Insolvency and Bankruptcy Code, 2016 (IBC) – Bare Act

The Code

Bare Act
Insolvency and Bankruptcy Code, 2016 (IBC)

Go to Master Page

Part-I Preliminary

Section-1 Short title, extent and commencement
Section-2 Application
Section-3 Definitions

Part-II Insolvency Resolution and Liquidation for Corporate Persons

Chapter-I Preliminary

Section-4 Application of this Part-II (Insolvency Resolution and Liquidation for Corporate Persons)
Section-5 Definitions under Part-II

Chapter-II Corporate Insolvency Resolution Process

Section-6 Persons who may initiate corporate insolvency resolution process
Section-7 Initiation of corporate insolvency resolution process (CIRP) by financial creditor
Section-8 Insolvency resolution by operational creditor
Section-9 Application for initiation of corporate insolvency resolution process (CIRP) by operational creditor
Section-10 Initiation of corporate insolvency resolution process by corporate applicant
Section-10A Suspension of initiation of corporate insolvency resolution process.
Section-11 Persons not entitled to make application
Section-11A Disposal of applications under section 54C and under section 7 or section 9 or section  10
Section-12 Time limit for completion of insolvency resolution process
Section-12A Withdrawal of application admitted under section 7, 9 or 10
Section-13 Declaration of moratorium and public announcement
Section-14 Moratorium
Section-15 Public announcement of corporate insolvency resolution process
Section-16 Appointment and tenure of interim resolution professional
Section-17 Management of affairs of corporate debtor by interim resolution professional
Section-18 Duties of interim resolution professional
Section-19 Personnel to extend cooperation to interim resolution professional
Section-20 Management of operations of corporate debtor as going concern
Section-21 Committee of creditors
Section-22 Appointment of resolution professional
Section-23 Resolution professional to conduct corporate insolvency resolution process
Section-24 Meeting of committee of creditors
Section-25 Duties of resolution professional
Section-25A Rights and duties of authorised representative of financial creditors
Section-26 Application for avoidance of transactions not to affect proceedings
Section-27 Replacement of resolution professional by committee of creditors
Section-28 Approval of committee of creditors for certain actions
Section-29 Preparation of information memorandum
Section-29A Persons not eligible to be resolution applicant
Section-30 Submission of resolution plan
Section-31 Approval of resolution plan
Section-32 Appeal
Section-32A Liability for prior offences, etc.

Chapter-III Liquidation Process

Section-33 Initiation of liquidation
Section-34 Appointment of liquidator and fee to be paid
Section-35 Powers and duties of liquidator
Section-36 Liquidation estate
Section-37 Powers of liquidator to access information
Section-38 Consolidation of claims
Section-39 Verification of claims
Section-40 Admission or rejection of claims
Section-41 Determination of valuation of claims
Section-42 Appeal against the decision of liquidator
Section-43 Preferential transactions and relevant time
Section-44 Orders in case of preferential transactions
Section-45 Avoidance of undervalued transactions
Section-46 Relevant period for avoidable transactions
Section-47 Application by creditor in cases of undervalued transactions
Section-48 Order in cases of undervalued transactions
Section-49 Transactions defrauding creditors
Section-50 Extortionate credit transactions
Section-51 Orders of Adjudicating Authority in respect of extorionate credit transactions
Section-52 Secured creditor in liquidation proceedings
Section-53 Distribution of assets
Section-54 Dissolution of corporate debtor

Chapter-III-A Pre-Packaged Insolvency Resolution Process

Section-54A Corporate debtors eligible for pre-packaged insolvency resolution process
Section-54B Duties of resolution professional before initiation of pre-packaged insolvency resolution process
Section-54C Application to initiate pre-packaged insolvency resolution process
Section-54D Time-limit for completion of pre-packaged insolvency resolution process
Section-54E Declaration of moratorium and public announcement during pre-packaged insolvency resolution process
Section-54F Duties and powers of resolution professional during pre-packaged insolvency resolution process
Section-54G List of claims and preliminary information memorandum
Section-54H Management of affairs of corporate debtor
Section-54-I Committee of creditors
Section-54J Vesting management of corporate debtor with resolution professional
Section-54K Consideration and approval of resolution plan
Section-54L Approval of resolution plan
Section-54M Appeal against order under section 54L
Section-54N Termination of pre-packaged insolvency resolution process
Section-54-O Initiation of corporate insolvency resolution process
Section-54P Application of provisions of Chapters II, III, VI, and VII to this Chapter

Chapter-IV Fast Track Corporate Insolvency Resolution Process

Section-55 Fast track corporation insolvency resolution process
Section-56 Time period for completion of fast track corporate insolvency resolution process
Section-57 Manner of initiating fast track corporate insolvency resolution process
Section-58 Applicability of Chapter II to this Chapter

Chapter-V Voluntary Liquidation of Corporate Persons

Section-59 Voluntary liquidation of corporate persons

Chapter-VI Adjudicating Authority for Corporate Persons

Section-60 Adjudicating Authority for corporate persons
Section-61 Appeals and Appellate Authority
Section-62 Appeal to Supreme Court
Section-63 Civil court not to have jurisdiction
Section-64 Expeditious disposal of applications
Section-65 Fraudulent or malicious initiation of proceedings
Section-66 Fraudulent trading or wrongful trading
Section-67 Proceedings under section 66
Section-67A Fraudulent management of corporate debtor during pre-packaged insolvency resolution process

Chapter-VII Offences and Penalties

Section-68 Punishment for concealment of property
Section-69 Punishment for transactions defrauding creditors
Section-70 Punishment for misconduct in course of corporate insolvency resolution process
Section-71 Punishment for falsification of books of corporate debtor
Section-72 Punishment for wilful and material omissions from statements relating to affairs of corporate debtor
Section-73 Punishment for false representations to creditors
Section-74 Punishment for contravention of moratorium or the resolution plan
Section-75 Punishment for false information furnished in application
Section-76 Punishment for non-disclosure of dispute or payment of debt by operational creditor
Section-77 Punishment for providing false information in application made by corporate debtor
Section-77A Punishment for offences related to pre-packaged insolvency resolution process

Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms

Chapter-I Preliminary

Section-78 Application of Part-III
Section-79 Definitions of Part-III

Chapter-II Fresh Start Process

Section-80 Eligibility for making an application
Section-81 Application for fresh start order
Section-82 Appointment of resolution professional
Section-83 Examination of application by resolution professional
Section-84 Admission or rejection of application by Adjudicating Authority
Section-85 Effect of admission of application
Section-86 Objections by creditor and their examination by resolution professional
Section-87 Application against decision of resolution professional
Section-88 General duties of debtor
Section-89 Replacement of resolution professional
Section-90 Directions for compliances of restrictions, etc.
Section-91 Revocation of order admitting application
Section-92 Discharge order
Section-93 Standard of conduct

Chapter-III Insolvency Resolution Process

Section-94 Application by debtor to initiate insolvency resolution process
Section-95 Application by creditor to initiate insolvency resolution process
Section-96 Interim-moratorium
Section-97 Appointment of resolution professional
Section-98 Replacement of resolution professional
Section-99 Submission of report by resolution professional
Section-100 Admission or rejection of  application
Section-101 Moratorium
Section-102 Public notice and claims from creditors
Section-103 Registering of claims by creditors
Section-104 Preparation of list of creditors
Section-105 Repayment plan
Section-106 Report of resolution professional on repayment plan
Section-107 Summoning of meeting of creditors
Section-108 Conduct of meeting of creditors
Section-109 Voting rights in meeting of creditors
Section-110 Rights of secured creditors in relation to repayment plan
Section-111 Approval of repayment plan by creditors
Section-112 Report of meeting of creditors on  repayment plan
Section-113 Notice of decisions taken at meeting of creditors
Section-114 Order of Adjudicating Authority on repayment plan
Section-115 Effect of order of Adjudicating Authority on repayment plan
Section-116 Implementation and supervision of repayment plan
Section-117 Completion of repayment plan
Section-118 Repayment plan coming to end prematurely
Section-119 Discharge order
Section-120 Standard of conduct

Chapter-IV Bankruptcy Order for Individuals and Partnership Firms

Section-121 Application for bankruptcy
Section-122 Application by debtor
Section-123 Application by creditor
Section-124 Effect of application
Section-125 Appointment of insolvency professional as bankruptcy trustee
Section-126 Bankruptcy order
Section-127 Validity of bankruptcy order
Section-128 Effect of bankruptcy order
Section-129 Statement of financial position
Section-130 Public notice inviting claims from creditors
Section-131 Registration of claims
Section-132 Preparation of list of creditors
Section-133 Summoning of meeting of creditors
Section-134 Conduct of meeting of creditors
Section-135 Voting rights of creditors
Section-136 Administration and distribution of estate of bankrupt
Section-137 Completion of administration
Section-138 Discharge order
Section-139 Effect of discharge
Section-140 Disqualification of bankrupt
Section-141 Restrictions on bankrupt
Section-142 Modification or recall of bankruptcy order
Section-143 Standard of conduct
Section-144 Fees of bankruptcy trustee
Section-145 Replacement of bankruptcy trustee
Section-146 Resignation by bankruptcy trustee
Section-147 Vacancy in office of bankruptcy trustee
Section-148 Release of bankruptcy trustee

Chapter-V Administration and Distribution of the Estate of the Bankrupt

Section-149 Functions of bankruptcy trustee
Section-150 Duties of bankrupt towards bankruptcy trustee
Section-151 Rights of bankruptcy trustee
Section-152 General powers of bankruptcy trustee
Section-153 Approval of creditors for certain acts
Section-154 Vesting of estate of bankrupt in bankruptcy trustee
Section-155 Estate of bankrupt
Section-156 Delivery of property and documents to bankruptcy trustee
Section-157 Acquisition of control by bankruptcy trustee
Section-158 Restrictions on disposition of property
Section-159 After-acquired property of bankrupt
Section-160 Onerous property of bankrupt
Section-161 Notice to disclaim onerous property
Section-162 Disclaimer of leaseholds
Section-163 Challenge against disclaimed property
Section-164 Undervalued transactions
Section-165 Preference transactions
Section-166 Effect of order
Section-167 Extortionate credit transactions
Section-168 Obligations under contracts
Section-169 Continuance of proceedings on death of bankrupt
Section-170 Administration of estate of deceased bankrupt
Section-171 Proof of debt
Section-172 Proof of debt by secured creditors
Section-173 Mutual credit and set-off
Section-174 Distribution of interim dividend
Section-175 Distribution of property
Section-176 Final dividend
Section-177 Claims of creditors
Section-178 Priority of payment of debts

Chapter-VI Adjudicating Authority for Individuals and Partnership Firms

Section-179 Adjudicating Authority for individuals and partnership firms
Section-180 Civil court not to have jurisdiction
Section-181 Appeal to Debt Recovery Appellate Tribunal
Section-182 Appeal to Supreme Court
Section-183 Expeditious disposal of applications

Chapter-VII Offences and Penalties

Section-184 Punishment for false information, etc., by creditor in insolvency resolution process
Section-185 Punishment for contravention of provisions
Section-186 Punishment for false information, concealment, etc., by bankrupt
Section-187 Punishment for certain actions

Part-IV Regulation of Insolvency Professionals, Agencies and Information Utilities

Chapter-I The Insolvency and Bankruptcy Board of India

Section-188 Establishment and incorporation of Board
Section-189 Constitution of Board
Section-190 Removal of member from office
Section-191 Powers of Chairperson
Section-192 Meetings of Board
Section-193 Member not to participate in meetings in certain cases
Section-194 Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board
Section-195 Power to designate financial sector regulator

Chapter-II Powers and Functions of the Board

Section-196 Powers and functions of Board
Section-197 Constitution of advisory committee, executive committee or other committee
Section-198 Condonation of delay

Chapter-III Insolvency Professional Agencies

Section-199 No person to function as insolvency professional agency without valid certificate of registration
Section-200 Principles governing registration of insolvency professional agency
Section-201 Registration of insolvency professional agency
Section-202 Appeal to National Company Law Appellate Tribunal
Section-203 Governing Board of insolvency professional agency
Section-204 Functions of insolvency professional agencies
Section-205 Insolvency professional agencies to make bye-laws

Chapter-IV Insolvency Professionals

Section-206 Enrolled and registered persons to act as insolvency professionals
Section-207 Registration of insolvency professionals
Section-208 Functions and obligations of insolvency professionals

Chapter-V Information Utilities

Section-209 No person to function as information utility without certificate of registration
Section-210 Registration of information utility
Section-211 Appeal to National Company Law Appellate Tribunal
Section-212 Governing Board of information utility
Section-213 Core services, etc., of information utilities
Section-214 Obligations of information utility
Section-215 Procedure for submission, etc., of financial information
Section-216 Rights and obligations of persons submitting financial information

Chapter-VI Inspection and Investigation

Section-217 Complaints against insolvency professional agency or its member or information utility
Section-218 Investigation of insolvency professional agency or its member or information utility
Section-219 Show cause notice to insolvency professional agency or its member or information utility
Section-220 Appointment of disciplinary committee

Chapter-VII Finance, Accounts and Audit

Section-221 Grants by Central Government
Section-222 Board’s Fund
Section-223 Accounts and audit

Part-V Miscellaneous

Section-224 Insolvency and Bankruptcy Fund
Section-225 Power of Central Government to issue directions
Section-226 Power of Central Government to supersede Board
Section-227 Power of Central Government to notify financial service providers, etc.
Section-228 Budget
Section-229 Annual report
Section-230 Delegation
Section-231 Bar of jurisdiction
Section-232 Members, officers and employees of Board to the public servants
Section-233 Protection of action taken in good faith
Section-234 Agreements with foreign countries
Section-235 Letter of request to a country outside India in certain cases
Section-235A Punishment where no specific penalty or punishment is provided
Section-236 Trial of offences by Special Court
Section-237 Appeal and revision
Section-238 Provisions of this Code to override other laws
Section-238A Limitation
Section-239 Power to make rules
Section-240 Power to make regulations
Section-240A  Application of this Code to micro, small and medium enterprises
Section-241 Rules and regulations to be laid before Parliament
Section-242 Power to remove difficulties
Section-243 Repeal of certain enactments and savings
Section-244 Transitional provisions
Section-245 Amendments of Act 9 of 1932
Section-246 Amendments of Act 1 of 1944
Section-247 Amendments of Act 43 of 1961
Section-248 Amendments of Act 52 of 1962
Section-249 Amendments of Act 51 of 1993
Section-250 Amendments of Act 32 of 1994
Section-251 Amendments of Act 54 of 2002
Section-252 Amendments of Act 1 of 2004
Section-253 Amendments of Act 51 of 2007
Section-254 Amendments of Act 6 of 2009
Section-255 Amendments of Act 18 of 2013


The First Schedule
The Second Schedule
The Third Schedule
The Fourth Schedule
The Fifth Schedule
The Sixth Schedule
The Seventh Schedule
The Eighth Schedule
The Ninth Schedule
The Tenth Schedule
The Eleventh Schedule
The Twelfth Schedule

Access complete Bare Act here and Notification and Circular here.

IBC Laws specifically does not make any warranties or representations as to the accuracy, completeness or adequacy of any such Material or the same being up-to-date. IBC Laws periodically updates the Material on this Site whenever amendments are made by Parliament. Refer disclaimer here.