IBC Sections come into force – Notification No. S.O. 4126(E). dated 15.11.2019 – IBC



New Delhi, the 15th November, 2019

S.O. 4126(E).―In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st day of December, 2019 as the date on which the following provisions of the said Code only in so far as they relate to personal guarantors to corporate debtors, shall come into force:―

(1) clause (e) of section 2;
(2) section 78 (except with regard to fresh start process) and section 79;
(3) sections 94 to 187 [both inclusive];
(4) clause (g) to clause (i) of sub-section (2) of section 239;
(5) clause (m) to clause (zc) of sub-section (2) of section 239;
(6) clause (zn) to clause (zs) of sub-section (2) of section 240; and
(7) section 249.

[F. No. 30/21/2018-Insolvency Section]

Note: Supreme Court in Lalit Kumar Jain Vs. Union of India & Ors. (2021) ibclaw.in 61 SC held that the impugned notification was issued within the power granted by Parliament, and in valid exercise of it. The exercise of power in issuing the impugned notification under Section 1(3) is therefore, not ultra vires; the notification is valid.

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