The debtor or the creditor who is aggrieved by the action taken by the resolution professional under section 86, may, within ten days of such decision, make an application to the Adjudicating Authority challenging such action on any of the following grounds, namely: – (a) that the resolution professional has not given an opportunity to the debtor […]

Objections by creditor and their examination by resolution professional (1) Any creditor mentioned in the order of the Adjudicating Authority under section 84 to whom a qualifying debt is owed may, within a period of ten days from the date of receipt of the order under section 84, object only on the following grounds, namely: – (a) inclusion of a debt as a qualifying debt; or (b)

Effect of admission of application (1) On the date of admission of the application, the moratorium period shall commence in respect of all the debt s. (2) During the moratorium period – (a) any pending legal action or legal proceeding in respect of any debt shall be deemed to have been stayed; and (b) subject to the

Admission or rejection of application by Adjudicating Authority (1) The Adjudicating Authority may within fourteen days from the date of submission of the report by the resolution professional, pass an order either admitting or rejecting the application made under sub-section (1) of section 81. (2) The order passed under sub-section (1) accepting the application shall state the amount which

Examination of application by resolution professional. (1) The resolution professional shall examine the application made under section 80 within ten days of his appointment, and submit a report to the Adjudicating Authority, either recommending acceptance or rejection of the application. (2) The report referred to in sub-section (1) shall contain the details of the amounts mentioned in the application which

Appointment of resolution professional (1) Where an application under section 80 is filed by the debtor through a resolution professional, the Adjudicating Authority shall direct the Board within seven days of the date of receipt of the application and shall seek confirmation from the Board that there are no disciplinary proceedings against the resolution professional who has submitted such application. (2) The Board shall communicate to the Adjudicating Authority in

Application for fresh start order (1) When an application is filed under section 80 by a debtor, an interim-moratorium shall commence on the date of filing of said application in relation to all the debt s and shall cease to have effect on the date of admission or rejection of such application, as the case may be.

Eligibility for making an application (1) A debtor, who is unable to pay his debt and fulfils the conditions specified in subsection (2), shall be entitled to make an application for a fresh start for discharge of his qualifying debt under this Chapter. (2) A debtor may apply, either personally or through a resolution professional, for a fresh start under this Chapter in respect of his qualifying

Definitions In this Part, unless the context otherwise requires, – (1) “Adjudicating Authority” means the Debt Recovery Tribunal constituted under subsection (1) of section 3 of the Recovery of Debt s Due to Banks and Financial Institution Act, 1993 (51 of 1993); (2) “associate” of the debtor means – (a) a person who belongs to the immediate family of the debtor; (b) a person who is a

Application This Part shall apply to matters relating to fresh start, insolvency and bankruptcy of individuals and partnership firms where the amount of the default is not less than one thousand rupees: Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one lakh rupees. Practice area’s of B