Insolvency and Bankruptcy Code: Law and Practice (In 2 Volumes)

The 2nd edition of Akaant Kumar Mittal has been thoroughly updated with the latest statutory amendments and case laws. The current edition is now in 2 volumes to encompass all the changes that have taken from the previous edition. Discussion on Section 1 to 32 of the Code has been included in Volume 1 whereas commentary from Section 34 onwards has been included in Volume 2. Volume 2 comes with additional write ups on Group Insolvency, Pre-Packaged Insolvency Process, Asset Reconstruction Companies and ILC Report of May 2022.

Reviews

"Insolvency and Bankruptcy Code: Law and Practice by Akaant Kumar Mittal is a meticulously researched treatise on the ever-evolving jurisprudence of the Code. The second edition (a testament to the enduring popularity of its precursor) covers important developments, such as introduction of Chapter III-A to the Code (on pre-packaged insolvency resolution process), with helpful parallels drawn with international practice. Mr Mittal provides a lucid explanation to each section, and painstakingly updates the case laws so as to stay true to the prevalent practice. He complements the same with his own analysis and predictions, which, backed by cogent reasoning, are significant."

- Justice S. Ravindra Bhat, Judge, Supreme Court of India

"I have had the occasion to peruse Akaant Kumar Mittal?s excellent commentary on the Insolvency and Bankruptcy Code, 2016. I commend the author on his comprehensive and detailed coverage of a wide topic."

- Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas

"The book, Insolvency and Bankruptcy Code: Law and Practice, 2nd edition by Akaant Kumar Mittal, published by Eastern Book Company will serve a lot to the members of a different fraternity of the legal profession involved in the field like company secretaries chartered accountants, law students and practising lawyers."

- Justice Pradeep Narhari Deshmukh Former Judge, Bombay High Court Member (Judicial) National Company Law Tribunal, Mumbai

Volume I
Chapters 1–33
1. Statement of Objects and Reasons [Preamble]
2. Title and Applicability of the Law [Section 1]
3. Definition Clause [Section 3(7), (8), (14), (16 to 18) and (23)]
4. Applicability of Part II Relating to Insolvency Resolution and Liquidation for Corporate Persons [Section 4]
5. Designation of Adjudicating Authority and Appellate Authority: National Company Law Tribunal and National Company Law Appellate Tribunal [Sections 5(1) and 61(1)]
6. Dispute [Section 5(6)]
7. Defining Financial Creditor and Financial Debt [Section 5(7) and (8)]
8.“Operational Debt” and “Operational Creditor” Section 5(20) and (21)]
9. Persons Who May Initiate Resolution Process [Section 6]
10. Financial Creditors [Section 7]
11. Homebuyers [Section 7]
12. Initiation of Resolution Process by an Operational Creditor [Sections 8 and 9]
13. Corporate Insolvency by Corporate Applicant [Section 10]
14. Disqualification under Section 11, IB Code [Section 11]
15. Time-Frame for Resolution Process [Section 12]
16. Withdrawal of Application Post-Admission [Section 12-A]
17. Declaration of Moratorium and Public Announcement [Section 13]
18. Imposition of Moratorium [Section 14]
19. Public Announcement of Corporate Insolvency Resolution Process [Section 15]
20. Appointment of Interim Resolution Professional and Resolution Professional and Their Fees and Costs [Sections 16 and 22]
21. Role and Duties of an Interim Resolution Professional and a Resolution Professional [Sections 17, 18, 20, 23 and 25]
22. Non-Cooperation by the Promoters: Directors [Section 19]
23. Formation of Committee of Creditors [Section 21]
24. Meeting of Committee of Creditors 826 [Section 24]
25. Authorised Representatives of Financial Creditors [Section 25-A]
26. Application for Avoidance of Transactions Not to Affect Proceedings [Section 26]
27. Removal of an Interim Resolution Professional and a Resolution Professional [Sections 27 and 22(2)]
28. Approval of Committee of Creditors for Certain Actions [Section 28]
29. Invitation for Expression of Interest and Information Memorandum [Section 29]
30. Persons Not Eligible to be Resolution Applicant [Section 29-A]
31. Submission of a Resolution Plan [Section 30]
32. Resolution Plans and Its Consideration by the Adjudicating Authority [Sections 31 and 32, 61(3) and (4), 62]
33. Liability of Corporate Debtor for Offences Committed Prior to Initiation of CIRP [Section 32-A]
Subject Index [Vol. I]

Volume II Chapters 34–62
34. Liquidation Process [Section 33]
35. Fast Track Corporate Insolvency Resolution Process [Sections 55–58]
36. Voluntary Liquidation [Section 59]
37. Adjudicating Authority for Corporate Persons [Section 60]
38. Appeals and Appellate Authority of NCLAT [Section 61]
39. Appeal to the Supreme Court [Section 62]
40. Ouster of Civil Court’s Jurisdiction and Disposal of Applications [Sections 63–64]
41. Fresh Start Process [Sections 78–93]
42. Insolvency Resolution Process Against Individuals and Firms [Sections 94–120]
43. Bankruptcy Order for Individuals and Partnership Firms [Sections 121–178]
44. Adjudicating Authority for Individuals and Firms [Sections 179–183]
45. Offences and Penalties [Sections 184–187]
46. Formation of Insolvency and Bankruptcy Board of India [Sections 188–198]
47. Insolvency Professional Agency and Insolvency Professional [Sections 199–208]
48. Information Utility [Sections 209–216]
49. Inspection and Investigation of IPAs, IPs and IUs [Sections 217–220]
50. Finance, Accounts and Audit [Sections 221–254]
51. Power of Central Government to Notify Financial Service Providers [Section 227]
52. Cross-Border Insolvency [Sections 234–235]
53. Interplay with Other Statutes and Non-Obstante Clause [Section 238]
54. Limitation [Section 238-A]
55. Micro, Small and Medium Enterprises Act [Section 240-A]
56. Power of Central Government to Remove Difficulties in the Working of the IB Code [Section 242]
57. Board of Industrial and Financial Reconstruction and Sick Industrial Companies Act [Section 252]
58.AmendmentstotheCompaniesAct,2013 [Section 255]
59. Postscript on the Insolvency Law Committee Report of May 2022
60. Pre-Packaged Insolvency Resolution Process
61. Asset Reconstruction Companies
62. Group Insolvency
Subject Index [Vol. II]