Taxmanns Insolvency and Bankruptcy Code Ready Reckoner Topicwise, crossreferenced commentary on 25+ topics of the IBC, alon

This book offers a comprehensive and detailed commentary on Insolvency and Bankruptcy laws in India, organised by topic for ease of reference. It encompasses an indepth analysis of the following key legislations: Insolvency and Bankruptcy Code, 2016 (IBC) Recovery of Debts and Bankruptcy Act, 1993 Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act)This book addresses the practical challenges that professionals encounter routinely, offering precise and complete information on all Insolvency and Bankruptcy law provisions. It is crafted to be an indispensable resource for a wide range of professionals and scholars, including: Legal Professionals and Corporate Lawyers Chartered Accountants and Financial Experts Company Secretaries and Cost Management Accountants Academics and Students in Law and FinanceThe Present Publication is the July 2024 Edition, authored by V.S. Datey. It is amended upto 10th June 2024 with the following noteworthy features: [Topicwise Commentary on 25+ Topics] The book provides a detailed and insightful commentary on more than 25 crucial topics within the Insolvency and Bankruptcy Code. Each topic is thoroughly examined to give a comprehensive understanding [Crossreferenced Analysis] This book features a crossreferenced analysis that links the IBC with pertinent Rules and Regulations, Judicial Pronouncements, Circulars, and Notifications. This approach ensures that readers have a holistic view and can understand the interconnections and implications of various legal provisions [Subject Index for Easy Navigation] The book includes a subject index to facilitate seamless navigation and quick reference. This index is designed to help readers easily locate specific topics and provisions, thereby enhancing the usability and accessibility of the contentThe contents of the book are as follows: Declining Stage of an Organisationo This chapter discusses the early signs of organisational decline, the overall scheme of the Insolvency and Bankruptcy Code, its overriding effect over other laws, and the applicability of the Limitation Act in insolvency proceedings before NCLT or NCLAT. It also covers relevant provisions of the Companies Act, the role and functions of the Insolvency and Bankruptcy Board of India (IBBI), adjudicating authorities, and Information Utilities (IU). Additionally, it analyses the Insolvency and Bankruptcy Fund, revamped windingup provisions, transitory provisions for shifting from windingup to insolvency, and lenders options under SARFAESI and DRT Insolvency Professionalo This chapter provides an indepth look at the roles and regulations for insolvency professionals, including the Insolvency Professional Agency (IPA), the qualifications and responsibilities of Insolvency Professionals (IP), the panel of insolvency professionals recommended to NCLT as Interim Resolution Professionals or Liquidators, and Insolvency Professional Entities Insolvency Resolution of Corporate Personso The chapter details the procedures and legal requirements for initiating and conducting the Corporate Insolvency Resolution Process (CIRP). It covers initiation by financial creditors, operational creditors, and corporate applicants, special provisions for real estate projects, and initiation against corporate or personal guarantors. It also elaborates on the appointment of Interim Resolution Professionals, subsequent procedures before NCLT, and conditions for withdrawing an application after admission Conducting Corporate Insolvency Resolution Processo This chapter guides readers through the CIRP stages, including the declaration of moratorium, public announcements, appointment and tenure of interim resolution professionals, submission of proof of claims, and the formation and functions of the Committee of Creditors (CoC). It also discusses the powers and duties of resolution professionals, preparation of information memorandums, and protections for insolvency resolution professionals regarding previous transactions. Special provisions for NonBanking Financial Companies (NBFCs) with assets of Rs. 500 crore or more are included Resolution Plan by Resolution Applicanto This chapter outlines the submission, evaluation, approval, and implementation of resolution plans. It covers ineligible resolution applicants, invitations for expression of interest, submission of resolution plans, insolvency resolution process costs, approval by the CoC, and submission of the plan to the Adjudicating Authority. It also discusses the assistance of district administration in implementing the resolution plan, the effects of the resolution plan being rejected by NCLT, appeal mechanisms, immunity from prosecution, and protections against actions related to offences committed before the CIRP Fast Track Corporate Insolvency Resolution Processo This chapter provides a focused look at the fasttrack process designed for quicker resolution of insolv