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Enforcement Status

Annexure-1
(Sections enforced)


Section No Section Name Effective Date
PART-I
PRELIMINARY
Section 1 Short title, extent and commencement. 28 May 2016
Clauses (a) to (d) of section 2 relating to insolvency other than voluntary liquidation Application 01 December 2016
Clauses (a) to (d) of section 2 relating to voluntary liquidation or bankruptcy Application 01 April 2017
Section 3 Definitions
clause (1) “Board” 19 August 2016
clause (2) “bench” 01 November 2016
clause (3) “bye-laws” 01 November 2016
clause (4) “charge” 01 November 2016
clause (5) “Chairperson” 19 August 2016
clause (6) “claim” 01 November 2016
clause (7) “corporate person” 01 November 2016
clause (8) “corporate debtor” 01 November 2016
clause (9) “core services” 01 November 2016
clause (10) “creditor” 01 November 2016
clause (11) “debt” 01 November 2016
clause (12) “default” 01 November 2016
clause (13) “financial information” 01 November 2016
clause (14) “financial institution” 01 November 2016
clause (15) “financial product” 01 November 2016
clause (16) “financial service” 01 November 2016
clause (17) “financial service provider” 01 November 2016
clause (18) “financial sector regulator” 01 November 2016
clause (19) “insolvency professional” 01 November 2016
clause (20) “insolvency professional agency” 01 November 2016
clause (21) “information utility” 01 November 2016
clause (22) “notification” 19 August 2016
clause (23) “person” 01 November 2016
clause (24) “person resident in India” 01 November 2016
clause (25) “person resident outside India” 01 November 2016
clause (26) “prescribed” 19 August 2016
clause (27) “property” 01 November 2016
clause (28) “regulations” 19 August 2016
clause (29) “Schedule” 01 November 2016
clause (30) “secured creditor” 01 November 2016
clause (31) “security interest” 01 November 2016
clause (32) “specified” 01 November 2016
clause (33) “transaction” 01 November 2016
clause (34) “transfer” 01 November 2016
clause (35) “transfer of property” 01 November 2016
clause (36) “workman” 01 November 2016
clause (37) words and expressions 19 August 2016
PART-II
INSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS
CHAPTER-I
PRELIMINARY
Section 4 Application of this Part 01 December 2016
Section 5 Definitions 01 December 2016
CHAPTER-II
CORPORATE INSOLVENCY RESOLUTION PROCESS
Section 6 Persons who may initiate corporate insolvency resolution process 01 December 2016
Section 7 Initiation of corporate insolvency resolution process by financial creditor 01 December 2016
Section 8 Insolvency resolution by operational creditor 01 December 2016
Section 9 Application for initiation of corporate insolvency resolution process by operational creditor 01 December 2016
Section 10 Initiation of corporate insolvency resolution process by corporate applicant 01 December 2016
Section 11 Persons not entitled to make applications 01 December 2016
Section 12 Time-limit for completion of insolvency resolution process 01 December 2016
Section 13 Declaration of moratorium and public announcement 01 December 2016
Section 14 Moratorium 01 December 2016
Section 15 Public announcement of corporate insolvency resolution process 01 December 2016
Section 16 Appointment and tenure of interim resolution professional 01 December 2016
Section 17 Management of affairs of corporate debtor by interim resolution professional 01 December 2016
Section 18 Duties of interim resolution professional 01 December 2016
Section 19 Personnel to extend co-operation to interim resolution professional 01 December 2016
Section 20 Management of operations of corporate debtor as going concern 01 December 2016
Section 21 Committee of creditors 01 December 2016
Section 22 Appointment of resolution professional 01 December 2016
Section 23 Resolution professional to conduct corporate insolvency resolution process 01 December 2016
Section 24 Meeting of committee of creditors 01 December 2016
Section 25 Duties of resolution professional 01 December 2016
Section 26 Application for avoidance of transaction not to affect proceedings 01 December 2016
Section 27 Replacement of resolution professional by committee of creditors 01 December 2016
Section 28 Approval of committee of creditors for certain actions 01 December 2016
Section 29 Preparation of information memorandum 01 December 2016
Section 30 Submission of resolution plan 01 December 2016
Section 31 Approval of resolution plan 01 December 2016
Section 32 Appeal 01 December 2016
CHAPTER-III
LIQUIDATION PROCESS
Section 33 Initiation of liquidation 15 December 2016
Section 34 Appointment of liquidator and fee to be paid 15 December 2016
Section 35 Powers and duties of liquidator 15 December 2016
Section 36 Liquidation estate 15 December 2016
Section 37 Powers of liquidator to access information 15 December 2016
Section 38 Consolidation of claims 15 December 2016
Section 39 Verification of claims 15 December 2016
Section 40 Admission or rejection of claims 15 December 2016
Section 41 Determination of valuation of claims 15 December 2016
Section 42 Appeal against the decision of liquidator 15 December 2016
Section 43 Preferential transactions and relevant time 15 December 2016
Section 44 Orders in case of preferential transactions 15 December 2016
Section 45 Avoidance of undervalued transactions 15 December 2016
Section 46 Relevant period for avoidable transactions 15 December 2016
Section 47 Application by creditor in cases of undervalued transactions 15 December 2016
Section 48 Order in cases of undervalued transactions 15 December 2016
Section 49 Transactions defrauding creditors 15 December 2016
Section 50 Extortionate credit transactions 15 December 2016
Section 51 Orders of Adjudicating Authority in respect of extorionate credit transactions 15 December 2016
Section 52 Secured creditor in liquidation proceedings 15 December 2016
Section 53 Distribution of assets 15 December 2016
Section 54 Dissolution of corporate debtor 15 December 2016
CHAPTER-IV
FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS
Section 55 Fast track corporation insolvency resolution process 14 June 2017
Section 56 Time period for completion of fast track corporate insolvency resolution process 14 June 2017
Section 57 Manner of initiating fast track corporate insolvency resolution process 14 June 2017
Section 58 Applicability of Chapter II to this Chapter 14 June 2017
CHAPTER-V
VOLUNTARY LIQUIDATION OF CORPORATE PERSONS
Section 59 Voluntary liquidation of corporate persons 01 April 2017
CHAPTER-VI
ADJUDICATING AUTHORITY FOR CORPORATE PERSONS
Section 60 Adjudicating Authority for corporate persons 01 December 2016
Section 61 Appeals and Appellate Authority 01 December 2016
Section 62 Appeal to Supreme Court 01 December 2016
Section 63 Civil court not to have jurisdiction 01 December 2016
Section 64 Expeditious disposal of applications 01 December 2016
Section 65 Fraudulent or malicious initiation of proceedings 01 December 2016
Section 66 Fraudulent trading or wrongful trading 01 December 2016
Section 67 Proceedings under section 66 01 December 2016
CHAPTER-VII
OFFENCES AND PENALTIES
Section 68 Punishment for concealment of property 01 December 2016
Section 69 Punishment for transactions defrauding creditors 01 December 2016
Section 70 Punishment for misconduct in course of corporate insolvency resolution process 01 December 2016
Section 71 Punishment for falsification of books of corporate debtor 01 December 2016
Section 72 Punishment for willful and material omissions from statements relating to affairs of corporate debtor 01 December 2016
Section 73 Punishment for false representation to creditors 01 December 2016
Section 74 Punishment for contravention of moratorium or the resolution plan 01 December 2016
Section 75 Punishment for false information furnished in application 01 December 2016
Section 76 Punishment for non-disclosure of dispute or repayment of debt by operational creditor 01 December 2016
Section 77 Punishment for providing false information in application made by corporate debtor 01 December 2016
PART-IV
REGULATION OF INSOLVENCY PROFESSIONALS, AGENCIES AND INFORMATION UTILITIES
CHAPTER-I
THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
Section 188 Establishment and incorporation of Board 05 August 2016
Section 189 Constitution of Board. 05 August 2016
Section 190 Removal of member from office. 05 August 2016
Section 191 Powers of Chairperson. 05 August 2016
Section 192 Meetings of Board. 05 August 2016
Section 193 Member not to participate in meetings in certain cases. 05 August 2016
Section 194 Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board. 05 August 2016
CHAPTER-II
POWERS AND FUNCTIONS OF THE BOARD
Section 196 Powers and functions of Board 01 November 2016
Section 197 Constitution of advisory committee, executive committee or other committee 01 November 2016
Section 198 Condonation of delay 01 December 2016
CHAPTER-III
INSOLVENCY PROFESSIONAL AGENCIES
Section 199 No person to function as insolvency professional agency without valid certificate of registration 15 November 2016
Section 200 Principles governing registration of insolvency professional agency 15 November 2016
Section 201 Registration of insolvency professional agency 15 November 2016
Section 202 Appeal to National Company Law Appellate Tribunal 15 November 2016
Section 203 Governing Board of insolvency professional agency 15 November 2016
Section 204 Functions of insolvency professional agencies 15 November 2016
Section 205 Insolvency professional agencies to make bye-laws 15 November 2016
CHAPTER-IV
INSOLVENCY PROFESSIONALS
Section 206 Enrolled and registered persons to act as insolvency professionals 15 November 2016
Section 207 Registration of insolvency professionals 15 November 2016
Clauses (c) and (e) of sub-section (1) of section 208 Functions and obligations of insolvency professionals 15 November 2016
Sub-section (2) of section 208 Functions and obligations of insolvency professionals 15 November 2016
CHAPTER-V
INFORMATION UTILITIES
Section 209 No person to function as information utility without certificate of registration 01 April 2017
Section 210 Registration of information utility 01 April 2017
Section 211 Appeal to National Company Law Appellate Tribunal 01 April 2017
Section 212 Governing Board of information utility 01 April 2017
Section 213 Core services, etc., of information utilities 01 April 2017
Section 214 Obligations of information utility 01 April 2017
Section 215 Procedure for submission, etc., of financial information 01 April 2017
Sub-section (1) of section 216 Rights and obligations of persons submitting financial information 01 April 2017
CHAPTER-VI
INSPECTION AND INVESTIGATION
Section 217 Complaints against insolvency professional agency or its member or information utility 15 November 2016
Section 218 Investigation of insolvency professional agency or its member or information utility 15 November 2016
Section 219 Show cause notice to insolvency professional agency or its member or information utility 15 November 2016
Section 220 Appointment of disciplinary committee 15 November 2016
CHAPTER-VII
FINANCE, ACCOUNTS AND AUDIT
Section 221 Grants by Central Government. 19 August 2016
Section 222 Board’s Fund. 19 August 2016
Section 223 Accounts and Audit 01 November 2016
PART-V
MISCELLENEOUS
Section 225 Power of Central Government to issue directions. 19 August 2016
Section 226 Power of Central Government to supersede Board. 19 August 2016
Section 230 Delegation. 19 August 2016
Section 231 Bar of jurisdiction 01 December 2016
Section 232 Members, officers and employees of Board to the public servants. 19 August 2016
Section 233 Protection of action taken in good faith. 19 August 2016
Section 234 Agreements with foreign countries 01 April 2017
Section 235 Letter of request to a country outside India in certain cases 01 April 2017
Section 236 Trial of offences by Special Court 01 December 2016
Section 237 Appeal and revision 01 December 2016
Section 238 Provisions of this Code to override other laws 01 December 2016
Clause (a) to clause (f) of sub-section (2) of section 239 Power to make rules. 01 December 2016
Sub-section (1) and clause (zd) of sub-section (2) of section 239 Power to make rules. 19 August 2016
Clauses (ze) to (zh) and clauses (zl) to (zm) of sub-section (2) of section 239 Power to make rules. 01 November 2016
Sub-section (1) and clause (zt) of sub-section (2) of section 240 Power to make regulations. 19 August 2016
Clauses (a) to (zm) and clauses (zu) to (zzzc) of sub-section (2) of section 240 Power to make regulations. 01 November 2016
Section 241 Rules and regulations to be laid before Parliament. 19 August 2016
Section 242 Power to remove difficulties. 19 August 2016
Section 244 Transitional provisions 01 November 2016
Section 246 Amendments of Act 1 of 1944 01 November 2016
Section 247 Amendments of Act 43 of 1961 01 November 2016
Section 248 Amendments of Act 52 of 1962 01 November 2016
Section 250 Amendments of Act 32 of 1994 01 November 2016
Section 251 Amendments of Act 54 of 2002 15 November 2016
Section 252 Amendments of Act 1 of 2004 01 November 2016
Section 253 Amendments of Act 51 of 2007 15 November 2016
Section 254 Amendments of Act 6 of 2009 15 November 2016
Section 255 Amendments of Act 18 of 2013 15 November 2016

Annexure-2
(Sections not yet enforced)


Section No Section Name
PART-I
PRELIMINARY
Clause (e) of section 2 Application
PART-III
INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
CHAPTER-I
PRELIMINARY
Section 78 Application.
Section 79 Definitions.
CHAPTER-II
FRESH START PROCESS
Section 80 Eligibility for making an application.
Section 81 Application for fresh start order.
Section 82 Appointment of resolution professional.
Section 83 Examination of application by resolution professional.
Section 84 Admission or rejection of application by Adjudicating Authority.
Section 85 Effect of admission of application.
Section 86 Objections by creditor and their examination by resolution professional.
Section 87 Application against decision of resolution professional.
Section 88 General duties of debtor.
Section 89 Replacement of resolution professional.
Section 90 Directions for compliances of restrictions, etc.
Section 91 Revocation of order admitting application.
Section 92 Discharge order.
Section 93 Standard of conduct.
CHAPTER-III
INSOLVENCY RESOLUTION PROCESS
Section 94 Application by debtor to initiate insolvency resolution process.
Section 95 Application by creditor to initiate insolvency resolution process.
Section 96 Interim moratorium.
Section 97 Appointment of resolution professional.
Section 98 Replacement of resolution professional.
Section 99 Submission of report by resolution professional.
Section 100 Admission or rejection of application.
Section 101 Moratorium.
Section 102 Public notice and claims from creditors.
Section 103 Registering of claims by creditors.
Section 104 Preparation of list of creditors.
Section 105 Repayment plan.
Section 106 Report of resolution professional on repayment plan.
Section 107 Summoning of meeting of creditors.
Section 108 Conduct of meeting of creditors.
Section 109 Voting rights in meeting of creditors.
Section 110 Rights of secured creditors in relation to repayment plan.
Section 111 Approval of repayment plan by creditors.
Section 112 Report of meeting of creditors on repayment plan.
Section 113 Notice of decisions taken at meeting of creditors.
Section 114 Order of Adjudicating Authority on repayment plan.
Section 115 Effect of order of Adjudicating Authority on repayment plan.
Section 116 Implementation and supervision of repayment plan.
Section 117 Completion of repayment plan.
Section 118 Repayment plan coming to end prematurely.
Section 119 Discharge order.
Section 120 Standard of conduct.
CHAPTER-IV
BANKRUPTCY ORDER FOR INDIVIDUALS AND PERTNERSHIP FIRMS
Section 121 Application for bankruptcy.
Section 122 Application by debtor.
Section 123 Application by creditor.
Section 124 Effect of application.
Section 125 Appointment of insolvency professional as bankruptcy trustee.
Section 126 Bankruptcy order.
Section 127 Validity of bankruptcy order.
Section 128 Effect of bankruptcy order.
Section 129 Statement of financial position.
Section 130 Public notice inviting claims from creditors.
Section 131 Registration of claims.
Section 132 Preparation of list of creditors.
Section 133 Summoning of meeting of creditors.
Section 134 Conduct of meeting of creditors.
Section 135 Voting rights of creditors.
Section 136 Administration and distribution of estate of bankrupt.
Section 137 Completion of administration.
Section 138 Discharge order.
Section 139 Effect of discharge.
Section 140 Disqualification of bankrupt.
Section 141 Restrictions on bankrupt.
Section 142 Modification or recall of bankruptcy order.
Section 143 Standard of conduct.
Section 144 Fees of bankruptcy trustee.
Section 145 Replacement of bankruptcy trustee.
Section 146 Resignation by bankruptcy trustee.
Section 147 Vacancy in office of bankruptcy trustee.
Section 148 Release of bankruptcy trustee.
CHAPTER-V
ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT
Section 149 Functions of bankruptcy trustee.
Section 150 Duties of bankrupt towards bankruptcy trustee.
Section 151 Rights of bankruptcy trustee.
Section 152 General powers of bankruptcy trustee.
Section 153 Approval of creditors for certain acts.
Section 154 Vesting of estate of bankrupt in bankruptcy trustee.
Section 155 Estate of bankrupt.
Section 156 Delivery of property and documents to bankruptcy trustee.
Section 157 Acquisition of control by bankruptcy trustee.
Section 158 Restrictions on disposition of property.
Section 159 After-acquired property of bankrupt.
Section 160 Onerous property of bankrupt.
Section 161 Notice to disclaim onerous property.
Section 162 Disclaimer of leaseholds.
Section 163 Challenge against disclaimed property.
Section 164 Undervalued transactions.
Section 165 Preference transactions.
Section 166 Effect of order.
Section 167 Extortionate credit transactions.
Section 168 Obligations under contracts.
Section 169 Continuance of proceedings on death of bankrupt.
Section 170 Administration of estate of deceased bankrupt.
Section 171 Proof of debt.
Section 172 Proof of debt by secured creditors.
Section 173 Mutual credit and set-off.
Section 174 Distribution of interim dividend.
Section 175 Distribution of property.
Section 176 Final dividend.
Section 177 Claims of creditors.
Section 178 Priority of payment of debts.
CHAPTER-VI
ADJUDICATING AUTHORITY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
Section 179 Adjudicating Authority for individuals and partnership firms.
Section 180 Civil court not to have jurisdiction.
Section 181 Appeal to Debt Recovery Appellate Tribunal.
Section 182 Appeal to Supreme Court.
Section 183 Expeditious disposal of applications.
CHAPTER-VII
OFFENCES AND PENALITIES
Section 184 Punishment for false information, etc, by creditor in insolvency resolution process.
Section 185 Punishment for contravention of provisions.
Section 186 Punishment for false information, concealment, etc, by bankrupt.
Section 187 Punishment for certain actions.
PART-IV
REGULATION OF INSOLVENCY PROFESSIONALS, AGENCIES AND INFORMATION UTILITIES
CHAPTER-I
THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
Section 195 Power to designate financial sector regulator.
CHAPTER-IV
INSOLVENCY PROFESSIONALS
Clauses (a), (b) and (d) of sub-section (1) of section 208 Functions and obligations of insolvency professionals
CHAPTER-V
INFORMATION UTILITIES
Sub-section (2) of section 216 Rights and obligations of persons submitting financial information.
PART-V
MISCELLENEOUS
Section 224 Insolvency and Bankruptcy Fund.
Section 227 Power of Central Government to notify financial service providers, etc.
Section 228 Budget.
Section 229 Annual report.
Clauses (g) to (zc), clauses (zi) to (zk) and clause (zn) of sub-section (2) of section 239 Power to make rules.
clauses (zn) to (zs) of sub-section (2) of section 240 Power to make regulations.
Section 243 Repeal of certain enactments and savings.
Section 245 Amendments of Act 9 of 1932.
Section 249 Amendments of Act 51 of 1993.