Insolvency and Bankruptcy Code

Insolvency and Bankruptcy Code

Enacted by	Parliament of India
Introduced by	Arun Jaitley
Status: In force

The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015. It was passed by Lok Sabha on 5 May 2016.^[1] The Code received the assent of the President of India on 28 May 2016.^[2] Certain provisions of the Act has come into force from 5th August and 19 August 2016.^[3]

Details

The Code seeks to repeal the Presidency Towns Insolvency Act, 19 Act, 1993 and Sick Industrial Companies (Special Provisions) Repeal Act, 2003, among others.^[4]

Key Features

Insolvency Resolution : The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms.The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process,has been set for corporates and individuals. For companies, the process will have to be completed in 180 days, which may be extended by 90 days, if a majority of the creditors agree.^[5]

Insolvency regulator: The Code establishes the Insolvency and Bankruptcy Board of India, to oversee the insolvency proceedings in the country and regulate the entities registered under it. The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the Reserve Bank of India.^[4]

Insolvency professionals: The insolvency process will be managed by licensed professionals. These professionals will also control the assets of the debtor during the insolvency process.^[4]

Bankruptcy and Insolvency Adjudicator: The Code proposes two separate tribunals to oversee the process of insolvency resolution, for individuals and companies: (i) the National Company Law Tribunal for Companies and Limited Liability Partnership firms; and (ii) the Debt Recovery Tribunal for individuals and partnerships.^[4]

References

↑ "Lok Sabha passes bill to fast track debt recovery", The Economic Times, 2 August 2016
↑ "Insolvency and Bankruptcy Code" (PDF). Gazette of India. Retrieved 31 May 2016.
↑ "Notification" (PDF). E-Gazette. Gazette of India. Retrieved 22 August 2016.
1 2 3 4 "Legislative Brief of the Code" (PDF). PRS India. Retrieved 18 August 2016.
↑ "India Overhauls Century-Old Bankruptcy Laws in Win for Modi", Bloomberg, 11 May 2016

External links

Indian Legislations

Constitution of India (amendments) Indian Penal Code CrPC

In Force

Corruption	Benami Transactions Black Money Corruption Lokpal Mines & Minerals Act 2015 Money Laundering Whistle Blowers

Criminal	Armed Forces (Special Powers) Act Armed Forces Tribunal Act, 2007 Arms Act, 1959 Army Act Criminal Law (Amendment) Act, 2013 Juvenile Justice (Care and Protection of Children) Act, 2015 National Security Act (India) Protection of Women from Domestic Violence Act 2005 Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Act, 1989 Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Education	National Institutes of Technology Act, 2007 Right of Children to Free and Compulsory Education Act University Grants Commission Act, 1956

Environment	Biological Diversity Act, 2002 Environment Protection Act, 1986 Indian Forest Act, 1927 National Green Tribunal Act Protection of Plant Varieties and Farmers' Rights Act, 2001 The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 Wildlife Protection Act, 1972 CAMPA bill Air (Prevention and Control of Pollution) Act

Financial	The High Denomination Bank Notes (Demonetisation) Act, 1978 Aadhaar Act COFEPOSA Depositories Act Expenditure Tax Act, 1987 Fiscal Responsibility and Budget Management Act, 2003 Foreign Contribution Regulation Act Foreign Exchange Management Act Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 The Income-tax Act, 1961 Indian Stamp Act, 1899 Insolvency and Bankruptcy Code Insurance Act, 1938 National Rural Employment Guarantee Act, 2005 Negotiable Instruments Act, 1881 Electricity Act Real Estate (Regulation and Development) Act, 2016 The Competition Act, 2002 Securities Laws (Amendment) Act, 2014 Street Vendors Act, 2014 Urban Land (Ceiling and Regulation) Act, 1976

Healthcare	Central Council of Homoeopathy Act, 1973 Clinical Establishments Act Dentist Act Drugs and Cosmetics Act, 1940 Drugs and Magic Remedies Act Indian Medical Council Act Mental Health Act, 1987 Narcotic Drugs and Psychotropic Substances Act, 1985

Personal	Hindu Adoptions and Maintenance Act (1956) The Hindu Marriage Act, 1955 Hindu Minority and Guardianship Act Hindu Succession Act, 1956 Special Marriage Act, 1954 The Muslim Women (Protection of Rights on Divorce) Act 1986

Social	Child Labour (Prohibition and Regulation) Act Consumer Protection Act, 1986 Essential Commodities Act Essential Services Maintenance Act Indecent Representation of Women (Prohibition) Act National Food Security Act, 2013 Pre-Conception and Pre-Natal Diagnostic Techniques Act, 1994 Societies' Registration Act The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 Unorganised Workers' Social Security Act

State Laws	Anti-Superstition and Black Magic Act Maharashtra Control of Organised Crime Act The Gujarat Local Authorities Laws (Amendment) Bill, 2009 Puducherry Prevention of Anti-Social Activities Act

State Reorganisation	Chattisgarh Jharkhand Punjab States Telangana Uttarakhand

Terrorism	Unlawful Activities (Prevention) Act

Transportation	Aircraft Act Motor Vehicles Act, 1988 National Waterways Act, 2016 Inland Vessels Act Metro Railways Act, 1978 Metro Railway Act, 2002

Organisation / Body	Chartered Accountants Act, 1949 Companies Act 2013 Gram Nyayalayas Act, 2008 Indian Trusts Act, 1882 Panchayats (Extension to Scheduled Areas) Act 1996 Reserve Bank of India Act, 1934

Other	Delimitation Act Enemy Property Act, 1968 Information Technology Act, 2000 Nuclear Liability Act Representation of the People Act, 1951 Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 Right to Information Act, 2005 State Emblem of India (Prohibition of Improper Use) Act, 2005 The Foreigners Act, 1946

Repealed

Pre-Independence	Age of Consent Act, 1891 Criminal Tribes Act Hindu Widows' Remarriage Act, 1856 Land Acquisition Act 1894 Official Secrets Act (India)

Post-Independence	Anti-Copying Act, 1992 Foreign Exchange Regulation Act Gift Tax Act, 1958 Illegal Migrants (Determination by Tribunal) Act, 1983 Interest Tax Act, 1974 Juvenile Justice (Care and Protection of Children) Act, 2000 Maintenance of Internal Security Act Prevention of Terrorism Act, 2002 Terrorist and Disruptive Activities (Prevention) Act The Gold (Control) Act, 1968 The Monopolies and Restrictive Trade Practices Act, 1969 Wealth Tax Act, 1957

Bills

Proposed	Marriage Laws Amendment Bill Road Transport and Safety Bill Uniform civil code Geospatial Information Regulation Bill Gujarat Control of Organised Crime Act Taxation Laws (Second Amendment) Bill, 2016

Lapsed	Women's Reservation Bill

This article is issued from Wikipedia - version of the 11/29/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.