{"product_id":"the-insolvency-bankruptcy-code-2016-alongwith-rules-regulations","title":"The Insolvency \u0026 Bankruptcy Code, 2016 alongwith Rules \u0026 Regulations","description":"\u003ch2\u003eCONTENTS\u003c\/h2\u003e\n\u003cp\u003eEffective Date Notifications for the Code vii-x\u003cbr\u003eThe Insolvency and Bankruptcy Code (Amendment) Act, 2026 lvii-c\u003cbr\u003eThe Insolvency and Bankruptcy Code (Amendment) Act, 2021 ci-cxxiii\u003cbr\u003eThe Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 cxxiv-cxxv\u003cbr\u003eThe Insolvency and Bankruptcy Code (Amendment) Act, 2020 cxxvi-cxxxi\u003cbr\u003eThe Insolvency and Bankruptcy Code (Amendment) Act, 2019 cxxxii-cxxxiv\u003cbr\u003eThe Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 cxxxv-clii\u003cbr\u003eThe Insolvency and Bankruptcy Code (Amendment) Act, 2018 cliii-clvi\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY CODE, 2016\u003c\/p\u003e\n\u003ch2\u003ePART I\u003cbr\u003ePRELIMINARY\u003c\/h2\u003e\n\u003cp\u003e1. Short title, extent and commencement 1\u003cbr\u003e2. Application 2\u003cbr\u003e3. Definitions 3\u003c\/p\u003e\n\u003ch2\u003ePART II\u003c\/h2\u003e\n\u003cp\u003eINSOLVENCY RESOLUTION AND LIQUIDATION FOR\u003c\/p\u003e\n\u003cp\u003eCORPORATE PERSONS\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e4. Application of this Part 7\u003cbr\u003e5. Definitions 8\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003c\/h3\u003e\n\u003ch3\u003eCORPORATE INSOLVENCY RESOLUTION PROCESS\u003c\/h3\u003e\n\u003cp\u003e6. Persons who may initiate corporate insolvency resolution process 17\u003cbr\u003e7. Initiation of corporate insolvency resolution process by financial\u003cbr\u003ecreditor 17\u003cbr\u003e8. Insolvency resolution by operational creditor 21\u003cbr\u003e9. Application for initiation of corporate insolvency resolution process\u003cbr\u003eby operational creditor 22\u003c\/p\u003e\n\u003cp\u003e10. Initiation of corporate insolvency resolution process by corporate\u003cbr\u003eapplicant 24\u003cbr\u003e10A. Suspension of initiation of corporate insolvency resolution process 26\u003cbr\u003e11. Persons not entitled to make application 26\u003cbr\u003e11A. Disposal of applications under section 54C and under section 7 or\u003cbr\u003esection 9 or section 10 27\u003cbr\u003e12. Time-limit for completion of insolvency resolution process 28\u003cbr\u003e12A. Withdrawal of application admitted under section 7, 9 or 10 29\u003cbr\u003e13. Declaration of moratorium and public announcement 30\u003cbr\u003e14. Moratorium 31\u003cbr\u003e15. Public announcement of corporate insolvency resolution process 34\u003cbr\u003e16. Appointment and tenure of interim resolution professional 34\u003cbr\u003e17. Management of affairs of corporate debtor by interim resolution\u003cbr\u003eprofessional 36\u003cbr\u003e18. Duties of interim resolution professional 37\u003cbr\u003e19. Personnel to extend cooperation to interim resolution professional 38\u003cbr\u003e20. Management of operations of corporate debtor as going concern 39\u003cbr\u003e21. Committee of creditors 40\u003cbr\u003e22. Appointment of resolution professional 44\u003cbr\u003e23. Resolution professional to conduct corporate insolvency resolution\u003cbr\u003eprocess 45\u003cbr\u003e24. Meeting of committee of creditors 46\u003cbr\u003e25. Duties of resolution professional 47\u003cbr\u003e25A. Rights and duties of authorised representative of financial creditors 49\u003cbr\u003e26. Application in respect of certain transactions or trading not to affect\u003cbr\u003eprocesses 50\u003cbr\u003e27. Replacement of resolution professional by committee of creditors 50\u003cbr\u003e28. Approval of committee of creditors for certain actions 51\u003cbr\u003e28A. Transfer of assets of guarantor of corporate debtor during process 52\u003cbr\u003e29. Preparation of information memorandum 53\u003cbr\u003e29A. Persons not eligible to be resolution applicant 54\u003cbr\u003e30. Submission of resolution plan 58\u003cbr\u003e31. Approval of resolution plan 62\u003cbr\u003e32. Appeal 65\u003cbr\u003e32A. Liability for prior offences, etc. 65\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eLIQUIDATION PROCESS\u003c\/h3\u003e\n\u003cp\u003e33. Initiation of liquidation 67\u003cbr\u003e34. Appointment of liquidator and fee to be paid 71\u003cbr\u003e34A. Replacement of liquidator by committee of creditors 72\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e35. Powers and duties of liquidator 73\u003cbr\u003e36. Liquidation Estate 75\u003cbr\u003e37. Powers of liquidator to access information 78\u003cbr\u003e38-42 [Omitted] 78\u003cbr\u003e43. Preferential transactions and relevant time 79\u003cbr\u003e44. Orders in case of preferential transactions 81\u003cbr\u003e45. Avoidance of undervalued transactions 82\u003cbr\u003e46. Relevant period for undervalued transactions 83\u003cbr\u003e47. Application by creditors, member or partner in case of certain\u003cbr\u003etransactions or trading 84\u003cbr\u003e48. Order in cases of undervalued transactions 85\u003cbr\u003e49. Transactions defrauding creditors 85\u003cbr\u003e50. Extortionate credit transactions 86\u003cbr\u003e51. Orders of Adjudicating Authority in respect of extortionate credit\u003cbr\u003etransactions 87\u003cbr\u003e52. Secured creditor in liquidation proceedings 87\u003cbr\u003e53. Distribution of assets 89\u003cbr\u003e54. Dissolution of corporate debtor 92\u003cbr\u003e54A. Corporate debtors eligible for pre-packaged insolvency resolution\u003cbr\u003eprocess 93\u003cbr\u003e54B. Duties of insolvency professional before initiation of pre-packaged\u003cbr\u003einsolvency resolution process 95\u003cbr\u003e54C. Application to initiate pre-packaged insolvency resolution process 96\u003cbr\u003e54D. Time-limit for completion of pre-packaged insolvency resolution\u003cbr\u003eprocess 96\u003cbr\u003e54E. Declaration of moratorium and public announcement during\u003cbr\u003epre-packaged insolvency resolution process 97\u003cbr\u003e54F. Duties and powers of resolution professional during pre-packaged\u003cbr\u003einsolvency resolution process 97\u003cbr\u003e54G. List of claims and preliminary information memorandum 99\u003cbr\u003e54H. Management of affairs of corporate debtor 100\u003cbr\u003e54-I. Committee of creditors 100\u003cbr\u003e54J. Vesting management of corporate debtor with resolution\u003cbr\u003eprofessional 101\u003cbr\u003e54K. Consideration and approval of resolution plan 101\u003cbr\u003e54L. Approval of resolution plan 104\u003cbr\u003e54M. Appeal against order under section 54L 105\u003cbr\u003e54N. Termination of pre-packaged insolvency resolution process 105\u003cbr\u003e54-O. Initiation of corporate insolvency resolution process 106\u003c\/p\u003e\n\u003cp\u003exiv CONTENTS\u003cbr\u003e54P. Application of provisions of Chapters II, III, VI and VII to this\u003cbr\u003eChapter 107\u003cbr\u003e55-58. [Omitted] 108\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV-A\u003c\/h3\u003e\n\u003ch3\u003eCREDITOR-INITIATED INSOLVENCY RESOLUTION PROCESS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e58A. Corporate debtors eligible for creditor-initiated insolvency resolution\u003cbr\u003eprocess 108\u003cbr\u003e58B. Initiation of creditor-initiated insolvency resolution process 109\u003cbr\u003e58C. Objections to commencement of process 110\u003cbr\u003e58D. Period for completion of creditor-initiated insolvency resolution\u003cbr\u003eprocess 111\u003cbr\u003e58E. Duties and powers of resolution professional 111\u003cbr\u003e58F. Management of affairs of corporate debtors and cooperation of its\u003cbr\u003epersonnel 112\u003cbr\u003e58G. Moratorium 113\u003cbr\u003e58H. Conversion of creditor-initiated insolvency resolution process to\u003cbr\u003ecorporate insolvency resolution process 113\u003cbr\u003e58-I. Withdrawal of public announcement made under section 58B 114\u003cbr\u003e58J. Application for approval of resolution plan 115\u003cbr\u003e58K. Application of provisions of Chapters II, III, VI and VII to this\u003cbr\u003eChapter 115\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003c\/h3\u003e\n\u003ch3\u003eVOLUNTARY LIQUIDATION OF CORPORATE PERSONS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e59. Voluntary liquidation of corporate persons 116\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VA\u003cbr\u003eGROUP INSOLVENCY\u003c\/h3\u003e\n\u003cp\u003e59A. Power to make rules for initiating proceedings for coordination and\u003cbr\u003ecooperation of corporate debtors of group 118\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003c\/h3\u003e\n\u003ch3\u003eADJUDICATING AUTHORITY FOR CORPORATE PERSONS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e60. Adjudicating Authority for corporate persons 120\u003cbr\u003e61. Appeals and Appellate Authority 122\u003cbr\u003e62. Appeal to Supreme Court 123\u003cbr\u003e63. Civil court not to have jurisdiction 123\u003cbr\u003e64. Expeditious disposal of applications 123\u003cbr\u003e64A. Penalty for initiating frivolous or vexatious proceedings under Part II 124\u003cbr\u003e65. Fraudulent or malicious initiation of proceedings 124\u003cbr\u003e66. Fraudulent or wrongful trading 124\u003cbr\u003e67. Proceedings under section 66 126\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e67A. Fraudulent management of corporate debtor during pre-packaged\u003cbr\u003einsolvency resolution process or creditor-initiated insolvency\u003cbr\u003eresolution process 127\u003cbr\u003e67B. Contravention of moratorium or resolution plan 127\u003cbr\u003e67C. Contravention for non-disclosure of dispute or payment of debt by\u003cbr\u003eoperational creditor 128\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003cbr\u003eOFFENCES AND PENALTIES\u003c\/h3\u003e\n\u003cp\u003e68. Punishment for concealment of property 128\u003cbr\u003e69. Punishment for transactions defrauding creditors 130\u003cbr\u003e70. Punishment for misconduct in course of corporate insolvency\u003cbr\u003eresolution process 130\u003cbr\u003e71. Punishment for falsification of books of corporate debtor 131\u003cbr\u003e72. Punishment for wilful and material omissions from statements\u003cbr\u003erelating to affairs of corporate debtor 131\u003cbr\u003e73. Punishment for false representations to creditors 131\u003cbr\u003e74. [Omitted] 132\u003cbr\u003e75. Punishment for false information furnished in application 132\u003cbr\u003e76. [Omitted] 132\u003cbr\u003e77. Punishment for providing false information in application made by\u003cbr\u003ecorporate debtor 132\u003cbr\u003e77A. Punishment for offences related to pre-packaged insolvency\u003cbr\u003eresolution process 133\u003c\/p\u003e\n\u003ch2\u003ePART III\u003c\/h2\u003e\n\u003ch2\u003eINSOLVENCY RESOLUTION AND BANKRUPTCY FOR\u003cbr\u003eINDIVIDUALS AND PARTNERSHIP FIRMS\u003c\/h2\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e78. Application 134\u003cbr\u003e79. Definitions 134\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eFRESH START PROCESS\u003c\/h3\u003e\n\u003cp\u003e80. Eligibility for making an application 137\u003cbr\u003e81. Application for fresh start order 137\u003cbr\u003e82. Appointment of resolution professional 138\u003cbr\u003e83. Examination of application by resolution professional 139\u003cbr\u003e84. Admission or rejection of application by Adjudicating Authority 140\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e85. Effect of admission of application 140\u003cbr\u003e86. Objections by creditor and their examination by resolution\u003cbr\u003eprofessional 141\u003cbr\u003e87. Application against decision of resolution professional 142\u003cbr\u003e88. General duties of debtor 142\u003cbr\u003e89. Replacement of resolution professional 142\u003cbr\u003e90. Directions for compliances of restrictions, etc. 143\u003cbr\u003e91. Revocation of order admitting application 143\u003cbr\u003e92. Discharge order 144\u003cbr\u003e93. Standard of conduct 145\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eINSOLVENCY RESOLUTION PROCESS\u003c\/h3\u003e\n\u003cp\u003e94. Application by debtor to initiate insolvency resolution process 145\u003cbr\u003e95. Application by creditor to initiate insolvency resolution process 146\u003cbr\u003e96. Interim moratorium 146\u003cbr\u003e97. Appointment of resolution professional 147\u003cbr\u003e98. Replacement of resolution professional 148\u003cbr\u003e99. Submission of report by resolution professional 149\u003cbr\u003e100. Admission or rejection of application 150\u003cbr\u003e101. Moratorium 151\u003cbr\u003e102. Public notice and claims from creditors 152\u003cbr\u003e103. Registering of claims by creditors 152\u003cbr\u003e104. Preparation of list of creditors 152\u003cbr\u003e105. Repayment plan 153\u003cbr\u003e106. Report of resolution professional on repayment plan 153\u003cbr\u003e107. Summoning of meeting of creditors 154\u003cbr\u003e108. Conduct of meeting of creditors 155\u003cbr\u003e109. Voting rights in meeting of creditors 155\u003cbr\u003e110. Rights of secured creditors in relation to repayment plan 155\u003cbr\u003e111. Approval of repayment plan by creditors 156\u003cbr\u003e112. Report of meeting of creditors on repayment plan 156\u003cbr\u003e113. Notice of decisions taken at meeting of creditors 157\u003cbr\u003e114. Order of Adjudicating Authority on repayment plan 157\u003cbr\u003e115. Effect of order of Adjudicating Authority on repayment plan 157\u003cbr\u003e116. Implementation and supervision of repayment plan 158\u003cbr\u003e117. Completion of repayment plan 158\u003cbr\u003e118. Repayment plan coming to end prematurely 158\u003cbr\u003e119. Discharge order 159\u003cbr\u003e120. Standard of conduct 160\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003eBANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e121. Application for bankruptcy 160\u003cbr\u003e122. Application by debtor 160\u003cbr\u003e123. Application by creditor 161\u003cbr\u003e124. Effect of application 162\u003cbr\u003e125. Appointment of insolvency professional as bankruptcy trustee 162\u003cbr\u003e126. Bankruptcy order 163\u003cbr\u003e127. Validity of bankruptcy order 163\u003cbr\u003e128. Effect of bankruptcy order 164\u003cbr\u003e129. Statement of financial position 164\u003cbr\u003e130. Public notice inviting claims from creditors 165\u003cbr\u003e131. Registration of claims 165\u003cbr\u003e132. Preparation of list of creditors 165\u003cbr\u003e133. Summoning of meeting of creditors 166\u003cbr\u003e134. Conduct of meeting of creditors 166\u003cbr\u003e135. Voting rights of creditors 166\u003cbr\u003e136. Administration and distribution of estate of bankrupt 167\u003cbr\u003e137. Completion of administration 167\u003cbr\u003e138. Discharge order 167\u003cbr\u003e139. Effect of discharge 168\u003cbr\u003e140. Disqualification of bankrupt 168\u003cbr\u003e141. Restrictions on bankrupt 169\u003cbr\u003e142. Modification or recall of bankruptcy order 169\u003cbr\u003e143. Standard of conduct 170\u003cbr\u003e144. Fees of bankruptcy trustee 170\u003cbr\u003e145. Replacement of bankruptcy trustee 170\u003cbr\u003e146. Resignation by bankruptcy trustee 171\u003cbr\u003e147. Vacancy in office of bankruptcy trustee 172\u003cbr\u003e148. Release of bankruptcy trustee 172\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003c\/h3\u003e\n\u003ch3\u003eADMINISTRATION AND DISTRIBUTION OF THE ESTATE\u003c\/h3\u003e\n\u003ch3\u003eOF THE BANKRUPT\u003c\/h3\u003e\n\u003cp\u003e149. Functions of bankruptcy trustee 173\u003cbr\u003e150. Duties of bankrupt towards bankruptcy trustee 173\u003cbr\u003e151. Rights of bankruptcy trustee 173\u003cbr\u003e152. General powers of bankruptcy trustee 174\u003cbr\u003e153. Approval of creditors for certain acts 174\u003cbr\u003e154. Vesting of estate of bankrupt in bankruptcy trustee 175\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e155. Estate of bankrupt 175\u003cbr\u003e156. Delivery of property and documents to bankruptcy trustee 176\u003cbr\u003e157. Acquisition of control by bankruptcy trustee 176\u003cbr\u003e158. Restrictions on disposition of property 176\u003cbr\u003e159. After-acquired property of bankrupt 177\u003cbr\u003e160. Onerous property of bankrupt 177\u003cbr\u003e161. Notice to disclaim onerous property 178\u003cbr\u003e162. Disclaimer of leaseholds 178\u003cbr\u003e163. Challenge against disclaimed property 179\u003cbr\u003e164. Undervalued transactions 179\u003cbr\u003e164A. Transactions defrauding creditors 180\u003cbr\u003e165. Preference transactions 181\u003cbr\u003e166. Effect of order 182\u003cbr\u003e167. Extortionate credit transactions 183\u003cbr\u003e168. Obligations under contracts 184\u003cbr\u003e169. Continuance of proceedings on death of bankrupt 184\u003cbr\u003e170. Administration of estate of deceased bankrupt 184\u003cbr\u003e171. Proof of debt 185\u003cbr\u003e172. Proof of debt by secured creditors 185\u003cbr\u003e173. Mutual credit and set-off 186\u003cbr\u003e174. Distribution of interim dividend 186\u003cbr\u003e175. Distribution of property 187\u003cbr\u003e176. Final dividend 187\u003cbr\u003e177. Claims of creditors 188\u003cbr\u003e178. Priority of payment of debts 188\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003c\/h3\u003e\n\u003ch3\u003eADJUDICATING AUTHORITY FOR INDIVIDUALS AND\u003c\/h3\u003e\n\u003ch3\u003ePARTNERSHIP FIRMS\u003c\/h3\u003e\n\u003cp\u003e179. Adjudicating Authority for individuals and partnership firms 190\u003cbr\u003e180. Civil court not to have jurisdiction 191\u003cbr\u003e181. Appeal to Debt Recovery Appellate Tribunal 191\u003cbr\u003e182. Appeal to Supreme Court 191\u003cbr\u003e183. Expeditious disposal of applications 191\u003cbr\u003e183A. Penalty for initiating frivolous or vexatious proceedings under\u003cbr\u003ePart III 192\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003cbr\u003eOFFENCES AND PENALTIES\u003c\/h3\u003e\n\u003cp\u003e184. Punishment for false information, etc., by creditor in insolvency\u003cbr\u003eresolution process 192\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e185. Punishment for contravention of provisions 192\u003cbr\u003e186. Punishment for false information, concealment, etc., by bankrupt 192\u003cbr\u003e187. Punishment for certain actions 194\u003c\/p\u003e\n\u003ch2\u003ePART IV\u003c\/h2\u003e\n\u003ch2\u003eREGULATION OF INSOLVENCY PROFESSIONALS, AGENCIES AND\u003c\/h2\u003e\n\u003ch2\u003eINFORMATION UTILITIES\u003c\/h2\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003c\/h3\u003e\n\u003ch3\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e188. Establishment and incorporation of Board 194\u003cbr\u003e189. Constitution of Board 195\u003cbr\u003e190. Removal of member from office 195\u003cbr\u003e191. Powers of Chairperson 196\u003cbr\u003e192. Meetings of Board 196\u003cbr\u003e193. Member not to participate in meetings in certain cases 196\u003cbr\u003e194. Vacancies, etc., not to invalidate proceedings of Board, Officers and\u003cbr\u003eemployees of Board 196\u003cbr\u003e195. Power to designate financial sector regulator 197\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003c\/h3\u003e\n\u003ch3\u003ePOWERS AND FUNCTIONS OF THE BOARD\u003c\/h3\u003e\n\u003cp\u003e196. Powers and functions of Board 197\u003cbr\u003e197. Constitution of advisory committee, executive committee or other\u003cbr\u003ecommittee 200\u003cbr\u003e198. Condonation of delay 201\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eINSOLVENCY PROFESSIONAL AGENCIES\u003c\/h3\u003e\n\u003cp\u003e199. No person to function as insolvency professional agency without valid\u003cbr\u003ecertificate of registration 201\u003cbr\u003e200. Principles governing registration of insolvency professional agency 201\u003cbr\u003e201. Registration of insolvency professional agency 201\u003cbr\u003e202. Appeal to National Company Law Appellate Tribunal 202\u003cbr\u003e203. Governing Board of insolvency professional agency 203\u003cbr\u003e204. Functions of insolvency professional agencies 203\u003cbr\u003e205. Insolvency professional agencies to make bye-laws 203\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003cbr\u003eINSOLVENCY PROFESSIONALS\u003c\/h3\u003e\n\u003cp\u003e206. Enrolled and registered persons to act as insolvency professionals 203\u003cbr\u003e207. Registration of insolvency professionals 204\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e208. Functions and obligations of insolvency professionals 204\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eINFORMATION UTILITIES\u003c\/h3\u003e\n\u003cp\u003e209. No person to function as information utility without certificate of\u003cbr\u003eregistration 205\u003cbr\u003e210. Registration of information utility 205\u003cbr\u003e211. Appeal to National Company Law Appellate Tribunal 206\u003cbr\u003e212. Governing Board of information utility 207\u003cbr\u003e213. Core services, etc., of information utilities 207\u003cbr\u003e214. Obligations of information utility 207\u003cbr\u003e215. Submission and authentication of financial information to\u003cbr\u003einformation utilities 207\u003cbr\u003e216. Rights and obligations of persons submitting financial information 208\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003c\/h3\u003e\n\u003ch3\u003eINSPECTION AND INVESTIGATION\u003c\/h3\u003e\n\u003cp\u003e217. Complaints against service providers 209\u003cbr\u003e218. Investigation of service providers 209\u003cbr\u003e219. Show cause notice to service provider 210\u003cbr\u003e220. Appointment of disciplinary committee 211\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003c\/h3\u003e\n\u003ch3\u003eFINANCE, ACCOUNTS AND AUDIT\u003c\/h3\u003e\n\u003cp\u003e221. Grants by Central Government 212\u003cbr\u003e222. Board’s Fund 212\u003cbr\u003e223. Accounts and audit 213\u003c\/p\u003e\n\u003ch3\u003ePART V\u003cbr\u003eMISCELLENEOUS\u003c\/h3\u003e\n\u003cp\u003e224. Insolvency and Bankruptey Fund 213\u003cbr\u003e225. Power of Central Government to issue directions 214\u003cbr\u003e226. Power of Central Government to supersede Board 215\u003cbr\u003e227. Power of Central Government to notify financial service\u003cbr\u003eproviders, etc. 215\u003cbr\u003e228. Budget 216\u003cbr\u003e229. Annual Report 216\u003cbr\u003e230. Delegation 216\u003cbr\u003e231. Bar of jurisdiction 216\u003cbr\u003e232. Members, officers and employees of Board to the public servants 217\u003cbr\u003e233. Protection of action taken in good faith 217\u003cbr\u003e234. Agreements with foreign countries 217\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e235. Letter of request to a country outside India in certain cases 217\u003cbr\u003e235A. Power of Adjudicating Authority to impose penalties 218\u003cbr\u003e236. Trial of offences by Special Court 219\u003cbr\u003e237. Appeal and revision 219\u003cbr\u003e238. Provisions of this Code to override other laws 219\u003cbr\u003e238A. Limitation 220\u003cbr\u003e239. Power to make rules 221\u003cbr\u003e240. Power to make regulations 224\u003cbr\u003e240A. Application of this Code to micro, small and medium enterprises 233\u003cbr\u003e240B. Electronic portal for facilitating procedures 234\u003cbr\u003e240C. Power to make rules for cross-border insolvency 234\u003cbr\u003e241. Rules and regulations to be laid before Parliament 235\u003cbr\u003e242. Power to remove difficulties 235\u003cbr\u003e243. Repeal of certain enactments and savings 236\u003cbr\u003e244. Transitional provisions 237\u003cbr\u003e245. Amendments of Act 9 of 1932 237\u003cbr\u003e246. Amendments of Act 1 of 1944 238\u003cbr\u003e247. Amendments of Act 43 of 1961 238\u003cbr\u003e248. Amendments of Act 52 of 1962 238\u003cbr\u003e249. Amendments of Act 51 of 1993 238\u003cbr\u003e250. Amendments of Act 32 of 1994 238\u003cbr\u003e251. Amendments of Act 54 of 2002 238\u003cbr\u003e252. Amendments of Act 1 of 2004 238\u003cbr\u003e253. Amendments of Act 51 of 2007 238\u003cbr\u003e254. Amendments of Act 6 of 2009 238\u003cbr\u003e255. Amendments of Act 18 of 2013 238\u003cbr\u003eTHE FIRST SCHEDULE—AMENDMENT TO THE INDIAN PARTNERSHIP\u003cbr\u003eACT, 1932 239\u003cbr\u003eTHE SECOND SCHEDULE—AMENDMENT TO THE CENTRAL EXCISE\u003cbr\u003eACT, 1944 239\u003cbr\u003eTHE THIRD SCHEDULE—AMENDMENT TO THE INCOME-TAX\u003cbr\u003eACT, 1961 239\u003cbr\u003eTHE FOURTH SCHEDULE—AMENDMENT TO THE CUSTOMS\u003cbr\u003eACT, 1962 239\u003cbr\u003eTHE FIFTH SCHEDULE—AMENDMENT TO RECOVERY OF DEBTS\u003cbr\u003eDUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 239\u003cbr\u003eTHE SIXTH SCHEDULE—AMENDMENT TO THE FINANCE ACT, 1994 241\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eTHE SEVENTH SCHEDULE—AMENDMENT TO THE SECURITIZATION\u003cbr\u003eAND RECONSTRUCTION OF FINANCIAL ASSETS AND\u003cbr\u003eENFORCEMENT OF SECURITY INTEREST ACT, 2002 241\u003cbr\u003eTHE EIGHTH SCHEDULE—AMENDMENT TO SICK INDUSTRIAL\u003cbr\u003eCOMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003 241\u003cbr\u003eTHE NINTH SCHEDULE—AMENDMENT TO PAYMENT AND\u003cbr\u003eSETTLEMENT SYSTEMS ACT, 2007 242\u003cbr\u003eTHE TENTH SCHEDULE—AMENDMENT TO THE LIMITED LIABILITY\u003cbr\u003ePARTNERSHIP ACT, 2008 242\u003cbr\u003eTHE ELEVENTH SCHEDULE—AMENDMENTS TO THE COMPANIES\u003cbr\u003eACT, 2013 243\u003cbr\u003eTHE TWELFTH SCHEDULE— ACTS FOR THE PURPOSES OF\u003cbr\u003eCLAUSE (d) OF SECTION 29A 252\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY (APPLICATION TO\u003cbr\u003eADJUDICATING AUTHORITY) RULES, 2016\u003cbr\u003e1. Short title and commencement 254\u003cbr\u003e2. Application 254\u003cbr\u003e3. Definitions 254\u003cbr\u003e4. Application by financial creditor 255\u003cbr\u003e5. Demand notice by operational creditor 255\u003cbr\u003e6. Application by operational creditor 256\u003cbr\u003e7. Application by corporate applicant 256\u003cbr\u003e8. Withdrawal of application 256\u003cbr\u003e9. Interim resolution professional 256\u003cbr\u003e10. Filing of application and application fee 257\u003cbr\u003eFORM 1— APPLICATION BY FINANCIAL CREDITOR(S) TO INITIATE\u003cbr\u003eCORPORATE INSOLVENCY RESOLUTION PROCESS UNDER\u003cbr\u003eCHAPTER II OF PART II\/ UNDER CHAPTER IV OF PART II OF THE\u003cbr\u003eCODE 257\u003cbr\u003eFORM 2—WRITTEN COMMUNICATION BY PROPOSED INTERIM\u003cbr\u003eRESOLUTION PROFESSIONAL 261\u003cbr\u003eFORM 3— FORM OF DEMAND NOTICE\/INVOICE DEMANDING PAYMENT\u003cbr\u003eUNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 263\u003cbr\u003eFORM 4—FORM OF NOTICE WITH WHICH INVOICE DEMANDING\u003cbr\u003ePAYMENT IS TO BE ATTACHED 265\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eFORM 5—APPLICATION BY OPERATIONAL CREDITOR (S) TO INITIATE\u003cbr\u003eCORPORATE INSOLVENCY RESOLUTION PROCESS *UNDER\u003cbr\u003eCHAPTER II OF PART II\/UNDER CHAPTER IV OF PART II OF\u003cbr\u003eTHE CODE 266\u003cbr\u003eFORM 5A— TO WHOMSOEVER IT MAY CONCERN 270\u003cbr\u003eFORM 6—APPLICATION BY CORPORATE APPLICANT TO INITIATE\u003cbr\u003eCORPORATE INSOLVENCY RESOLUTION PROCESS *UNDER\u003cbr\u003eCHAPTER II OF PART II\/ UNDER CHAPTER IV OF PART II OF THE\u003cbr\u003eCODE 270\u003cbr\u003eSCHEDULE 274\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF\u003cbr\u003eINDIA (SALARY, ALLOWANCES AND OTHER TERMS\u003cbr\u003eAND CONDITIONS OF SERVICE OF CHAIRPERSON\u003c\/p\u003e\n\u003cp\u003eAND MEMBERS)\u003cbr\u003eRULES, 2016\u003c\/p\u003e\n\u003cp\u003e1. Short title and Commencement 275\u003cbr\u003e2. Definitions 275\u003cbr\u003e3. Terms and conditions of service of Chairperson and members 276\u003cbr\u003e4. Pay 276\u003cbr\u003e5. Dearness Allowance 276\u003cbr\u003e6. Entertainment Allowance 276\u003cbr\u003e7. Leave 277\u003cbr\u003e8. Leave Sanctioning Authority 277\u003cbr\u003e9. Provident Fund and Pension 277\u003cbr\u003e10. Travelling Allowance 278\u003cbr\u003e11. Leave Travel Concession 278\u003cbr\u003e12. Accommodation 278\u003cbr\u003e13. Conveyance 279\u003cbr\u003e14. Bonus 279\u003cbr\u003e15. Sitting Fees and Board’s Meetings 279\u003cbr\u003e16. Encashment of Leave 279\u003cbr\u003e17. Facilities for medical treatment 279\u003cbr\u003e18. Residuary Provisions 279\u003cbr\u003e19. Terms and Conditions of Services of Part-time Members 279\u003cbr\u003e20. Fee and Allowances of Part-time Members 280\u003cbr\u003e21. Power to Relax 280\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003c\/p\u003e\n\u003cp\u003e(ANNUAL REPORT) RULES, 2018\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 281\u003cbr\u003e2. Definitions 281\u003cbr\u003e3. Form of Annual Report 281\u003cbr\u003e4. Time schedule for submission of Annual Report 281\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(FORM OF ANNUAL STATEMENT OF ACCOUNTS)\u003c\/p\u003e\n\u003cp\u003eRULES, 2018\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 283\u003cbr\u003e2. Definitions 283\u003cbr\u003e3. Maintenance of accounts and records 283\u003cbr\u003e4. Preparation and submission of annual statement of accounts of the\u003cbr\u003eBoard 284\u003cbr\u003eFORM ‘A’—FORM OF FINANCIAL STATEMENTS 284\u003cbr\u003eFORM ‘C’—RECEIPT AND PAYMENT ACCOUNTS FOR THE\u003cbr\u003ePERIOD\/YEAR ENDED 285\u003cbr\u003eFORM ‘B’—INCOME AND EXPENDITURE ACCOUNT FOR\u003cbr\u003eTHE PERIOD\/YEAR ENDED 287\u003cbr\u003eSCHEDULE I—FUND 288\u003cbr\u003eSCHEDULE II—RESERVES AND SURPLUS 289\u003cbr\u003eSCHEDULE III—EARMARKED\/ENDOWMENT FUNDS 289\u003cbr\u003eSCHEDULE IV—SECURED LOANS AND BORROWINGS 290\u003cbr\u003eSCHEDULE V—UNSECURED LOANS AND BORROWINGS 291\u003cbr\u003eSCHEDULE VI—DEFERRED CREDIT LIABILITIES 291\u003cbr\u003eSCHEDULE VII—CURRENT LIABILITIES AND PROVISIONS 292\u003cbr\u003eSCHEDULE VIII—FIXED ASSETS 293\u003cbr\u003eSCHEDULE IX—INVESTMENTS FROM EARMARKED\/ENDOWMENT\u003cbr\u003eFUNDS 294\u003cbr\u003eSCHEDULE X—INVESTMENTS – OTHERS 294\u003cbr\u003eSCHEDULE XI—CURRENT ASSETS, LOANS, ADVANCES ETC. 295\u003cbr\u003eSCHEDULE XII—GRANTS\/SUBSIDIES 296\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eSCHEDULE XIII—FEES\/SUBSCRIPTIONS 296\u003cbr\u003eSCHEDULE XIV—INCOME FROM INVESTMENTS 297\u003cbr\u003eSCHEDULE XV—INCOME FROM ROYALTY, PUBLICATION ETC. 297\u003cbr\u003eSCHEDULE XVI—INTEREST EARNED 298\u003cbr\u003eSCHEDULE XVII—OTHER INCOME 298\u003cbr\u003eSCHEDULE XVIII—ESTABLISHMENT EXPENSES 299\u003cbr\u003eSCHEDULE XIX—OTHER ADNIMISTRATIVE EXPENSES 299\u003cbr\u003eSCHEDULE XX—EXPENDITURE ON GRANTS, SUBSIDIES ETC. 300\u003cbr\u003eSCHEDULE XXI—INTEREST 300\u003cbr\u003eSCHEDULE – XXII—SIGNIFICANT ACCOUNTING POLICIES (Illustrative) 301\u003cbr\u003eSCHEDULE – XXIII—CONTINGENT LIABILITIES AND NOTES ON\u003cbr\u003eACCOUNTS (Illustrative) 302\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(MEDICAL FACILITY TO CHAIRPERSON AND WHOLE-TIME\u003c\/p\u003e\n\u003cp\u003eMEMBERS) SCHEME RULES, 2019\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 305\u003cbr\u003e2. Definitions 305\u003cbr\u003e3. Outdoor treatment 306\u003cbr\u003e4. Indoor treatment 306\u003cbr\u003e5. Monthly subscriptions 306\u003cbr\u003e6. Exercise of option by beneficiary 306\u003cbr\u003eINSOLVENCY AND BANKRUPTCY (APPLICATION TO\u003cbr\u003eADJUDICATING AUTHORITY FOR INSOLVENCY RESOLUTION\u003cbr\u003ePROCESS FOR PERSONAL GUARANTORS TO CORPORATE\u003c\/p\u003e\n\u003cp\u003eDEBTORS) RULES, 2019\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 307\u003cbr\u003e2. Application 307\u003cbr\u003e3. Definitions 307\u003cbr\u003e4. Relatives 308\u003cbr\u003e5. Excluded assets 308\u003cbr\u003e6. Application by guarantor 308\u003cbr\u003e7. Application by creditor 309\u003cbr\u003e8. Confirmation or nomination of insolvency professional 309\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e9. Copy of application 309\u003cbr\u003e10. Filing of application and documents 309\u003cbr\u003e11. Withdrawal of application 310\u003cbr\u003eFORM A—APPLICATION BY GUARANTOR TO INITIATE INSOLVENCY\u003cbr\u003eRESOLUTION PROCESS 310\u003cbr\u003eFORM B—FORM OF DEMAND NOTICE 318\u003cbr\u003eFORM C—APPLICATION BY CREDITOR TO INITIATE INSOLVENCY\u003cbr\u003eRESOLUTION PROCESS 320\u003cbr\u003eFORM D—APPLICATION FOR WITHDRAWAL OF INSOLVENCY\u003cbr\u003eRESOLUTION PROCESS 327\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY (APPLICATION\u003cbr\u003eTO ADJUDICATING AUTHORITY FOR BANKRUPTCY\u003cbr\u003ePROCESS FOR PERSONAL GUARANTORS TO\u003cbr\u003eCORPORATE DEBTORS) RULES, 2019\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 328\u003cbr\u003e2. Application 328\u003cbr\u003e3. Definitions 328\u003cbr\u003e4. Relatives 329\u003cbr\u003e5. Excluded assets 329\u003cbr\u003e6. Application by guarantor 330\u003cbr\u003e7. Application by creditor 330\u003cbr\u003e8. Confirmation or nomination of insolvency professional 330\u003cbr\u003e9. Public notice 330\u003cbr\u003e10. Notice to creditors 330\u003cbr\u003e11. Statement of financial position 330\u003cbr\u003e12. Claim with proof 330\u003cbr\u003e13. Notice of dividend 331\u003cbr\u003e14. Copy of application 331\u003cbr\u003e15. Restriction on bankrupt 331\u003cbr\u003e16. Filing of application and documents 331\u003cbr\u003eFORM A—APPLICATION BY GUARANTOR TO INITIATE BANKRUPTCY\u003cbr\u003ePROCESS 332\u003cbr\u003eFORM B—APPLICATION BY CREDITOR TO INITIATE BANKRUPTCY\u003cbr\u003ePROCESS 341\u003cbr\u003eFORM C—PUBLIC NOTICE 348\u003cbr\u003eFORM D—NOTICE TO CREDITOR 349\u003cbr\u003eFORM E—STATEMENT OF FINANCIAL POSITION OF BANKRUPT 350\u003cbr\u003eFORM F—CLAIM WITH PROOF BY A CREDITOR 352\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eINSOLVENCY AND BANKRUPTCY (INSOLVENCY AND\u003cbr\u003eLIQUIDATION PROCEEDINGS OF FINANCIAL SERVICE\u003cbr\u003ePROVIDERS AND APPLICATION TO ADJUDICATING\u003c\/p\u003e\n\u003cp\u003eAUTHORITY) RULES, 2019\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 357\u003cbr\u003e2. Application 357\u003cbr\u003e3. Definitions 357\u003cbr\u003e4. General modifications 358\u003cbr\u003e5. Corporate Insolvency Resolution Process of financial service providers 358\u003cbr\u003e6. Filing of application and application fee 360\u003cbr\u003e7. Liquidation Process 360\u003cbr\u003e8. Voluntary Liquidation Process 361\u003cbr\u003e9. Insolvency Professional 361\u003cbr\u003e10. Assets of third parties, etc. 361\u003cbr\u003eFORM 1—APPLICATION BY APPROPRIATE REGULATOR TO INITIATE\u003cbr\u003eINSOLVENCY RESOLUTION PROCESS UNDER THE CODE 362\u003cbr\u003eFORM 2—WRITTEN COMMUNICATION BY THE ADMINISTRATOR 364\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY (PREPACKAGED\u003cbr\u003eINSOLVENCY RESOLUTION PROCESS) RULES, 2021\u003cbr\u003e1. Short title and commencement 365\u003cbr\u003e2. Application 365\u003cbr\u003e3. Definitions 365\u003cbr\u003e4. Filing of application 365\u003cbr\u003eFORM 1—APPLICATION BY CORPORATE APPLICANT TO INITIATE\u003cbr\u003ePRE-PACKAGED INSOLVENCY RESOLUTION PROCESS\u003cbr\u003eUNDER CHAPTER III-A OF THE CODE 366\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(MODEL BYE-LAWS AND GOVERNING BOARD OF INSOLVENCY\u003cbr\u003ePROFESSIONAL AGENCIES) REGULATIONS, 2016\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 373\u003cbr\u003e2. Definitions 373\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eBYE-LAWS\u003c\/h3\u003e\n\u003cp\u003e3. Insolvency professional agencies to have Bye-Laws 374\u003cbr\u003e4. Amendment of Bye-Laws 374\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER III\u003cbr\u003eGOVERNING BOARD\u003c\/h3\u003e\n\u003cp\u003e5. Composition of the Governing Board REG. 5 375\u003cbr\u003e5A. Managing director 377\u003cbr\u003e5B. Compliance 377\u003cbr\u003e6. Self-evaluation 378\u003cbr\u003e7. Compliance Officer 378\u003c\/p\u003e\n\u003cp\u003eSCHEDULE\u003c\/p\u003e\n\u003cp\u003eMODEL BYE-LAWS OF AN INSOLVENCY PROFESSIONAL AGENCY\u003cbr\u003eI. GENERAL SCHEDULE 378\u003cbr\u003eII. DEFINITIONS 378\u003cbr\u003eIII. OBJECTIVES 379\u003cbr\u003eIV. DUTIES OF THE AGENCY 379\u003cbr\u003eV. COMMITTEES OF THE AGENCY 380\u003cbr\u003eVI. PROFESSIONAL MEMBERSHIP 381\u003cbr\u003eVII. DUTIES OF MEMBERS 384\u003cbr\u003eVIII. MONITORING OF MEMBERS 385\u003cbr\u003eIX. GRIEVANCE REDRESSAL MECHANISM 385\u003cbr\u003eX. DISCIPLINARY PROCEEDINGS 386\u003cbr\u003eXI. SURRENDER OF PROFESSIONAL MEMBERSHIP2 AND\u003cbr\u003eEXPULSION FROM PROFESSIONAL MEMBERSHIP 388\u003c\/p\u003e\n\u003cp\u003eANNEXURE\u003c\/p\u003e\n\u003cp\u003eFORM A—CERTIFICATE OF PROFESSIONAL MEMBERSHIP 391\u003cbr\u003eFORM B—AUTHORISATION FOR ASSIGNMENT 391\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD\u003cbr\u003eOF INDIA (INSOLVENCY PROFESSIONAL AGENCIES)\u003c\/p\u003e\n\u003cp\u003eREGULATIONS, 2016\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 392\u003cbr\u003e2. Definitions 392\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eREGISTRATION\u003c\/h3\u003e\n\u003cp\u003e3. Eligibility for registration 393\u003cbr\u003e4. Application for registration or renewal thereof 394\u003cbr\u003e5. Grant of certificate of registration 395\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e6. Procedure for rejecting application 396\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eSURRENDER OR CANCELLATION OF REGISTRATION\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e7. Surrender of registration 397\u003cbr\u003e8. Disciplinary proceedings 398\u003cbr\u003e9. Appeal 399\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003cbr\u003eIN-PRINCIPLE APPROVAL\u003c\/h3\u003e\n\u003cp\u003e10. Grant of in-principle approval 399\u003c\/p\u003e\n\u003cp\u003eSCHEDULE\u003c\/p\u003e\n\u003cp\u003eFORM A—APPLICATION FOR CERTIFICATE OF REGISTRATION 400\u003cbr\u003eFORM B—THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA 404\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(INSOLVENCY PROFESSIONALS) REGULATIONS, 2016\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003eGENERAL\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 405\u003cbr\u003e2. Definitions 405\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eINSOLVENCY EXAMINATIONS\u003c\/h3\u003e\n\u003cp\u003e3. 406\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eREGISTRATION OF INSOLVENCY PROFESSIONALS\u003c\/h3\u003e\n\u003cp\u003e4. Eligibility 406\u003cbr\u003e5. Qualifications and experience 407\u003cbr\u003e6. Application for certificate of registration 408\u003cbr\u003e7. Certificate of registration 409\u003cbr\u003e7A. Authorisation for assignment 411\u003cbr\u003e7B. Number of Assignments 411\u003cbr\u003e8. Refusal to grant certificate 411\u003cbr\u003e9. [Omitted] 411\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003eISSUE AND SURRENDER OF AUTHORISATION FOR ASSIGNMENT\u003c\/h3\u003e\n\u003ch3\u003eAND DISCIPLINARY PROCEEDINGS\u003c\/h3\u003e\n\u003cp\u003e10. Temporary surrender 412\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e10A. Surrender of certificate of registration 413\u003cbr\u003e10B. Special procedure for action on surrender, expulsion, etc. 413\u003cbr\u003e11. Disciplinary Proceedings 414\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003c\/h3\u003e\n\u003ch3\u003eRECOGNITION OF INSOLVENCY PROFESSIONAL ENTITIES\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e12. Recognition of Insolvency Professional Entities 415\u003cbr\u003e13. 416\u003cbr\u003e14. 418\u003cbr\u003e15. Interest 418\u003cbr\u003eFIRST SCHEDULE—CODE OF CONDUCT FOR INSOLVENCY\u003cbr\u003ePROFESSIONALS 419\u003cbr\u003eSECOND SCHEDULE 424\u003cbr\u003eFORM A— UNIFIED ENROLMENT AND REGISTRATION\u003cbr\u003eAPPLICATION FORM 424\u003cbr\u003eFORM AA—UNIFIED ENROLMENT AND REGISTRATION\u003cbr\u003eAPPLICATION FORM 430\u003cbr\u003eFORM B—CERTIFICATE OF REGISTRATION 434\u003cbr\u003eFORM C— 434\u003cbr\u003eFORM D—CERTIFICATE OF RECOGNITION 436\u003cbr\u003eFORM E— 437\u003cbr\u003eFORM EA— 438\u003cbr\u003eFORM F— 439\u003cbr\u003eFORM G— 441\u003cbr\u003eFORM H— 442\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(INSOLVENCY RESOLUTION PROCESS FOR CORPORATE\u003c\/p\u003e\n\u003cp\u003ePERSONS) REGULATIONS, 2016\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 444\u003cbr\u003e2. Definitions 444\u003cbr\u003e2A. Record or evidence of default by financial creditor 446\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e2B. Record or evidence of transaction, debt and default by operational\u003cbr\u003ecreditor 446\u003cbr\u003e2C. Submission of information along with application 446\u003cbr\u003e2D. Details of debt, default and limitation in respect of applications under\u003cbr\u003esection 7 or section 9 446\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eGENERAL\u003c\/h3\u003e\n\u003cp\u003e3. Eligibility for resolution professional 446\u003cbr\u003e3A. Assistance and cooperation by the personnel of the corporate debtor 447\u003cbr\u003e4. Access to books 448\u003cbr\u003e4A. Choice of authorised representative 449\u003cbr\u003e4B. Disclosure of change in name and address of corporate debtor 449\u003cbr\u003e4C. Process e-mail 450\u003cbr\u003e4D. Operating separate bank account for each real estate project 450\u003cbr\u003e4E. Handing over the possession 450\u003cbr\u003e5. Extortionate credit transaction 450\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003ePUBLIC ANNOUNCEMENT\u003c\/h3\u003e\n\u003cp\u003e6. Public announcement 450\u003cbr\u003e6A. Communication to creditors 451\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003cbr\u003ePROOF OF CLAIMS\u003c\/h3\u003e\n\u003cp\u003e7. Claims by operational creditors 451\u003cbr\u003e8. Claims by financial creditors 452\u003cbr\u003e8A. Claims by creditors in a class 452\u003cbr\u003e9. Claims by workmen and employees 452\u003cbr\u003e9A. Claims by other creditors 453\u003cbr\u003e10. Substantiation of claims 453\u003cbr\u003e11. Cost of proof 453\u003cbr\u003e12. Submission of proof of claims 453\u003cbr\u003e12A. Updation of claim 454\u003cbr\u003e13. Verification of claims 454\u003cbr\u003e14. Determination of amount of claim 455\u003cbr\u003e15. Debt in foreign currency 455\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eCOMMITTEE OF CREDITORS\u003c\/h3\u003e\n\u003cp\u003e16. Committee with only operational creditors 455\u003cbr\u003e16A. Authorised representative 456\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e16B. Committee with only creditors in a class 459\u003cbr\u003e16C. Appointment of facilitators 459\u003cbr\u003e16D. Roles and responsibilities of the facilitator 459\u003cbr\u003e17. Constitution of committee 459\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003cbr\u003eMEETINGS OF THE COMMITTEE\u003c\/h3\u003e\n\u003cp\u003e18. Meetings of the committee 460\u003cbr\u003e20. Service of notice by electronic means 461\u003cbr\u003e19. 461\u003cbr\u003e21. Contents of the notice for meeting 462\u003cbr\u003e22. Quorum at the meeting 463\u003cbr\u003e23. Participation through video conferencing 463\u003cbr\u003e24. Conduct of meeting 464\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003cbr\u003eVOTING BY THE COMMITTEE\u003c\/h3\u003e\n\u003cp\u003e25. Voting by the committee 464\u003cbr\u003e25A. Voting by Authorised Representative 465\u003cbr\u003e26. Voting through electronic means 466\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VIII\u003c\/h3\u003e\n\u003ch3\u003eCONDUCT OF CORPORATE INSOLVENCY RESOLUTION PROCESS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e27. Appointment of Professionals 467\u003cbr\u003e28. Transfer of debt due to creditors 467\u003cbr\u003e29. Sale of assets outside the ordinary course of business 468\u003cbr\u003e30. Assistance of local district administration 468\u003cbr\u003e30A. Withdrawal of application 468\u003cbr\u003e30B. Audit of corporate debtor 469\u003cbr\u003e30C. Report on the status of development rights and permissions\u003cbr\u003eof real estate projects 470\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IX\u003c\/h3\u003e\n\u003ch3\u003eINSOLVENCY RESOLUTION PROCESS COSTS\u003c\/h3\u003e\n\u003cp\u003e31. Insolvency resolution process costs 470\u003cbr\u003e31A. Regulatory Fee 471\u003cbr\u003e31B. Approval of committee for insolvency resolution process costs 471\u003cbr\u003e32. Essential supplies 471\u003cbr\u003e33. Costs of the interim resolution professional 471\u003cbr\u003e34. Resolution professional costs 472\u003cbr\u003e34A. Disclosure of Costs 472\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e\u003c\/p\u003e\n\u003cp\u003e34B. Fee to be paid to interim resolution professional and resolution\u003cbr\u003eprofessional 472\u003c\/p\u003e\n\u003ch3\u003eCHAPTER X\u003cbr\u003eRESOLUTION PLAN\u003c\/h3\u003e\n\u003cp\u003e35. Fair value and Liquidation value 473\u003cbr\u003e35A. Preferential and other transactions 475\u003cbr\u003e36. Information memorandum 475\u003cbr\u003e36A. Invitation for expression of interest 478\u003cbr\u003e36B. Request for resolution plans 481\u003cbr\u003e36C. Strategy for marketing of assets of the corporate debtor 482\u003cbr\u003e37. Resolution plan 483\u003cbr\u003e38. Mandatory contents of the resolution plan 484\u003cbr\u003e38A. Treatment of allottees not filing claims 486\u003cbr\u003e39. Approval of resolution plan 486\u003cbr\u003e39A Preservation of records 489\u003cbr\u003e39B. Meeting liquidation cost 490\u003cbr\u003e39BA. Assessment of Compromise or Arrangement 491\u003cbr\u003e39C. [Omitted] 491\u003cbr\u003e39D. Fee of the liquidator 492\u003cbr\u003e40. Extension of the corporate insolvency resolution process period 492\u003cbr\u003e40A. Model time-line for corporate insolvency resolution process 492\u003cbr\u003e40B. Filing of Forms 494\u003cbr\u003e40C. Special provision relating to time-line 496\u003cbr\u003e40D. Decision for liquidation 496\u003c\/p\u003e\n\u003cp\u003eSCHEDULE-I\u003c\/p\u003e\n\u003cp\u003eFORM A—PUBLIC ANNOUNCEMENT 496\u003cbr\u003eFORM AA—WRITTEN CONSENT TO ACT AS RESOLUTION\u003cbr\u003ePROFESSIONAL 498\u003cbr\u003eFORM AB—WRITTEN CONSENT TO ACT AS AUTHORISED\u003cbr\u003eREPRESENTATIVE 500\u003cbr\u003eFORM B—PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT\u003cbr\u003eWORKMEN AND EMPLOYEES 501\u003cbr\u003eFORM C—SUBMISSION OF CLAIM BY FINANCIAL CREDITORS 504\u003cbr\u003eFORM CA—SUBMISSION OF CLAIM BY FINANCIAL\u003cbr\u003eCREDITORS IN A CLASS 506\u003cbr\u003eFORM D—PROOF OF CLAIM BY A WORKMAN OR AN EMPLOYEE 509\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eFORM E—PROOF OF CLAIM SUBMITTED BY AUTHORISED\u003cbr\u003eREPRESENTATIVE OF WORKMEN AND EMPLOYEES 511\u003cbr\u003eFORM F—PROOF OF CLAIM BY CREDITORS (OTHER THAN FINANCIAL\u003cbr\u003eCREDITORS AND OPERATIONAL CREDITORS) 513\u003cbr\u003eFORM FA—APPLICATION FOR WITHDRAWAL OF CORPORATE\u003cbr\u003eINSOLVENCY RESOLUTION PROCESS 516\u003cbr\u003eFORM G—INVITATION FOR EXPRESSION OF INTEREST FOR 517\u003cbr\u003eFORM H—COMPLIANCE CERTIFICATE 518\u003cbr\u003eSCHEDULE-II 528\u003cbr\u003eLAUNCH OF REVISED FORMS FOR CORPORATE INSOLVENCY\u003c\/p\u003e\n\u003cp\u003eRESOLUTION PROCESS (CIRP)\u003c\/p\u003e\n\u003cp\u003e(531-550)\u003c\/p\u003e\n\u003cp\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(LIQUIDATION PROCESS) REGULATIONS, 2016\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 551\u003cbr\u003e2. Definitions 551\u003cbr\u003e2A. Contributions to liquidation costs 553\u003cbr\u003e2B. Compromise or arrangement 554\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003c\/h3\u003e\n\u003ch3\u003eAPPOINTMENT AND REMUNERATION OF LIQUIDATOR\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e3. Eligibility for appointment as liquidator 555\u003cbr\u003e4. Liquidator’s fee 556\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003ePOWERS AND FUNCTIONS OF LIQUIDATOR\u003c\/h3\u003e\n\u003cp\u003e5. Reporting 558\u003cbr\u003e6. Registers and books of account 558\u003cbr\u003e7. Appointment of professionals 559\u003cbr\u003e8. Consultation with stakeholders 559\u003cbr\u003e9. Personnel to extend cooperation to liquidator 560\u003cbr\u003e10. Disclaimer of onerous property 560\u003cbr\u003e11. Extortionate credit transactions 561\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER IV\u003cbr\u003eGENERAL\u003c\/h3\u003e\n\u003cp\u003e12. Public announcement by liquidator 561\u003cbr\u003e12A. Process email ID 562\u003cbr\u003e13. Preliminary report 562\u003cbr\u003e14. Early dissolution 562\u003cbr\u003e15. Progress reports 563\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eCLAIMS\u003c\/h3\u003e\n\u003cp\u003e16. Submission of claim 565\u003cbr\u003e17. Claims by operational creditors 565\u003cbr\u003e18. Claims by financial creditors 565\u003cbr\u003e19. Claims by workmen and employees 566\u003cbr\u003e20. Claims by other stakeholders 566\u003cbr\u003e21. Proving security interest 567\u003cbr\u003e21A. Presumption of security interest 567\u003cbr\u003e22. Production of bills of exchange and promissory notes 568\u003cbr\u003e23. Substantiation of claims 568\u003cbr\u003e24. Cost of proof 568\u003cbr\u003e25. Determination of quantum of claim 568\u003cbr\u003e26. Debt in foreign currency 569\u003cbr\u003e27. Periodical payments 569\u003cbr\u003e28. Debt payable at future time 569\u003cbr\u003e29. Mutual credits and set-off 569\u003cbr\u003e30. Verification of claims 569\u003cbr\u003e30A. Transfer of debt due to creditors 570\u003cbr\u003e31. List of stakeholders 570\u003cbr\u003e31A. Stakeholders’ consultation committee 571\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003cbr\u003eREALISATION OF ASSETS\u003c\/h3\u003e\n\u003cp\u003e32. Sale of Assets, etc. 574\u003cbr\u003e32A. [Omitted] 574\u003cbr\u003e32B Conduct of meetings of the consultation committee 575\u003cbr\u003e33. Mode of sale 575\u003cbr\u003e34. Asset memorandum 576\u003cbr\u003e35. Valuation of assets or business intended to be sold 577\u003cbr\u003e36. Asset sale report 578\u003cbr\u003e37. Realization of security interest by secured creditor 578\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e37A. Assignment of not readily realizable assets 579\u003cbr\u003e38. Distribution of unsold assets 579\u003cbr\u003e39. Recovery of monies due 579\u003cbr\u003e40. Liquidator to realize uncalled capital or unpaid capital contribution 579\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003c\/h3\u003e\n\u003ch3\u003ePROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEEDS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e41. All money to be paid in to bank account\u003cbr\u003e42. Distribution 580\u003cbr\u003e43. Return of money 580\u003cbr\u003e44. Completion of liquidation 580\u003cbr\u003e44A. Treatment of avoidance of transaction 581\u003cbr\u003e45. Final report prior to dissolution 581\u003cbr\u003e45A. Preservation of records 581\u003cbr\u003e46. Corporate Liquidation Account 583\u003cbr\u003e46A. Exclusion of certain assets from the liquidation estate 584\u003cbr\u003e47. Model time-line for liquidation process 585\u003cbr\u003e47A. Exclusion of period of lockdown 587\u003cbr\u003e47B. Filing of Forms 587\u003cbr\u003eSCHEDULE I—MODE OF SALE 591\u003cbr\u003eSCHEDULE II 591\u003cbr\u003eFORM A—PROFORMA FOR REPORTING CONSULTATIONS WITH\u003cbr\u003eSTAKEHOLDERS 591\u003cbr\u003eFORM A—PROFORMA FOR REPORTING CONSULTATIONS WITH\u003cbr\u003eSTAKEHOLDERS 591\u003cbr\u003eFORM AA—WRITTEN CONSENT TO ACT AS LIQUIDATOR 592\u003cbr\u003eFORM B—PUBLIC ANNOUNCEMENT 593\u003cbr\u003eFORM C—PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT\u003cbr\u003eWORKMEN AND EMPLOYEES 594\u003cbr\u003eFORM D—PROOF OF CLAIM BY FINANCIAL CREDITORS 596\u003cbr\u003eFORM E—PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE 598\u003cbr\u003eFORM F—PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF\u003cbr\u003eWORKMEN OR EMPLOYEES 600\u003cbr\u003eFORM G—PROOF OF CLAIM BY ANY OTHER STAKEHOLDER 603\u003cbr\u003eFORM H—COMPLIANCE CERTIFICATE 606\u003c\/p\u003e\n\u003cp\u003eFORM-I—DEPOSIT OF UNCLAIMED DIVIDENDS AND\/OR\u003cbr\u003eUNDISTRIBUTED PROCEEDS 611\u003cbr\u003eFORM-J—WITHDRAWAL FROM CORPORATE LIQUIDATION\u003cbr\u003eACCOUNT 613\u003cbr\u003eSCHEDULE III 615\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF\u003cbr\u003eINDIA (ENGAGEMENT OF RESEARCH ASSOCIATES AND\u003c\/p\u003e\n\u003cp\u003eCONSULTANTS) REGULATIONS, 2017\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 624\u003cbr\u003e2. Definitions 624\u003cbr\u003e3. Research Associates and Consultants 625\u003cbr\u003e4. Functions of Research Associates and Consultants 625\u003cbr\u003e5. Qualifications, experience and remuneration 625\u003cbr\u003e6. Evaluation of performance 625\u003cbr\u003e7. Eelection of Research Associates and Consultants 625\u003cbr\u003e8. Terms and condition of engagement 626\u003cbr\u003e9. Power to relax 627\u003cbr\u003eSCHEDULE I 627\u003cbr\u003eSCHEDULE II 629\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(PROCEDURE FOR GOVERNING BOARD MEETINGS)\u003c\/p\u003e\n\u003cp\u003eREGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 630\u003cbr\u003e2. Definitions 630\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eBUSINESSES\u003c\/h3\u003e\n\u003cp\u003e3. Governing Board Businesses 631\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eMEETINGS\u003c\/h3\u003e\n\u003cp\u003e4. Convening of Meetings 632\u003cbr\u003e5. Notice 632\u003cbr\u003e6. Quorum 633\u003cbr\u003e7. Leave of absence 633\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e8. Minutes of the meeting 633\u003cbr\u003e9. Secretary 633\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003cbr\u003eCHARTER OF CONDUCT\u003c\/h3\u003e\n\u003cp\u003e10. Member not to participate in meetings in certain cases 633\u003cbr\u003e11. Obligation of a Member to give information of disqualification 634\u003cbr\u003e12. Declaration of fidelity 634\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eCONTRACTS\u003c\/h3\u003e\n\u003cp\u003e13. Manner and form in which contracts may be executed 634\u003cbr\u003e14. Affixation of Common Seal 634\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003cbr\u003eMISCELLANEOUS\u003c\/h3\u003e\n\u003cp\u003e15. Power to regulate procedure in certain circumstances 635\u003cbr\u003e16. Effect of any irregularity of procedure 635\u003cbr\u003e17. Meetings of Committees 635\u003cbr\u003e18. Relaxation 635\u003cbr\u003eSCHEDULE I—OATH OF OFFICE AND SECRECY 635\u003cbr\u003eSCHEDULE II—CHARTER OF CONDUCT FOR MEMBERS OF BOARD 636\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(ADVISORY COMMITTEE) REGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 639\u003cbr\u003e2. Definitions 639\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eREGISTRATION\u003c\/h3\u003e\n\u003cp\u003e3. Constitution of Advisory Committee 640\u003cbr\u003e4. Composition of Advisory Committee 640\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eMEETINGS\u003c\/h3\u003e\n\u003cp\u003e5. Meetings 641\u003cbr\u003e6. Fee 641\u003cbr\u003e7. Conduct 641\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(INFORMATION UTILITIES) REGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 642\u003cbr\u003e2. Definitions 642\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eREGISTRATION\u003c\/h3\u003e\n\u003cp\u003e3. Eligibility for registration 644\u003cbr\u003e4. Application for registration or renewal thereof 644\u003cbr\u003e5. Disposal of application 645\u003cbr\u003e6. Conditions of registration 646\u003cbr\u003e7. In-principle approval 647\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eSHAREHOLDING AND GOVERNANCE\u003c\/h3\u003e\n\u003cp\u003e8. Shareholding 648\u003cbr\u003e9. Composition of the Governing Board 649\u003cbr\u003e9A. Managing director 650\u003cbr\u003e9B. Compliance 651\u003cbr\u003e10. Regulatory Committee 651\u003cbr\u003e11. Compliance officer 651\u003cbr\u003e12. Grievance Redressal Policy 652\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003eTECHNICAL STANDARDS AND BYE-LAWS\u003c\/h3\u003e\n\u003cp\u003e13. Technical Standards 652\u003cbr\u003e14. Technical Committee 653\u003cbr\u003e15. Bye-laws of information utilities 653\u003cbr\u003e16. Amendment to bye-laws 654\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eCORE SERVICES\u003c\/h3\u003e\n\u003cp\u003e17. Provision of services 654\u003cbr\u003e18. Registration of users 654\u003cbr\u003e19. Use of different information utilities 655\u003cbr\u003e20. Acceptance and receipt of information 655\u003cbr\u003e21. Authentication of default 656\u003cbr\u003e21A. Verification of information before issuance of a record of default 657\u003cbr\u003e21B. Dissemination of public announcement 657\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e22. Storage of information 658\u003cbr\u003e23. Access to information 658\u003cbr\u003e24. Accessing information stored with other information utilities 658\u003cbr\u003e25. Annual statement 658\u003cbr\u003e26. Porting information from registries 658\u003cbr\u003e27. Duties of the user 658\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003c\/h3\u003e\n\u003ch3\u003eDUTIES OF INFORMATION UTILITIES\u003c\/h3\u003e\n\u003cp\u003e28. General duties 659\u003cbr\u003e29. Non-discrimination 659\u003cbr\u003e30. Other duties 659\u003cbr\u003e31. Insurance 659\u003cbr\u003e32. Fee 659\u003cbr\u003e33. Risk management 660\u003cbr\u003e34. Audit of information technology framework 660\u003cbr\u003e35. Preservation Policy 660\u003cbr\u003e36. Provision of information to the Board 660\u003cbr\u003e36A. Publication of statistical information 661\u003cbr\u003e37. Inspection 661\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003c\/h3\u003e\n\u003ch3\u003eSERVICES TO INSOLVENCY PROFESSIONALS\u003c\/h3\u003e\n\u003cp\u003e38. Storing information submitted by insolvency professionals 661\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VIII\u003c\/h3\u003e\n\u003ch3\u003eSURRENDER OR CANCELLATION OF REGISTRATION\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e39. Exit management plan 661\u003cbr\u003e40. Surrender of registration 662\u003cbr\u003e41. Disciplinary proceedings 662\u003cbr\u003e42. Appeal 664\u003cbr\u003eSCHEDULE 664\u003cbr\u003eFORM A—APPLICATION FOR CERTIFICATE OF REGISTRATION 664\u003cbr\u003eFORM B—CERTIFICATE OF REGISTRATION NO 668\u003cbr\u003eFORM C— 669\u003cbr\u003eFORM D— RECORD OF DEFAULT 676\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(VOLUNTARY LIQUIDATION PROCESS) REGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 674\u003cbr\u003e2. Definitions 674\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003c\/h3\u003e\n\u003ch3\u003eCOMMENCEMENT OF LIQUIDATION\u003c\/h3\u003e\n\u003cp\u003e3. Initiation of Liquidation 675\u003cbr\u003e4. Effect of liquidation 676\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eAPPOINTMENT AND REMUNERATION OF LIQUIDATOR\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e5. Appointment of liquidator 677\u003cbr\u003e6. Eligibility for appointment as liquidator 677\u003cbr\u003e7. Liquidator’s remuneration 678\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003ePOWERS AND FUNCTIONS OF THE LIQUIDATOR\u003c\/h3\u003e\n\u003cp\u003e8. Reporting 678\u003cbr\u003e9. Preliminary Report 678\u003cbr\u003e10. Registers and books of account 679\u003cbr\u003e11. Engagement of professionals 680\u003cbr\u003e12. Consultation with stakeholders 680\u003cbr\u003e13. Extortionate credit transactions 680\u003cbr\u003e14. Public announcement by the liquidator 680\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eCLAIMS\u003c\/h3\u003e\n\u003cp\u003e15. Proof of claim 681\u003cbr\u003e16. Claims by operational creditors 681\u003cbr\u003e17. Claims by financial creditors 681\u003cbr\u003e18. Claims by workmen and employees 682\u003cbr\u003e19. Claims by other stakeholders 682\u003cbr\u003e20. Proving security interest 683\u003cbr\u003e21. Production of bills of exchange and promissory notes 683\u003cbr\u003e22. Substantiation of claims 683\u003cbr\u003e23. Cost of proof 683\u003cbr\u003e24. Determination of quantum of claim 683\u003cbr\u003e25. Debt in foreign currency 684\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e26. Periodical payments 684\u003cbr\u003e27. Debt payable at future time 684\u003cbr\u003e28. Mutual credits and set-off 684\u003cbr\u003e29. Verification of claims 685\u003cbr\u003e30. List of stakeholders 685\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003cbr\u003eREALISATION OF ASSETS\u003c\/h3\u003e\n\u003cp\u003e31. Manner of sale 685\u003cbr\u003e32. Recovery of monies due 685\u003cbr\u003e33. [Omitted] 686\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003c\/h3\u003e\n\u003ch3\u003ePROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEEDS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e34. All money to be paid into bank account 686\u003cbr\u003e35. Distribution 686\u003cbr\u003e36. Return of money 686\u003cbr\u003e37. Completion of liquidation 687\u003cbr\u003e38. Final Report 688\u003cbr\u003e39. Corporate Voluntary Liquidation Account 688\u003cbr\u003e40. Detection of Fraud or Insolvency 690\u003cbr\u003e41. Preservation of records 690\u003cbr\u003e41A. Filing of Forms 691\u003cbr\u003eSCHEDULE I 692\u003cbr\u003eFORM A—PUBLIC ANNOUNCEMENT 692\u003cbr\u003eFORM B—PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT\u003cbr\u003eWORKMEN AND EMPLOYEES 693\u003cbr\u003eFORM C—PROOF OF CLAIM BY FINANCIAL CREDITORS 695\u003cbr\u003eFORM D—PROOF OF CLAIM BY A WORKMAN OR EMPLOYEE 697\u003cbr\u003eFORM E—PROOF OF CLAIM BY AUTHORISED REPRESENTATIVE OF\u003cbr\u003eWORKMEN OR EMPLOYEES 699\u003cbr\u003eFORM F—PROOF OF CLAIM BY ANY OTHER STAKEHOLDER 702\u003cbr\u003eFORM G—DEPOSIT OF UNCLAIMED DIVIDENDS AND\/OR\u003cbr\u003eUNDISTRIBUTED PROCEEDS 704\u003cbr\u003eFORM-H—COMPLIANCE CERTIFICATE 706\u003cbr\u003eFORM-I—WITHDRAWAL FROM CORPORATE VOLUNTARY\u003cbr\u003eLIQUIDATION ACCOUNT 714\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eSCHEDULE II 715\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY CODE (REMOVAL OF\u003c\/p\u003e\n\u003cp\u003eDIFFICULTIES) ORDER, 2017\u003c\/p\u003e\n\u003cp\u003e1. Short title and commencement 724\u003cbr\u003e2. 724\u003cbr\u003eINSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(INSPECTION AND INVESTIGATION) REGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title, commencement and application 725\u003cbr\u003e2. Definitions 725\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eINSPECTION\u003c\/h3\u003e\n\u003cp\u003e3. Inspection by the Board 726\u003cbr\u003e4. Conduct of Inspection 727\u003cbr\u003e5. Interim Inspection Report 728\u003cbr\u003e6. Inspection Report 728\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eINVESTIGATION\u003c\/h3\u003e\n\u003cp\u003e7. Investigation by the Board 728\u003cbr\u003e8. Conduct of Investigation 729\u003cbr\u003e9. Interim Investigation Report 730\u003cbr\u003e10. Investigation Report 731\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III-A\u003c\/h3\u003e\n\u003ch3\u003eINVESTIGATION DURING DISPOSAL OF COMPLAINT OR GRIEVANCE\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e10A. Investigation during disposal of complaint or grievance 731\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III-B\u003c\/h3\u003e\n\u003ch3\u003eINTERIM ORDER ON MATERIAL AVAILABLE ON RECORD\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e10B. Interim order on material available on record 731\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003cbr\u003eCONSIDERATION OF REPORT\u003c\/h3\u003e\n\u003cp\u003e11. Consideration of Report 732\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e12. Show-cause notice 732\u003cbr\u003e13. Disposal of Show-cause notice 733\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eRESTITUTION\u003c\/h3\u003e\n\u003cp\u003e14. Restitution 734\u003cbr\u003eFORM A 734\u003cbr\u003eINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (FAST\u003cbr\u003eTRACK INSOLVENCY RESOLUTION PROCESS FOR CORPORATE\u003c\/p\u003e\n\u003cp\u003ePERSONS) REGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 735\u003cbr\u003e2. Definitions 735\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eGENERAL\u003c\/h3\u003e\n\u003cp\u003e3. Eligibility for resolution professional 737\u003cbr\u003e4. Access to books 738\u003cbr\u003e5. Extortionate credit transaction 738\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003ePUBLIC ANNOUNCEMENT\u003c\/h3\u003e\n\u003cp\u003e6. Public announcement 738\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003cbr\u003ePROOF OF CLAIMS\u003c\/h3\u003e\n\u003cp\u003e7. Claims by operational creditors 739\u003cbr\u003e8. Claims by financial creditors 739\u003cbr\u003e9. Caims by workmen and employees 740\u003cbr\u003e9A. Claims by other creditors 740\u003cbr\u003e10. Substantiation of claims 741\u003cbr\u003e11. Cost of proof proving the debt 741\u003cbr\u003e12. Submission of proof of claims 741\u003cbr\u003e13. Verification of claims 741\u003cbr\u003e14. Determination of amount of claim 741\u003cbr\u003e15. Debt in foreign currency 742\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eCOMMITTEE OF CREDITORS\u003c\/h3\u003e\n\u003cp\u003e16. Committee with only operational creditors 742\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e17. Filings by the interim resolution professional 743\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003cbr\u003eMEETINGS OF THE COMMITTEE\u003c\/h3\u003e\n\u003cp\u003e18. Meetings of the committee 743\u003cbr\u003e19. Notice for meetings of the committee 743\u003cbr\u003e20. Service of notice by electronic means 743\u003cbr\u003e21. Contents of the notice for meeting 744\u003cbr\u003e22. Quorum at the meeting 745\u003cbr\u003e23. Participation through video conferencing 745\u003cbr\u003e24. Conduct of meeting 746\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003cbr\u003eVOTING BY THE COMMITTEE\u003c\/h3\u003e\n\u003cp\u003e25. Voting by the committeess 747\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VIII\u003c\/h3\u003e\n\u003ch3\u003eCONDUCT OF THE FAST TRACK PROCESS\u003c\/h3\u003e\n\u003cp\u003e26. Appointment of registered valuers 748\u003cbr\u003e27. Transfer of debt due to creditors 748\u003cbr\u003e28. Sale of assets outside the ordinary course of business 749\u003cbr\u003e29. Assistance of local district administration 749\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IX\u003cbr\u003eFAST TRACK PROCESS COSTS\u003c\/h3\u003e\n\u003cp\u003e30. Fast track process costs 749\u003cbr\u003e31. Essential supplies 750\u003cbr\u003e32. Costs of the interim resolution professional 750\u003cbr\u003e33. Resolution professional costs 750\u003c\/p\u003e\n\u003ch3\u003eCHAPTER X\u003cbr\u003eRESOLUTION PLAN\u003c\/h3\u003e\n\u003cp\u003e34. Fair value and Liquidation value 751\u003cbr\u003e35. Information memorandum 751\u003cbr\u003e35A. Invitation of Resolution Plans 753\u003cbr\u003e36. Resolution plan 754\u003cbr\u003e37. Mandatory contents of the resolution plan 755\u003cbr\u003e38. Approval of resolution plan 756\u003cbr\u003e39. Extension of the fast track process period 757\u003cbr\u003eSCHEDULE 758\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eFORM A—PUBLIC ANNOUNCEMENT 758\u003cbr\u003eFORM B—PROOF OF CLAIM BY OPERATIONAL CREDITORS EXCEPT\u003cbr\u003eWORKMEN AND EMPLOYEES 759\u003cbr\u003eFORM C—PROOF OF CLAIM BY FINANCIAL CREDITORS 762\u003cbr\u003eFORM D—PROOF OF CLAIM BY A WORKMAN OR AN EMPLOYEE 764\u003cbr\u003eFORM E—PROOF OF CLAIM SUBMITTED BY AUTHORISED\u003cbr\u003eREPRESENTATIVE OF WORKMEN AND EMPLOYEES 767\u003cbr\u003eFORM F—PROOF OF CLAIM BY CREDITORS (OTHER THAN FINANCIAL\u003cbr\u003eCREDITORS AND OPERATIONAL CREDITORS) 769\u003cbr\u003eFORM G—INVITATION OF RESOLUTION PLANS 772\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(EMPLOYEES’ SERVICE) REGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 774\u003cbr\u003e2. Definitions 774\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003c\/h3\u003e\n\u003ch3\u003eAPPOINTMENT, PROBATION AND TERMINATION OF SERVICE\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e3. Classification and appointment of employees 775\u003cbr\u003e4. Recruitment 775\u003cbr\u003e5. Initial Appointments to be made on minimum pay 776\u003cbr\u003e6. Probation 776\u003cbr\u003e7. Commencement of service 776\u003cbr\u003e8. Resignation from service 776\u003cbr\u003e9. Superannuation and retirement 777\u003cbr\u003e10. Liquidated damages 777\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eRECORD OF SERVICE, SENIORITY AND PROMOTION\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e11. Record of service 777\u003cbr\u003e12. Seniority 778\u003cbr\u003e13. Promotion 778\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003ePAY, ALLOWANCES AND OTHER BENEFITS\u003c\/h3\u003e\n\u003cp\u003e14. Entitlement 778\u003cbr\u003e15. Pay, allowances and other benefits 778\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e16. Gratuity 778\u003cbr\u003e17. Pension 779\u003cbr\u003e18. Cessation of pay and allowances 779\u003cbr\u003e19. Increments 779\u003cbr\u003e20. Fixation of pay on promotion 779\u003cbr\u003e21. Hometown 779\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eLEAVE AND JOINING TIME\u003c\/h3\u003e\n\u003cp\u003e22. Leave not a matter of right 780\u003cbr\u003e23. Kinds of leave 780\u003cbr\u003e24. Lapse of leave on cessation of service 780\u003cbr\u003e25. Obligation to furnish Leave address 780\u003cbr\u003e26. Leave not admissible to an employee under suspension 781\u003cbr\u003e27. Casual leave 781\u003cbr\u003e28. Special casual leave 781\u003cbr\u003e29. Ordinary leave 782\u003cbr\u003e30. Sick leave 783\u003cbr\u003e31. Maternity leave and paternity leave 783\u003cbr\u003e32. Accident leave 783\u003cbr\u003e33. Extraordinary leave 784\u003cbr\u003e34. Joining time 784\u003c\/p\u003e\n\u003ch3\u003eCHAPTER – VI\u003c\/h3\u003e\n\u003ch3\u003eCONDUCT, DISCIPLINE AND APPEALS\u003c\/h3\u003e\n\u003cp\u003e35. Definitions 784\u003cbr\u003e36. Scope of an employee’s service 785\u003cbr\u003e37. Liability to abide by regulations and directions 785\u003cbr\u003e38. Obligation to maintain secrecy 785\u003cbr\u003e39. Employees to promote Board’s interest 785\u003cbr\u003e40. Prohibition against participation in politics and standing for election 787\u003cbr\u003e41. Prohibition against joining certain associations and strikes 787\u003cbr\u003e42. Contributions to the press 787\u003cbr\u003e43. Employee not to seek outside employment 787\u003cbr\u003e44. Employment after retirement 787\u003cbr\u003e45. Employment with a service provider 788\u003cbr\u003e46. Giving evidence 788\u003cbr\u003e47. Acceptance of gifts 788\u003cbr\u003e48. Movable, immovable and valuable property 789\u003cbr\u003e49. Conviction 789\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e50. Prohibition of sexual harassment of women employee at work place 789\u003cbr\u003e51. Penalties 790\u003cbr\u003e52. Procedure for imposing major penalties 792\u003cbr\u003e53. Action on the inquiry report 796\u003cbr\u003e54. Procedure for imposing minor penalties 796\u003cbr\u003e55. Communication of orders 796\u003cbr\u003e56. Common proceedings 796\u003cbr\u003e57. Special procedure in certain cases 797\u003cbr\u003e58. Suspension 797\u003cbr\u003e59. Subsistence allowance 798\u003cbr\u003e60. Vigilance cases 798\u003cbr\u003e61. Appeal 799\u003c\/p\u003e\n\u003ch3\u003eCHAPTER – VII\u003cbr\u003eMISCELLANEOUS\u003c\/h3\u003e\n\u003cp\u003e62. Deputation of employees to other services 800\u003cbr\u003e63. Redressal of grievances 800\u003cbr\u003eSCHEDULE I 801\u003cbr\u003eSCHEDULE II 809\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(GRIEVANCE AND COMPLAINT HANDLING PROCEDURE)\u003c\/p\u003e\n\u003cp\u003eREGULATIONS, 2017\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title, commencement and application 811\u003cbr\u003e2. Definitions 811\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003c\/h3\u003e\n\u003ch3\u003eFILING OF GRIEVANCE AND COMPLAINT\u003c\/h3\u003e\n\u003cp\u003e3. Filing of grievance and complaint 812\u003cbr\u003e4. Identity of the stakeholder 813\u003cbr\u003e5. Registration number 813\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eDISPOSAL OF GRIEVANCE\u003c\/h3\u003e\n\u003cp\u003e6. Disposal of grievance by the Board] 813\u003cbr\u003e6A. Disposal of grievance by Insolvency Professional Agency 814\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER IV\u003c\/h3\u003e\n\u003cp\u003e7. Disposal of complaint 814\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003c\/h3\u003e\n\u003cp\u003e8. STATISTICS 815\u003cbr\u003eFORM A 815\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF\u003cbr\u003eINDIA (MECHANISM FOR ISSUING REGULATIONS)\u003c\/p\u003e\n\u003cp\u003eREGULATIONS, 2018\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 818\u003cbr\u003e2. Definitions 818\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eMAKING OF REGULATIONS\u003c\/h3\u003e\n\u003cp\u003e3. Making regulations 819\u003cbr\u003e4. Public Consultation 819\u003cbr\u003e5. Economic Analysis 819\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eAMENDMENT AND REVIEW OF REGULATIONS\u003c\/h3\u003e\n\u003cp\u003e6. Amendment of Regulations 820\u003cbr\u003e7. Review of Regulations 820\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003cbr\u003eMISCELLANOUS\u003c\/h3\u003e\n\u003cp\u003e8. Urgent regulations 820\u003cbr\u003e9. Guidance on law 820\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(INSOLVENCY RESOLUTION PROCESS FOR PERSONAL\u003cbr\u003eGUARANTORS TO CORPORATE DEBTORS) REGULATIONS, 2019\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 821\u003cbr\u003e2. Application 821\u003cbr\u003e3. Definitions 821\u003c\/p\u003e\n\u003cp\u003el CONTENTS\u003cbr\u003eCHAPTER II\u003cbr\u003eGENERAL\u003c\/p\u003e\n\u003cp\u003e4. Eligibility of resolution professional 822\u003cbr\u003e5. Preservation of records 823\u003cbr\u003e6. Debt counselling 823\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eREGISTRATION OF CLAIMS\u003c\/h3\u003e\n\u003cp\u003e7. Submission and verification of claim 823\u003cbr\u003e8. Transfer of debt due to creditors 824\u003cbr\u003e9. List of creditors 824\u003cbr\u003e10. Statement of affairs 825\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003eMEETINGS OF CREDITORS AND VOTING\u003c\/h3\u003e\n\u003cp\u003e11. Meeting of creditors 825\u003cbr\u003e12. Contents of the notice for a meeting 826\u003cbr\u003e13. Quorum 826\u003cbr\u003e14. Conduct of meeting 827\u003cbr\u003e15. Voting by creditors 827\u003cbr\u003e16. Voting by proxy 828\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eREPAYMENT PLAN\u003c\/h3\u003e\n\u003cp\u003e17. Contents of repayment plan 828\u003cbr\u003e17A. Meeting of the creditors 829\u003cbr\u003e17B. Non-submission of repayment plan 829\u003cbr\u003e18. Purchase of assets by certain persons 829\u003cbr\u003e19. Filing with the Adjudicating Authority 829\u003cbr\u003e20. Breach of repayment plan by the guarantor 830\u003cbr\u003e21. Application for discharge order 830\u003cbr\u003e22. Non-cooperation by guarantor 830\u003cbr\u003e23. Filing of Forms 830\u003cbr\u003eFORM A—WRITTEN CONSENT TO ACT AS RESOLUTION\u003cbr\u003ePROFESSIONAL 831\u003cbr\u003eFORM B—CLAIM WITH PROOF BY A CREDITOR 832\u003cbr\u003eFORM C—PROXY FORM 836\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(BANKRUPTCY PROCESS FOR PERSONAL GUARANTORS TO\u003cbr\u003eCORPORATE DEBTORS) REGULATIONS, 2019\u003c\/p\u003e\n\u003ch3\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title, commencement and application 838\u003cbr\u003e2. Definitions 838\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eBANKRUPTCY TRUSTEE\u003c\/h3\u003e\n\u003cp\u003e3. Eligibility of bankruptcy trustee 839\u003cbr\u003e4. Fees of bankruptcy trustee 840\u003cbr\u003e5. Appointment of professionals 840\u003cbr\u003e6. Registers and books 841\u003cbr\u003e7. Reports by bankruptcy trustee 841\u003cbr\u003e8. Preliminary report 841\u003cbr\u003e9. Early completion of administration 842\u003cbr\u003e10. Progress reports 842\u003cbr\u003e11. Final report 844\u003cbr\u003e12. Persons to extend cooperation 844\u003cbr\u003e13. Preservation of records 845\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eCLAIMS\u003c\/h3\u003e\n\u003cp\u003e14. Future claims 845\u003cbr\u003e15. Negotiable instruments 845\u003cbr\u003e16. Periodical payments 846\u003cbr\u003e17. Determination of quantum of claim 846\u003cbr\u003e18. Debt in foreign currency 846\u003cbr\u003e19. Transfer of debt due to creditors 846\u003cbr\u003e20. Committee of creditors 846\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003eMEETINGS OF COMMITTEE AND VOTING\u003c\/h3\u003e\n\u003cp\u003e21. Notice for meeting 847\u003cbr\u003e22. Quorum 848\u003cbr\u003e23. Conduct of meeting 848\u003cbr\u003e24. Voting share 849\u003cbr\u003e25. Voting by the committee 849\u003cbr\u003e26. Voting by proxy 849\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER V\u003cbr\u003eREALISATION OF ASSETS\u003c\/h3\u003e\n\u003cp\u003e27. Mode of sale 850\u003cbr\u003e28. Acquisition, etc., of after acquired property by bankrupt 850\u003cbr\u003e29. Disclaimer of onerous property 851\u003cbr\u003e30. Valuation of assets 851\u003cbr\u003e31. Realisation of security interest 852\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003c\/h3\u003e\n\u003ch3\u003ePROCEEDS OF BANKRUPTCY PROCESS AND DISTRIBUTION\u003c\/h3\u003e\n\u003ch3\u003eOF PROCEEDS\u003c\/h3\u003e\n\u003cp\u003e32. Bank account for bankruptcy process 852\u003cbr\u003e33. Distribution of dividend to claimant of deceased creditor 853\u003cbr\u003e34. Distribution of dividend 853\u003cbr\u003e35. Return of amount 853\u003cbr\u003e36. Unclaimed proceeds of bankruptcy or undistributed assets 853\u003cbr\u003e37. Debt counselling 854\u003cbr\u003eFORM A—WRITTEN CONSENT TO ACT AS BANKRUPTCY TRUSTEE 854\u003cbr\u003eFORM B—FORM TO APPOINT PROXY 856\u003cbr\u003eSCHEDULE I—FEES OF BANKRUPTCY TRUSTEE 857\u003cbr\u003eSCHEDULE II—MODE OF SALE 857\u003cbr\u003eTHE COMPANIES (REGISTERED VALUERS AND\u003c\/p\u003e\n\u003cp\u003eVALUATION) RULES, 2017\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title, commencement and application 860\u003cbr\u003e2. Definitions 860\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003c\/h3\u003e\n\u003ch3\u003eELIGIBILITY, QUALIFICATIONS AND REGISTRATION OF VALUERS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e3. Eligibility for registered valuers 861\u003cbr\u003e4. Qualifications and experience 863\u003cbr\u003e5. Valuation Examination 864\u003cbr\u003e6. Application for certificate of registration 864\u003cbr\u003e7. Conditions of Registration 865\u003cbr\u003e7A. Intimation of changes in personal details, etc., by registered\u003cbr\u003evaluer to authority 866\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e8. Conduct of Valuation 866\u003cbr\u003e9. Temporary surrender 867\u003cbr\u003e10. Functions of a Valuer 867\u003cbr\u003e11. Transitional Arrangement 867\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003c\/h3\u003e\n\u003ch3\u003eRECOGNITION OF REGISTERED VALUERS’ ORGANISATIONS\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e12. Eligibility for registered valuers’ organizations 868\u003cbr\u003e13. Application for recognition 869\u003cbr\u003e14. Conditions of Recognition 870\u003cbr\u003e14A. Intimation of changes in composition of governing board, etc., by the\u003cbr\u003eregistered valuers organisations to the authority 871\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IV\u003c\/h3\u003e\n\u003ch3\u003eCANCELLATION OR SUSPENSION OF CERTIFICATE OF\u003c\/h3\u003e\n\u003ch3\u003eREGISTRATION OR RECOGNITION\u003c\/h3\u003e\n\u003cp\u003e15. Cancellation or suspension of certificate of registration or recognition 871\u003cbr\u003e16. Complaint against a registered valuer or registered valuers’\u003cbr\u003eorganisation 871\u003cbr\u003e17. Procedure to be followed for cancellation or suspension of registration\u003cbr\u003eor recognition certificate 871\u003c\/p\u003e\n\u003ch3\u003eCHAPTER V\u003cbr\u003eVALUATION STANDARDS\u003c\/h3\u003e\n\u003cp\u003e18. Valuation Standards 873\u003cbr\u003e19. Committee to advise on valuation matters 873\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003cbr\u003eMISCELLANEOUS\u003c\/h3\u003e\n\u003cp\u003e20. Punishment for contravention 874\u003cbr\u003e21. Punishment for false statement 874\u003cbr\u003eANNEXURE-I—MODEL CODE OF CONDUCT FOR REGISTERED\u003cbr\u003eVALUERS 874\u003cbr\u003eANNEXURE-II— 877\u003cbr\u003eFORM-A—APPLICATION FOR REGISTRATION AS A VALUER BY AN\u003cbr\u003eINDIVIDUAL 877\u003cbr\u003eFORM-B—APPLICATION FOR REGISTRATION AS A VALUER BY A\u003cbr\u003ePARTNERSHIP ENTITY\/COMPANY 881\u003cbr\u003eFORM-C—CERTIFICATE OF REGISTRATION 885\u003cbr\u003eFORM-D—APPLICATION FOR RECOGNITION 885\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003eFORM E—CERTIFICATE OF RECOGNITION REGISTERED VALUERS’\u003cbr\u003eORGANISATION RECOGNITION NO. 888\u003cbr\u003eANNEXURE - III 888\u003cbr\u003eANNEXURE-IV—ELIGIBILITY QUALIFICATION AND EXPERIENCE\u003cbr\u003eFOR REGISTRATION AS VALUER 898\u003cbr\u003eANNEXURE-V 899\u003cbr\u003eTHE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA\u003cbr\u003e(PREPACKAGED INSOLVENCY RESOLUTION PROCESS)\u003c\/p\u003e\n\u003cp\u003eREGULATIONS, 2021\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER I\u003cbr\u003ePRELIMINARY\u003c\/h3\u003e\n\u003cp\u003e1. Short title and commencement 900\u003cbr\u003e2. Definitions 900\u003c\/p\u003e\n\u003ch3\u003eCHAPTER II\u003cbr\u003eGENERAL\u003c\/h3\u003e\n\u003cp\u003e3. Meetings and communication 902\u003cbr\u003e4. Essential supplies 902\u003cbr\u003e5. Extortionate credit transaction 902\u003cbr\u003e6. Pre-packaged insolvency resolution process costs 902\u003c\/p\u003e\n\u003ch3\u003eCHAPTER III\u003cbr\u003eRESOLUTION PROFESSIONAL\u003c\/h3\u003e\n\u003cp\u003e7. Eligibility for resolution professional 903\u003cbr\u003e8. Fee of resolution professional 903\u003cbr\u003e9. Access to books 903\u003cbr\u003e10. Appointment of professionals 904\u003cbr\u003e11. Disclosure of costs 904\u003cbr\u003e12. Preservation of records 904\u003cbr\u003e13. Filing of reports and forms 904\u003c\/p\u003e\n\u003ch4\u003eCHAPTER IV\u003cbr\u003eINITIATION OF PROCESS\u003c\/h4\u003e\n\u003cp\u003e14. Approvals by financial creditors 905\u003cbr\u003e15. Choice of authorised representative 905\u003cbr\u003e16. Declarations 906\u003cbr\u003e17. Report by resolution professional 906\u003cbr\u003e18. Information to be furnished by the applicant 906\u003c\/p\u003e\n\u003ch3\u003e\n\u003cbr\u003eCHAPTER V\u003c\/h3\u003e\n\u003ch3\u003ePUBLIC ANNOUNCEMENT AND CLAIMS\u003c\/h3\u003e\n\u003cp\u003e19. Public announcement 907\u003cbr\u003e20. List of claims 907\u003cbr\u003e21. Determination of amount of claim 908\u003cbr\u003e22. Debt in foreign currency 908\u003cbr\u003e23. Transfer of debt due to creditors 908\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VI\u003cbr\u003eCOMMITTEE OF CREDITORS\u003c\/h3\u003e\n\u003cp\u003e24. Committee with only creditors in a class 908\u003cbr\u003e25. Committee with only operational creditors 908\u003cbr\u003e26. Change in committee 909\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VII\u003cbr\u003eMEETINGS OF THE COMMITTEE\u003c\/h3\u003e\n\u003cp\u003e27. Meetings of the committee 909\u003cbr\u003e28. Notice for meetings of the committee 909\u003cbr\u003e29. Service of notice 910\u003cbr\u003e30. Contents of the notice for meeting 910\u003cbr\u003e31. Quorum 911\u003cbr\u003e32. Participation through video conferencing 911\u003cbr\u003e33. Conduct of meeting 912\u003cbr\u003e34. Committee with creditors in a class 913\u003cbr\u003e35. Voting by the committee 913\u003cbr\u003e36. Voting by authorised representative 914\u003cbr\u003e37. Voting through electronic means 914\u003c\/p\u003e\n\u003ch3\u003eCHAPTER VIII\u003c\/h3\u003e\n\u003ch3\u003eVALUATION AND INFORMATION MEMORANDUM\u003c\/h3\u003e\n\u003cp\u003e38. Appointment of registered valuers 915\u003cbr\u003e39. Fair value and liquidation value 915\u003cbr\u003e40. Information memorandum 917\u003cbr\u003e41. Preferential and other transactions 918\u003c\/p\u003e\n\u003ch3\u003eCHAPTER IX\u003cbr\u003eRESOLUTION PLAN\u003c\/h3\u003e\n\u003cp\u003e42. Scoring and improvement of resolution plans 918\u003cbr\u003e43. Invitation for resolution plans 919\u003cbr\u003e44. Resolution plan 920\u003cbr\u003e45. Mandatory contents of resolution plan 921\u003c\/p\u003e\n\u003cp\u003e\u003cbr\u003e46. Submission of resolution plans 922\u003cbr\u003e47. Evaluation of resolution plans 922\u003cbr\u003e48. Approval of resolution plan 922\u003cbr\u003e49. Application to Adjudicating Authority 923\u003c\/p\u003e\n\u003ch3\u003eCHAPTER X\u003c\/h3\u003e\n\u003ch3\u003eMANAGEMENT OF AFFAIRS OF THE CORPORATE DEBTOR\u003c\/h3\u003e\n\u003cp\u003e\u003cbr\u003e50. Management during the process 924\u003cbr\u003e51. Vesting of the management with resolution professional 924\u003cbr\u003eSCHEDULE 925\u003cbr\u003eFORM P1—WRITTEN CONSENT 925\u003cbr\u003eFORM P2—LIST OF CREDITORS OF [NAME OF CORPORATE DEBTOR] 926\u003cbr\u003eFORM P3— APPROVAL OF TERMS OF APPOINTMENT OF RESOLUTION\u003cbr\u003ePROFESSIONAL 928\u003cbr\u003eFORM P4—APPROVAL FOR INITIATING PRE-PACKAGED INSOLVENCY\u003cbr\u003eRESOLUTION PROCESS OF [NAME OF CORPORATE DEBTOR] 929\u003cbr\u003eFORM P5—WRITTEN CONSENT TO ACT AS AUTHORISED\u003cbr\u003eREPRESENTATIVE 930\u003cbr\u003eFORM P6—DECLARATION BY DIRECTOR\/PARTNERS 932\u003cbr\u003eFORM P7—DECLARATION REGARDING EXISTENCE OF AVOIDANCE\u003cbr\u003eTRANSACTION(S) 933\u003cbr\u003eFORM P8—REPORT OF THE INSOLVENCY PROFESSIONAL 934\u003cbr\u003eFORM P9—PUBLIC ANNOUNCEMENT 936\u003cbr\u003eFORM P10—LIST OF CLAIMS 937\u003cbr\u003eFORM P11—INVITATION FOR RESOLUTION PLANS 941\u003cbr\u003eFORM P12—OMPLIANCE CERTIFICATE 942\u003cbr\u003eFORM P13—APPLICATION FOR TERMINATION OF PRE-PACKAGED\u003cbr\u003eINSOLVENCY RESOLUTION PROCESS 949\u003cbr\u003eFORM P14—APPLICATION FOR VESTING MANAGEMENT WITH\u003cbr\u003eRESOLUTION PROFESSIONAL 951\u003c\/p\u003e","brand":"Commercial Law Publishers","offers":[{"title":"Default Title","offer_id":43070901321937,"sku":null,"price":1112.0,"currency_code":"INR","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0650\/3763\/1697\/files\/Theinsolvingandbankruptcycode2016MOCKUP_jpg.jpg?v=1776771069","url":"https:\/\/shop.taxscan.in\/products\/the-insolvency-bankruptcy-code-2016-alongwith-rules-regulations","provider":"Shopscan","version":"1.0","type":"link"}