Sage-Tips

Which section of insolvency and bankruptcy codes deals with the power and duties of liquidator 2016?

The liquidator shall form an estate of the assets mentioned in section 36(3) of Insolvency Code, 2016. These will be for the purposes of liquidation. These which will be called the ‘liquidation estate’ in relation to the corporate debtor – section 36(1) of Insolvency Code, 2016.

What are organizations to which the provision of insolvency and bankruptcy codes are 2016 applicable?

Applicability of the Code Any company incorporated under the Companies Act, 2013 or under any previous law. Any other company governed by any special act for the time being in force, except in so far as the said provision is inconsistent with the provisions of such Special Act.

When did the insolvency and bankruptcy code 2016?

It was passed by Lok Sabha on 5 May 2016 and by Rajya Sabha on 11 May 2016. The Code received the assent of the President of India on 28 May 2016.

When was the insolvency and bankruptcy code 2016 enacted?

The Code provides for designating the NCLT and the Debts Recovery Tribunal (DRT) as the Adjudicating Authorities for corporate persons, firms and individuals for resolution of insolvency, liquidation and bankruptcy. The Code was published in the Gazette of India dated 28.05. 2016.

When did the insolvency and bankruptcy code 2016 receive the President’s assent?

May 28th, 2016
The Insolvency and Bankruptcy Code, 2016 (“Code”) received President’s assent on May 28th, 2016.

When did the Insolvency & Bankruptcy Board come into force in India?

To this end, the Rajya Sabha passed the Code on 11th May 2016 and sections 188 to 194 of the Code relating to the constitution of the Insolvency & Bankruptcy Board (the “ Board ”) came into force on 5 August 2016

What is the insolvency and Bankruptcy Code (IBC)?

The I nsolvency and Bankruptcy Code, 2016 ( hereinafter referred to as ‘IBC’) was introduced for the consolidation of laws relating to reorganization and insolvency in a time bound manner. [1] This single codified framework has been brought in to unify the erstwhile laws relating to this subject matter, which were spread across numerous statues.

Does SARFAESI Act affect a creditor’s right to file under IBC?

IBC is independent from SARFAESI Act and it is because of this reason that proceedings under any other law do not affect the creditor’s right to file an application under IBC. This literature has successfully answered the first research question at hand, however, it does not talk about the remaining two, which shall be covered further.

What is SARFAESI Act 2002?

[3] On the other hand, The Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 ( hereinafter referred to as ‘SARFAESI Act’) was introduced for the purpose of allowing financial institutions to determine the asset quality in various ways. [4]