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66 Terms

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1

Short title, extent and commencement.

2
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2

Application of the Act

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3

Definitions for the Act

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4

Application of Part II.

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5

Definitions for Part II

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6

Persons who may initiate corporate insolvency resolution process.

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7

Initiation of corporate insolvency resolution process by financial creditor.

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8

Insolvency resolution by operational creditor.

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9

Application for initiation of corporate insolvency resolution process by operational creditor.

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10

Initiation of corporate insolvency resolution process by corporate applicant.

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10A

Suspension of initiation of corporate insolvency resolution process.

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11

Persons not entitled to make application.

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11A

Disposal of applications under section 54C and under section 7 or section 9 or section 10.

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12

Time-limit for completion of insolvency resolution process.

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12A

Withdrawal of application admitted under section 7, 9 or 10.

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13

Declaration of moratorium and public announcement.

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14

Moratorium.

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15

Public announcement of corporate insolvency resolution process.

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16

Appointment and tenure of interim resolution professional.

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17

Management of affairs of corporate debtor by interim resolution professional.

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18

Duties of interim resolution professional.

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19

Personnel to extend co-operation to interim resolution professional.

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20

Management of operations of corporate debtor as going concern.

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21

Committee of creditors.

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22

Appointment of resolution professional.

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23

Resolution professional to conduct corporate insolvency resolution process.

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24

Meeting of committee of creditors.

28
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25

Duties of resolution professional.

29
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25A

Rights and duties of authorised representative of financial creditors.

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26

Application for avoidance of transactions not to affect proceedings.

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27

Replacement of resolution professional by committee of creditors.

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28

Approval of committee of creditors for certain actions.

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29

Preparation of information memorandum.

34
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29A

Persons not eligible to be resolution applicant.

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30

Submission of resolution plan.

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31

Approval of resolution plan.

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32

Appeal.

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32A

Liability for prior offences, etc.

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33

Initiation of liquidation.

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34

Appointment of liquidator and fee to be paid.

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35

Powers and duties of liquidator.

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36

Liquidation estate.

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37

Powers of liquidator to access information.

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38

Consolidation of claims.

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39

Verification of claims.

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40

Admission or rejection of claims.

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41

Determination of valuation of claims.

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42

Appeal against the decision of liquidator.

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43

Preferential transactions and relevant time.

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44

Orders in case of preferential transactions.

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45

Avoidance of undervalued transactions.

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46

Relevant period for avoidable transactions.

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47

Application by creditor in cases of undervalued transactions.

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48

Order in cases of undervalued transactions.

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49

Transactions defrauding creditors.

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50

Extortionate credit transactions.

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51

Orders of Adjudicating Authority in respect of extortionate credit transactions.

58
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52

Secured creditor in liquidation proceedings.

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53

Distribution of assets.

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54

Dissolution of corporate debtor.

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59

Voluntary liquidation of corporate persons.

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PART II CHAPTER II

CIRP

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PART II CHAPTER III

LIQUIDATION

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PART II CHAPTER IIIA

PPIRP

65
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PART II CHAPTER V

VOLUNTARY LIQUIDATION

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PART III

INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS