The Insolvency and Bankruptcy Code, 2016

Voluntary liquidation of corporate persons (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter. (2) The voluntary liquidation of a corporate person under sub-section (1) shall meet such conditions and procedural requirements as may be specified by the Board. (3) Without prejudice to sub-section (2), voluntary liquidation […]

Applicability of Chapter II to this Chapter The process for conducting a corporate insolvency resolution process under Chapter II and the provisions relating to offences and penalties under Chapter VII shall apply to this Chapter as the context may require. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST

Manner of initiating fast track corporate insolvency resolution process An application for fast track corporate insolvency resolution process may be filed by a creditor or corporate debtor as the case may be, alongwith- (a) the proof of the existence of default as evidenced by records available with an information utility or such other means as may be specified by the Board; and (b) such other information

Time period for completion of fast track corporate insolvency resolution process (1) Subject to the provisions of sub-section (3), the fast track corporate insolvency resolution process shall be completed within a period of ninety days from the insolvency commencement date. (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the fast track

Fast track corporation insolvency resolution process. (1) A corporate insolvency resolution process carried out in accordance with this Chapter shall be called as fast track corporate insolvency resolution process. (2) An application for fast track corporate insolvency resolution process may be made in respect of the following corporate debtors, namely: – (a) a corporate debtor with assets and income below

Application of provisions of Chapters II, III, VI, and VII to this Chapter (1) Save as provided under this Chapter, the provisions of sections 24, 25A, 26, 27, 28, 29A, 32A, 43 to 51, and the provisions of Chapters VI and VII of this Part shall, mutatis mutandis apply, to the pre-packaged insolvency resolution process, subject to the following, namely: (a) reference to “members of the suspended

Initiation of corporate insolvency resolution process. (1) The committee of creditors, at any time after the pre-packaged insolvency commencement date but before the approval of resolution plan under sub-section (4) or sub-section (12), as the case may be, of section 54K, by a vote of sixty-six per cent. of the voting shares, may resolve to initiate

Termination of pre-packaged insolvency resolution process (1) Where the resolution professional files an application with the Adjudicating Authority, – (a) under the proviso to sub-section (12) of section 54K; or (b) under sub-section (3) of section 54D, the Adjudicating Authority shall, within thirty days of the date of such application, by an order, – (i) terminate the

Appeal against order under section 54L Any appeal from an order approving the resolution plan under sub-section (1) of section 54L, shall be on the grounds laid down in sub-section (3) of section 61.   Amendment 1 Ins. by Act No. 26 of 2021, sec.8 (w.e.f. 04-04-2021). Practice area’s of B K Goyal & Co LLP Income Tax

Approval of resolution plan. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12) of section 54K, as the case may be, subject to the conditions provided therein, meets the requirements as referred to in sub-section (2) of section 30, it shall, within