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IBC Section42

By |2019-05-23T17:27:59+05:30May 23rd, 2019|

Section - 42, Insolvency and Bankruptcy Code, 2016 Appeal against the decision of Liquidator. 2 42. A creditor may appeal to the Adjudicating Authority against the decision of the liquidator 3[accepting or] rejecting the claims within fourteen days of the receipt of such decision.

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IBC Section41

By |2019-05-23T17:27:49+05:30May 23rd, 2019|

Section - 41, Insolvency and Bankruptcy Code, 2016 Determination of valuation of claims 1 . 2 41. The liquidator shall determine the value of claims admitted under section 40 in such manner as may be specified by the Board. Click here [SECTION 42:- IBC ]

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IBC Section40

By |2019-05-23T14:34:21+05:30May 23rd, 2019|

Section - 40, Insolvency and Bankruptcy Code, 2016 Admission or rejection of claims. * 40. (1) The liquidator may, after verification of claims under section 39, either admit or reject the claim, in whole or in part, as the case may be: Provided that where the liquidator rejects a claim, he shall record in writing the reasons [...]

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IBC Section39

By |2019-05-23T13:59:55+05:30May 22nd, 2019|

Section - 39, Insolvency and Bankruptcy Code, 2016 Verification of claims. * 39. (1) The liquidator shall verify the claims submitted under section 38 within such time as specified by the Board. (2) The liquidator may require any creditor or the corporate debtor or any other person to produce any other document or evidence which he [...]

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IBC Section38

By |2019-05-22T18:27:04+05:30May 22nd, 2019|

Section - 38, Insolvency and Bankruptcy Code, 2016 Consolidation of claims. * 38. (1) The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process. (2) A financial creditor may submit a claim to the liquidator by providing a record of [...]

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IBC Section37

By |2019-05-22T17:37:29+05:30May 22nd, 2019|

Section - 37, Insolvency and Bankruptcy Code, 2016 Powers of Liquidator to access information. * 37. (1) Notwithstanding anything contained in any other law for the time being in force, the liquidator shall have the power to access any information systems for the purpose of admission and proof of claims and identification of the liquidation estate [...]

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IBC Section36

By |2019-05-22T17:33:55+05:30May 22nd, 2019|

Section - 36, Insolvency and Bankruptcy Code, 2016 Liquidation Estate. * 36. (1) For the purposes of liquidation, the liquidator shall form an estate of the assets mentioned in sub-section (3), which will be called the liquidation estate in relation to the corporate debtor. (2) The liquidator shall hold the liquidation estate as a fiduciary for [...]

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IBC Section35

By |2019-05-22T14:45:36+05:30May 22nd, 2019|

Section - 35, Insolvency and Bankruptcy Code, 2016 Powers and duties of Liquidator. 2 35. (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:— (a) to verify claims of all the creditors; (b) to take into his custody or control all the assets, property, effects and [...]

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IBC Section34

By |2019-05-22T14:43:48+05:30May 22nd, 2019|

Section - 34, Insolvency and Bankruptcy Code, 2016 Appointment of Liquidator and fee to be paid. 1 34. (1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolution process under 2[Chapter II shall, subject to submission of a written consent by [...]

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IBC Section33

By |2019-05-22T14:41:38+05:30May 22nd, 2019|

Section - 33, Insolvency and Bankruptcy Code, 2016 CHAPTER III LIQUIDATION PROCESS Initiation of Liquidation 3 . 4 33. (1) Where the Adjudicating Authority,— (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section12 or the fast track corporate insolvency resolution process under [...]

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