Daily Archives: December 11, 2016

Section – 54 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 54 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Dissolution of corporate debtor. 54. (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such… Read More »

Section – 53 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 53 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Distribution of assets. 53. (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from the… Read More »

Section – 52 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 52 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Secured creditor in liquidation proceedings. 52. (1) A secured creditor in the liquidation proceedings may— (a) relinquish its security interest to the liquidation estate and receive proceeds from the sale of assets… Read More »

Section – 51 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 51 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Orders of Adjudicating Authority in respect of extortionate credit transactions. 51. Where the Adjudicating Authority after examining the application made under sub-section (1) of section 50 is satisfied that the terms of… Read More »

Section – 50 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 50 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Extortionate credit transactions. 50. (1) Where the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years… Read More »

Section – 49 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 49 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Extortionate credit transactions. 50. (1) Where the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years… Read More »

Section – 48 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 48 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Order in cases of undervalued transactions. 48. (1) The order of the Adjudicating Authority under sub-section (1) of section 45 may provide for the following:— (a) require any property transferred as part… Read More »

Section – 47 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 47 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Application by creditor in cases of undervalued transactions. 47. (1) Where an undervalued transaction has taken place and the liquidator or the resolution professional as the case may be, has not reported… Read More »

Section – 46 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 46 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Relevant period for avoidable transactions. 46. (1) In an application for avoiding a transaction at undervalue, the liquidator or the resolution professional, as the case may be, shall demonstrate that— (i) such… Read More »

Section – 45 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 45 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Avoidance of undervalued transactions. 45. (1) If the liquidator or the resolution professional, as the case may be, on an examination of the transactions of the corporate debtor referred to in sub-section… Read More »