1. Short title, extent and commencement.4 2. Application.3 3. Definitions.37 4. Application of this Part.8 5. Definitions.38 6. Persons who may initiate corporate insolve…13 7. Initiation of corporate insolvency resolut…125 8. Insolvency resolution by operational credi…24 9. Application for initiation of corporate in…50 10. Initiation of corporate insolvency resolut…14 10A. Suspension of initiation of corporate inso…2 11. Persons not entitled to make application.1 11A. Disposal of applications under section 54C…12. Time-limit for completion of insolvency re…21 12A. Withdrawal of application admitted under s…18 13. Declaration of moratorium and public annou…10 14. Moratorium.71 15. Public announcement of corporate insolvenc…9 16. Appointment and tenure of interim resoluti…4 17. Management of affairs of corporate debtor …6 18. Duties of interim resolution professional.10 19. Personnel to extend co-operation to interi…2 20. Management of operations of corporate debt…2 21. Committee of creditors.14 22. Appointment of resolution professional.6 23. Resolution professional to conduct corpora…4 24. Meeting of committee of creditors.7 25. Duties of resolution professional.16 25A. Rights and duties of authorised representa…26. Application for avoidance of transactions …27. Replacement of resolution professional by …2 28. Approval of committee of creditors for cer…4 29. Preparation of information memorandum.8 29A. Person not eligible to be resolution appli…26 30. Submission of resolution plan.39 31. Approval of resolution plan.35 32. Appeal.2 32A. Liability for prior offences, etc.11 33. Initiation of liquidation.19 34. Appointment of liquidator and fee to be pa…4 35. Powers and duties of liquidator.6 36. Liquidation estate.5 37. Powers of liquidator to access information…1 38. Consolidation of claims.2 39. Verification of claims.40. Admission or rejection of claims.41. Determination of valuation of claims.42. Appeal against the decision of liquidator.43. Preferential transactions and relevant tim…9 44. Orders in case of preferential transaction…1 45. Avoidance of undervalued transactions.2 46. Relevant period for avoidable transactions…47. Application by creditor in cases of underv…1 48. Order in cases of undervalued transactions…3 49. Transactions defrauding creditors.3 50. Extortionate credit transactions.2 51. Orders of Adjudicating Authority in respec…52. Secured creditor in liquidation proceeding…4 53. Distribution of assets.18 54. Dissolution of corporate debtor.2 54-I. Committee of creditors.54-O. Initiation of corporate insolvency resolut…54A. Corporate debtors eligible for pre-package…54B. Duties of insolvency professional before i…54C. Application to initiate pre-packaged insol…54D. Time-limit for completion of pre-packaged …54E. Declaration of moratorium and public annou…54F. Duties and powers of resolution profession…54G. List of claims and preliminary information…54H. Management of affairs of corporate debtor.54J. Vesting management of corporate debtor wit…54K. Consideration and approval of resolution p…54L. Approval of resolution plan.54M. Appeal against order under section 54L.54N. Termination of pre-packaged insolvency res…54P. Application of provisions of Chapters II, …55. Fast track corporate insolvency resolution…56. Time period for completion of fast track c…1 57. Manner of initiating fast track corporate …58. Applicability of Chapter II to this Chapte…59. Voluntary liquidation of corporate persons…60. Adjudicating Authority for corporate perso…33 61. Appeals and Appellate Authority.45 62. Appeal to Supreme Court.61 63. Civil court not to have jurisdiction.4 64. Expeditious disposal of applications.1 65. Fraudulent or malicious initiation of proc…5 66. Fraudulent trading or wrongful trading.5 67. Proceedings under section 66.2 67A. Fraudulent management of corporate debtor …68. Punishment for concealment of property.69. Punishment for transactions defrauding cre…70. Punishment for misconduct in course of cor…71. Punishment for falsification of books of c…72. Punishment for wilful and material omissio…73. Punishment for false representations to cr…74. Punishment for contravention of moratorium…4 75. Punishment for false information furnished…76. Punishment for non-disclosure of dispute o…1 77. Punishment for providing false information…77A. Punishment for offences related to pre-pac…78. Application.79. Definitions.2 80. Eligibility for making an application.81. Application for fresh start order.1 82. Appointment of resolution professional.1 83. Examination of application by resolution p…84. Admission or rejection of application by A…85. Effect of admission of application.2 86. Objections by creditor and their examinati…87. Application against decision of resolution…88. General duties of debtor.89. Replacement of resolution professional.90. Directions for compliances of restrictions…91. Revocation of order admitting application.92. Discharge order.93. Standard of conduct.94. Application by debtor to initiate insolven…5 95. Application by creditor to initiate insolv…7 96. Interim moratorium.7 97. Appointment of resolution professional.2 98. Replacement of resolution professional.1 99. Submission of report by resolution profess…2 100. Admission or rejection of application.2 101. Moratorium.2 102. Public notice and claims from creditors.103. Registering of claims by creditors.104. Preparation of list of creditors.105. Repayment plan.106. Report of resolution professional on repay…107. Summoning of meeting of creditors.108. Conduct of meeting of creditors.109. Voting rights in meeting of creditors.110. Rights of secured creditors in relation to…111. Approval of repayment plan by creditors.112. Report of meeting of creditors on repaymen…113. Notice of decisions taken at meeting of cr…114. Order of Adjudicating Authority on repayme…115. Effect of order of Adjudicating Authority …1 116. Implementation and supervision of repaymen…117. Completion of repayment plan.118. Repayment plan coming to end prematurely.119. Discharge order.120. Standard of conduct.121. Application for bankruptcy.122. Application by debtor.1 123. Application by creditor.1 124. Effect of application.1 125. Appointment of insolvency professional as …126. Bankruptcy order.1 127. Validity of bankruptcy order.128. Effect of bankruptcy order.1 129. Statement of financial position.130. Public notice inviting claims from credito…131. Registration of claims.132. Preparation of list of creditors.133. Summoning of meeting of creditors.134. Conduct of meeting of creditors.135. Voting rights of creditors.136. Administration and distribution of estate …137. Completion of administration.138. Discharge order.5 139. Effect of discharge.140. Disqualification of bankrupt.141. Restrictions on bankrupt.1 142. Modification or recall of bankruptcy order…143. Standard of conduct.144. Fees of bankruptcy trustee.145. Replacement of bankruptcy trustee.146. Resignation by bankruptcy trustee.147. Vacancy in office of bankruptcy trustee.148. Release of bankruptcy trustee.149. Functions of bankruptcy trustee.150. Duties of bankrupt towards bankruptcy trus…151. Rights of bankruptcy trustee.152. General powers of bankruptcy trustee.153. Approval of creditors for certain acts.154. Vesting of estate of bankrupt in bankruptc…1 155. Estate of bankrupt.156. Delivery of property and documents to bank…157. Acquisition of control by bankruptcy trust…158. Restrictions on disposition of property.159. After-acquired property of bankrupt.160. Onerous property of bankrupt.161. Notice to disclaim onerous property.162. Disclaimer of leaseholds.163. Challenge against disclaimed property.164. Undervalued transactions.165. Preference transactions.166. Effect of order.167. Extortionate credit transactions.168. Obligations under contracts.169. Continuance of proceedings on death of ban…170. Administration of estate of deceased bankr…171. Proof of debt.172. Proof of debt by secured creditors.173. Mutual credit and set-off.2 174. Distribution of interim dividend.175. Distribution of property.176. Final dividend.177. Claims of creditors.178. Priority of payment of debts.179. Adjudicating authority for individuals and…1 180. Civil court not to have jurisdiction.181. Appeal to Debt Recovery Appellate Tribunal…182. Appeal to Supreme Court.183. Expeditious disposal of applications.184. Punishment for false information, etc., by…185. Punishment for contravention of provisions…186. Punishment for false information, concealm…187. Punishment for certain actions.188. Establishment and incorporation of Board.2 189. Constitution of Board.190. Removal of member from office.191. Powers of Chairperson.192. Meetings of Board.193. Member not to participate in meetings in c…194. Vacancies, etc., not to invalidate proceed…195. Power to designate financial sector regula…196. Powers and functions of Board.1 197. Constitution of advisory committee, execut…198. Condonation of delay.1 199. No person to function as insolvency profes…200. Principles governing registration of insol…201. Registration of insolvency professional ag…202. Appeal to National Company Law Appellate T…203. Governing Board of insolvency professional…204. Functions of insolvency professional agenc…205. Insolvency professional agencies to make b…206. Enrolled and registered persons to act as …207. Registration of insolvency professionals.208. Functions and obligations of insolvency pr…209. No person to function as information utili…210. Registration of information utility.211. Appeal to National Company Law Appellate T…212. Governing Board of information utility.213. Core services, etc., of information utilit…214. Obligations of information utility.215. Procedure for submission, etc., of financi…216. Rights and obligations of persons submitti…217. Complaints against insolvency professional…1 218. Investigation of insolvency professional a…1 219. Show cause notice to insolvency profession…220. Appointment of disciplinary committee.1 221. Grants by Central Government.222. Board’s Fund.223. Accounts and audit.224. Insolvency and Bankruptcy Fund.225. Power of Central Government to issue direc…226. Power of Central Government to supersede B…227. Power of Central Government to notify fina…2 228. Budget.229. Annual report.230. Delegation.1 231. Bar of jurisdiction.3 232. Members, officers and employees of Board t…233. Protection of action taken in good faith.234. Agreements with foreign countries.235. Letter of request to a country outside Ind…235A. Punishment where no specific penalty or pu…1 236. Trial of offences by Special Court.1 237. Appeal and revision.238. Provisions of this Code to override other …35 238A. Limitation.18 239. Power to make rules.7 240. Power to make regulations.5 240A. Application of this Code to micro, small a…1 241. Rules and regulations to be laid before Pa…242. Power to remove difficulties.243. Repeal of certain enactments and savings.244. Transitional provisions.245. Amendments of Act 9 of 1932.246. Amendments of Act 1 of 1944.247. Amendments of Act 43 of 1961.248. Amendments of Act 52 of 1962.249. Amendments of Act 51 of 1993.250. Amendments of Act 32 of 1994.251. Amendments of Act 54 of 2002.252. Amendments of Act 1 of 2004.2 253. Amendments of Act 51 of 2007.254. Amendments of Act 6 of 2009.255. Amendments of Act 18 of 2013.3

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250. Amendments of Act 32 of 1994.

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The Finance Act, 1994 shall be amended in the manner specified in the Sixth Schedule.

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