MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 28th May, 2016/Jyaistha 7, 1938 (Saka)
The following Act of Parliament received the assent of the President on the 28th May, 2016, and is hereby published for general information:—
THE INSOLVENCY AND BANKRUPTCY CODE, 2016
No. 31 of 2016
[28th May, 2016]
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows: –
Part-I Preliminary
Section 1: Short title, extent and commencement.
1. (1) This Code may be called the Insolvency and Bankruptcy Code, 2016.
(2) It extends to the whole of India:
1[***]
(3) It shall come into force on such date as the Central Government may, by notification1 in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Code and any reference in any such provision to the commencement of this Code shall be construed as a reference to the commencement of that provision.
Reference
1. Proviso to sub-section (2) of section 1 of the Code has been omitted by the Jammu and Kashmir Reorganisation (Adaptation of Central Laws) Order, 2020 w.e.f. 18.03.2020 and the Union Territory of Ladakh Reorganisation (Adaptation of Central Laws) Order, 2020, w.e.f. 23.10.2020. Prior to omission, the proviso stand as:
“Provided that Part III of this Code shall not extend to the State of Jammu and Kashmir.”
2. Provisions of the Code brought into force (except amendments):
| S. No. | Notification No. | Notification Date | w.e.f. | Provisions brought into force |
| 1 | S.O. 2618(E) | 05.08.2016 | 05.08.2016 | Sections 188 to 194 (both inclusive) |
| 2 | S.O. 2746(E) | 19.08.2016 | 19.08.2016 | -Clauses (1), (5), (22), (26), (28) and (37) of Section 3; -Sections 221, 222, 225, 226, 230, 232 and 233; -Sub-section (1) and clause (zd) of sub-section (2) of Section 239; -Sub-section (1) and clause (zt) of sub-section (2) of Section 240; -Sections 241 and 242 |
| 3 | S.O. 3355(E) | 01.11.2016 | 01.11.2016 | -Clause (2) to clause(4), clause (6) to clause (21), clause (23) to clause (25), clause (27)clause (29) to clause (36) of Section 3; -Sections 196, 197 and 223; -Clause(ze) to clause (zh) and clause (zl) to clause (zm) of sub-section (2) of Section 239; -Clause (a) to clause (zm) and clause (zu) to clause (zzzc) of sub-section (2) of Section 240; -Section 244; -Section 246 to Section 248 (both inclusive); -Sections 250 and 252 |
| 4 | S.O. 3453(E) | 15.11.2016 | 15.11.2016 | -Section 199 to Section 207 (both inclusive); -Clause (c) and clause (e) of sub-section (1)of Section 208; -Sub-section (2) of Section 208; -Section 217 to Section 220 (both inclusive); -Sections 251, 253, 254 and 255 |
| 5 | S.O. 3594(E) | 30.11.2016 | 01.12.2016 | -Clause (a) to clause (d) of Section 2 (except with regard to voluntary liquidation or Bankruptcy; -Section 4 to Section 32 (both inclusive); -Section 60 to Section 77 (both inclusive); -Section 198, Section 231; -Section 236 to Section 238 (both inclusive) and -Clause (a) to clause (f) of sub-section (2) of Section 239 |
| 6 | S.O. 3687(E) | 09.12.2016 | 15.12.2016 | Section 33 to Section 54 (both inclusive) |
| 7 | S.O. 1005(E) | 30.03.2017 | 01.04.2017 | -Section 59; -Section 209 to 215 (both inclusive); -Sub-section (1) of Section 216 and -Section 234 and Section 235 |
| 8 | S.O. 1570(E) | 15.05.2017 | 01.04.2017 | -Clause (a) to clause (d) of section 2 relating to voluntary liquidation or bankruptcy |
| 9 | S.O. 1910(E) | 14.06.2017 | 14.06.2017 | -Section 55 to Section 58 (both inclusive) |
| 10 | S.O. 3393(E) | 18.10.2017 | 18.10.2017 | -Section 247 |
| 11 | S.O. 1817(E) | 01.05.2018 | 01.05.2018 | -Section 227 to Section 229 (both inclusive) |
| 12 | S.O. 4126(E) | 15.11.2019 | 01.12.2019 | Following provisions of the Code only in so far as they relate to personal guarantors to corporate debtors: -Section 2(e); -Section 78 (except with regard to fresh start process) and section 79; -Sections 94 to 187 (both inclusive); -Clause (g) to clause (i) of sub-section (2) of section 239; -Clause (m) to clause (zc) of sub-section (2) of section 239; -Clause (zn) to clause (zs) of sub-section (2) of section 240 and -Section 249 |
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