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Insolvency and Bankruptcy Code: Law and Practice Insolvency and Bankruptcy Code: Law and Practice
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Insolvency and Bankruptcy Code: Law and Practice
by Akaant Kumar Mittal
Edition: 2021
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Insolvency and Bankruptcy Code: Law and Practice
Insolvency and Bankruptcy Code, 2016Bare Act (Print/eBook)
Corporate Insolvency Law and Practice
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Product Details:
Format: Hardback/eBook
Pages: 1559 pages
Publisher: Eastern Book Company
Language: English
ISBN: 9788194800439
Dimensions: 24.2 CM X 16 CM
Shipping Weight: 2.000(Kg)
Publisher Code: AE/043, EA/2256
Date Added: 2021-04-01
Search Category: Lawbooks,ebooks
Jurisdiction: Indian

Insolvency and Bankruptcy Code: Law and Practice by Akaant Kumar Mittal is a practitioner’s guide on the jurisprudence that has developed on the Insolvency and Bankruptcy Code, 2016 so far. The commentary deals with both corporate insolvency and individual-related insolvency and bankruptcy. It discusses the procedure stipulated under the IB Code along with the relevant Rules and Regulations framed by the Government and the Insolvency and Bankruptcy Board of India. The book touches upon the issues of cross-border insolvency and group insolvency. It covers almost all the decisions of the Supreme Court and National Company Law Appellate Tribunal along with rulings from different High Courts and National Company Law Tribunal Benches. The commentary discusses the interplay of the IB Code with different statutes such as arbitration law, SEBI, money laundering, etc.


In India’s otherwise infamous regulatory quagmire, the IBC stands out as a cohesive piece of legislation. The author documents this evolution of our nascent insolvency framework through a detailed appreciation of judicial decisions, and like an erudite academician, he subtly hints at future trends. Such a contrast in focus between the past and the future, progressiveness, and reflexivity, makes this commentary a must-read both for professionals seeking to transition from the old regime to the new, as well as for fresh entrants to the field of insolvency.


–Justice Surya Kant
Judge, Supreme Court of India


I find that this publication “Insolvency and Bankruptcy Code: Law and Practice” by Shri Akaant Kumar Mittal is an exemplary initiative in this direction. I am sure, this will prove to be a great resource for practitioners, policymakers, researchers and academics to understand in detail the change that is in the offing. I am certain that this will motivate more inquisitive minds to delve deeper into various aspects of the Code from an interdisciplinary perspective, enriching the Indian literature on bankruptcy and insolvency in the days ahead. It will also build institutional capacity in the economy to implement and contribute to the insolvency and bankruptcy reforms in the country in letter and spirit.


—Dr M.S. Sahoo
Chairperson, Insolvency and Bankruptcy Board of India


The author, Akaant Mittal has through this book, made a conscious attempt to make every reader aware of the rules and regulations of the existing insolvency laws in India. I am sure, this “Handbook” will be a useful addition to the Insolvency & Bankruptcy Law in India and will help every reader in having an in-depth knowledge of the existing insolvency regime. It is a very useful and well thought material for both practitioners and students. I wish this venture za great success.


—Prof. (Dr) Ranbir Singh
 Vice-Chancellor, National Law University, Delhi


Table Of Contents:

Table of Cases

  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 [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]
  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. Amendments to the Companies Act, 2013 [Section 255]
  59. Postscript on Suspension of Insolvency and Bankruptcy Code for Fresh Proceedings

Subject Index

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