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div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox"><tbody><tr><th colspan="2" class="infobox-above" style="background-color: #ededed">The Insolvency and Bankruptcy Code, 2016</th></tr><tr><th colspan="2" class="infobox-header" style="background-color: #ededed"><a href="/wiki/Parliament_of_India" title="Parliament of India">Parliament of India</a></th></tr><tr><td colspan="2" class="infobox-full-data"><div class="collapsible-list mw-collapsible" style="text-align: left;"> <div style="line-height: 1.6em; font-weight: bold; font-weight:normal;background:transparent;text-align:center;"><div style="margin: 0 4em"><b><a href="/wiki/Long_title" class="mw-redirect" title="Long title">Long title</a></b></div></div> <ul class="mw-collapsible-content" style="margin-top: 0; margin-bottom: 0; line-height: inherit; list-style: none; margin-left: 0;"><li style="line-height: inherit; margin: 0"> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto. </div> </li></ul> </div></td></tr><tr><th scope="row" class="infobox-label">Citation</th><td class="infobox-data"><a rel="nofollow" class="external text" href="http://mca.gov.in/Ministry/pdf/Insolvency&BankruptcyCode2016_12042019.pdf">Act No. 31 of 2016</a></td></tr><tr><th scope="row" class="infobox-label">Territorial extent</th><td class="infobox-data"><a href="/wiki/India" title="India">India</a></td></tr><tr><th scope="row" class="infobox-label">Passed by</th><td class="infobox-data"><a href="/wiki/Lok_Sabha" title="Lok Sabha">Lok Sabha</a></td></tr><tr><th scope="row" class="infobox-label">Passed</th><td class="infobox-data">5 May 2016</td></tr><tr><th scope="row" class="infobox-label">Passed by</th><td class="infobox-data"><a href="/wiki/Rajya_Sabha" title="Rajya Sabha">Rajya Sabha</a></td></tr><tr><th scope="row" class="infobox-label">Passed</th><td class="infobox-data">11 May 2016</td></tr><tr><th scope="row" class="infobox-label">Assented to</th><td class="infobox-data">28 May 2016</td></tr><tr><th scope="row" class="infobox-label">Commenced</th><td class="infobox-data">28 May 2016</td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #ededed">Legislative history</th></tr><tr><th colspan="2" class="infobox-header" style="background-color: #ededed">First chamber: <a href="/wiki/Lok_Sabha" title="Lok Sabha">Lok Sabha</a></th></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Bill_(proposed_law)" class="mw-redirect" title="Bill (proposed law)">Bill</a> title</th><td class="infobox-data">The Insolvency and Bankruptcy Code, 2016</td></tr><tr><th scope="row" class="infobox-label">Bill citation</th><td class="infobox-data"><a rel="nofollow" class="external text" href="http://www.prsindia.org/uploads/media/Bankruptcy/Insolvency%20and%20Bankruptcy%20code,%202015.pdf">Bill No. 349 of 2015</a></td></tr><tr><th scope="row" class="infobox-label">Introduced by</th><td class="infobox-data"><a href="/wiki/Arun_Jaitley" title="Arun Jaitley">Arun Jaitley</a></td></tr><tr><th scope="row" class="infobox-label">Introduced</th><td class="infobox-data">21 December 2015</td></tr><tr><th scope="row" class="infobox-label">Committee report</th><td class="infobox-data"><a rel="nofollow" class="external text" href="http://www.prsindia.org/uploads/media/Bankruptcy/JC%20Report%20on%20Insolvency%20and%20Bankruptcy%20Code.pdf">Report of the Joint Committee</a></td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #ededed">Final stages</th></tr><tr><th scope="row" class="infobox-label">Reported from <a href="/wiki/Conference_committee" class="mw-redirect" title="Conference committee">conference committee</a></th><td class="infobox-data">28 April 2016</td></tr><tr><td colspan="2" class="infobox-below" style="background-color:#AAF0D1;"><b>Status:</b> In force</td></tr></tbody></table> <style 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.sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1202158006">.mw-parser-output .law-sidebar .sidebar-heading{background:#aaddff;color:#000}.mw-parser-output .law-sidebar .sidebar-above{font-weight:normal}.mw-parser-output .law-sidebar .sidebar-below{padding:0.4em;border-top:1px #aaa solid;font-weight:normal;font-size:smaller}</style><table class="sidebar nomobile nowraplinks hlist law-sidebar"><tbody><tr><th class="sidebar-title"><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></th></tr><tr><td class="sidebar-image"><figure class="mw-halign-center" typeof="mw:File"><a href="/wiki/File:Peter_Paul_Rubens_(1577-1640)_(style_of)_-_A_Hand_Holding_an_Empty_Purse,_The_Emblem_of,_%E2%80%98No_suffering_can_compare%27_(with_that_of_the_bankrupt_spendthrift)_-_1298194_-_National_Trust.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/100px-thumbnail.jpg" decoding="async" width="100" height="131" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/150px-thumbnail.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/200px-thumbnail.jpg 2x" data-file-width="915" data-file-height="1200" /></a><figcaption></figcaption></figure></td></tr><tr><th class="sidebar-heading"> Processes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_(law)" title="Administration (law)">Administration</a></li> <li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Chapter_7,_Title_11,_United_States_Code" title="Chapter 7, Title 11, United States Code">Chapter 7 (US)</a></li> <li><a href="/wiki/Company_voluntary_arrangement" title="Company voluntary arrangement">CVA</a></li> <li><a href="/wiki/Conservatorship" title="Conservatorship">Conservatorship</a></li> <li><a href="/wiki/Dissolution_(law)" title="Dissolution (law)">Dissolution</a></li> <li><a href="/wiki/Examinership" title="Examinership">Examinership</a></li> <li><a href="/wiki/Individual_voluntary_arrangement" title="Individual voluntary arrangement">IVA</a></li> <li><a href="/wiki/Liquidation" title="Liquidation">Liquidation</a></li> <li><a href="/wiki/Provisional_liquidation" title="Provisional liquidation">Provisional liquidation</a></li> <li><a href="/wiki/Receivership" title="Receivership">Receivership</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Officials</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Insolvency_practitioner" title="Insolvency practitioner">Insolvency practitioner</a></li> <li><a href="/wiki/Tribunal" title="Tribunal">Tribunal</a></li> <li><a href="/wiki/Regulatory_agency" title="Regulatory agency">Regulatory agency</a></li> <li><a href="/wiki/Liquidator_(law)" title="Liquidator (law)">Liquidator</a></li> <li><a href="/wiki/Referee_in_Bankruptcy" title="Referee in Bankruptcy">Referee in Bankruptcy</a></li> <li><a href="/wiki/Trustee_in_bankruptcy" title="Trustee in bankruptcy">Trustee in bankruptcy</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Claimants</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Creditor" title="Creditor">Creditor</a></li> <li><a href="/wiki/Preferential_creditor" title="Preferential creditor">Preferential creditor</a></li> <li><a href="/wiki/Secured_creditor" title="Secured creditor">Secured creditor</a></li> <li><a href="/wiki/Unsecured_creditor" title="Unsecured creditor">Unsecured creditor</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Restructuring</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_in_United_Kingdom_law" title="Administration in United Kingdom law">Administration (UK)</a></li> <li><a href="/wiki/Chapter_11,_Title_11,_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11 (US)</a></li> <li><a href="/wiki/Cram_down" title="Cram down">Cram down</a></li> <li><a href="/wiki/Restructuring" title="Restructuring">Restructuring</a></li> <li><a href="/wiki/Scheme_of_arrangement" title="Scheme of arrangement">Scheme of arrangement</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Avoidance regimes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_conveyance" title="Fraudulent conveyance">Fraudulent conveyance</a></li> <li><a href="/wiki/Undervalue_transaction" title="Undervalue transaction">Undervalue transaction</a></li> <li><a href="/wiki/Unfair_preference" title="Unfair preference">Unfair preference</a></li> <li><a href="/wiki/Voidable_floating_charge" title="Voidable floating charge">Voidable floating charge</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Offences</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_trading" title="Fraudulent trading">Fraudulent trading</a></li> <li><a href="/wiki/Misfeasance" title="Misfeasance">Misfeasance</a></li> <li><a href="/wiki/Trading_while_insolvent" title="Trading while insolvent">Trading while insolvent</a></li> <li><a href="/wiki/Wrongful_trading" title="Wrongful trading">Wrongful trading</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Security</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Floating_charge" title="Floating charge">Floating charge</a></li> <li><a href="/wiki/Lien" title="Lien">Lien</a></li> <li><a href="/wiki/Mortgage" title="Mortgage">Mortgage</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien loan</a></li> <li><a href="/wiki/Security_interest" title="Security interest">Security interest</a></li></ul></td> </tr><tr><th class="sidebar-heading"> International</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Chapter_15,_Title_11,_United_States_Code" title="Chapter 15, Title 11, United States Code">Chapter 15 (US)</a></li> <li><a href="/wiki/Cross-border_insolvency" title="Cross-border insolvency">Cross-border insolvency</a></li> <li><a href="/wiki/Insolvency_Regulation" title="Insolvency Regulation">Insolvency Regulation</a></li> <li><a href="/wiki/UNCITRAL_Model_Law_on_Cross-Border_Insolvency" title="UNCITRAL Model Law on Cross-Border Insolvency">UNCITRAL Model Law</a></li></ul></td> </tr><tr><th class="sidebar-heading"> By country</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anguillan_bankruptcy_law" title="Anguillan bankruptcy law">Anguilla</a></li> <li><a href="/wiki/Australian_insolvency_law" title="Australian insolvency law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_bankruptcy_law" title="British Virgin Islands bankruptcy law">BVI</a></li> <li><a href="/wiki/Insolvency_law_of_Canada" title="Insolvency law of Canada">Canada</a></li> <li><a href="/wiki/Cayman_Islands_bankruptcy_law" title="Cayman Islands bankruptcy law">Cayman</a></li> <li><a href="/wiki/Bankruptcy_in_China" title="Bankruptcy in China">China</a></li> <li><a href="/wiki/Hong_Kong_insolvency_law" title="Hong Kong insolvency law">Hong Kong</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Code" class="mw-redirect" title="Insolvency and Bankruptcy Code">India</a></li> <li><a href="/wiki/Bankruptcy_Law_in_the_Republic_of_Ireland" title="Bankruptcy Law in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Insolvency_law_of_Russia" title="Insolvency law of Russia">Russia</a></li> <li><a href="/wiki/South_African_insolvency_law" title="South African insolvency law">South Africa</a></li> <li><a href="/wiki/Insolvency_law_of_Switzerland" title="Insolvency law of Switzerland">Switzerland</a></li> <li><a href="/wiki/United_Kingdom_insolvency_law" title="United Kingdom insolvency law">United Kingdom</a></li> <li><a href="/wiki/Bankruptcy_in_the_United_States" title="Bankruptcy in the United States">United States</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Other</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anti-deprivation_rule" title="Anti-deprivation rule">Anti-deprivation rule</a></li> <li><a href="/wiki/Bankruptcy_alternatives" title="Bankruptcy alternatives">Bankruptcy alternatives</a></li> <li><a href="/wiki/Creditors%27_rights" class="mw-redirect" title="Creditors' rights">Creditors' rights</a></li> <li><a href="/wiki/Chapter_9,_Title_11,_United_States_Code" title="Chapter 9, Title 11, United States Code">Chapter 9 (US)</a></li> <li><a href="/wiki/Debtor" title="Debtor">Debtor</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/Financial_distress" title="Financial distress">Financial distress</a></li> <li><a href="/wiki/History_of_bankruptcy_law" title="History of bankruptcy law">History of bankruptcy law</a></li> <li><a href="/wiki/List_of_bankrupts" title="List of bankrupts">List of bankrupts</a></li> <li><i><a href="/wiki/Pari_passu" title="Pari passu">Pari passu</a></i></li> <li><a href="/wiki/Pre-packaged_insolvency" title="Pre-packaged insolvency">Pre-packaged insolvency</a></li> <li><a href="/wiki/Sovereign_default" title="Sovereign default">Sovereign default</a></li> <li><a href="/wiki/Subordination_(finance)" title="Subordination (finance)">Subordination</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Insolvency" title="Template:Insolvency"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Insolvency" title="Template talk:Insolvency"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Insolvency" title="Special:EditPage/Template:Insolvency"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The <b>Insolvency and Bankruptcy Code, 2016</b> (<b>IBC</b>) is an <a href="/wiki/Law_of_India" title="Law of India">Indian law</a> which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Prior to the IBC, the legislative framework for insolvency and restructuring was fragmented across multiple legislations, such as the <a href="/wiki/Companies_Act_2013" title="Companies Act 2013">Companies Act 2013</a>, the Sick Industrial Companies (Special Provisions) Act, 1985, <a href="/wiki/Securitisation_and_Reconstruction_of_Financial_Assets_and_Enforcement_of_Security_Interest_Act,_2002" title="Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002">Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002</a>, the Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI Act), 1993, and others.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 22 August 2014, the <a href="/wiki/Ministry_of_Finance_(India)" title="Ministry of Finance (India)">Ministry of Finance</a> created the Bankruptcy Legislative Reforms Committee (BLRC). The committee was headed by <a href="/wiki/T._K._Viswanathan" title="T. K. Viswanathan">T. K. Viswanathan</a>, and tasked with drafting a new bankruptcy law. The Committee submitted its <a rel="nofollow" class="external text" href="https://ibbi.gov.in/uploads/resources/BLRCReportVol1_04112015.pdf">report</a>, which included a draft bill, on 4 November 2015. A modified version of the draft bill, after the incorporation of public comments, was introduced in the Sixteenth Lok Sabha Lok Sabha by Finance Minister <a href="/wiki/Arun_Jaitley" title="Arun Jaitley">Arun Jaitley</a> as the Insolvency and Bankruptcy Code, 2015.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The bill was tabled on 23 December 2015. A Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 (JPC) was set up and the bill was referred to it for detailed analysis. The JPC submitted its <a rel="nofollow" class="external text" href="https://ibbi.gov.in/uploads/resources/16_Joint_Committee_on_Insolvency_and_Bankruptcy_Code_2015_1.pdf">report</a>, which included a new draft of the Bill, 28 April 2016.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> It was passed by the Lok Sabha on 5 May 2016, and by the Rajya Sabha on 11 May 2016. Subsequently, it received assent from President <a href="/wiki/Pranab_Mukherjee" title="Pranab Mukherjee">Pranab Mukherjee</a> and was notified in <i><a href="/wiki/The_Gazette_of_India" title="The Gazette of India">The Gazette of India</a></i> on 28 May 2016.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Early_cases">Early cases</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=3" title="Edit section: Early cases"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first insolvency resolution order under this code was passed by <a href="/wiki/National_Company_Law_Tribunal" title="National Company Law Tribunal">National Company Law Tribunal</a> (NCLT) in the case of <i>Synergies-Dooray Automotive Ltd</i> on 14 August 2017. The plea for insolvency was submitted by company on 23 January 2017. The resolution plan was submitted to NCLT within a period of 180 days as required by the code, and the approval for the same was received on 2 August 2017 from the tribunal. The final order was uploaded on 14 August 2017 on the NCLT website.<sup id="cite_ref-lm0817_5-0" class="reference"><a href="#cite_note-lm0817-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The First case under Indian Insolvency law before Supreme Court was in <i><a rel="nofollow" class="external text" href="https://ibclaw.in/summary-of-innoventive-industries-ltd-vs-icici-bank-anr-judgment-of-supreme-court/">Innoventive Industries Ltd. v. ICICI Bank and Anr</a>.</i> </p> <div class="mw-heading mw-heading2"><h2 id="Key_Provisions">Key Provisions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=4" title="Edit section: Key Provisions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><b>Insolvency Resolution</b> : The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. For companies, the process will have to be completed in 180 days, which may be extended by 90 days, if a majority of the creditors agree. For start ups (other than partnership firms), small companies and other companies (with asset less than Rs. 1 crore), resolution process would be completed within 90 days of initiation of request which may be extended by 45 days.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>The Insolvency and Bankruptcy Code (Amendment) Act, 2019 has increased the mandatory upper Time limit of 330 days including time spent in legal process to complete resolution process.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p><b>Insolvency regulator</b>: The Code establishes the <a href="/wiki/Insolvency_and_Bankruptcy_Board_of_India" title="Insolvency and Bankruptcy Board of India">Insolvency and Bankruptcy Board of India</a>, to oversee the insolvency proceedings in the country and regulate the entities registered under it. The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the <a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a>.<sup id="cite_ref-:0_8-0" class="reference"><a href="#cite_note-:0-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p><b>Insolvency professionals</b>: The insolvency process will be managed by licensed professionals. These professionals will also control the assets of the debtor during the insolvency process.<sup id="cite_ref-:0_8-1" class="reference"><a href="#cite_note-:0-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p><b>Bankruptcy and Insolvency Adjudicator</b>: The Code proposes two separate tribunals to oversee the process of insolvency resolution, for individuals and companies: (i) the <a href="/wiki/National_Company_Law_Tribunal" title="National Company Law Tribunal">National Company Law Tribunal</a> for <a href="/wiki/Company" title="Company">Companies</a> and <a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited Liability Partnership firms</a>; and (ii) the Debt Recovery Tribunal for individuals and partnerships.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (August 2017)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Procedure">Procedure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=5" title="Edit section: Procedure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Time_Limit">Time Limit</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=6" title="Edit section: Time Limit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The IBC envisions that the entire Corporate Insolvency Resolution Process (CIRP) must take place within 180 days of the admission of the application. A CIRP must be mandatorily completed within 330 days, including any extension or litigation period.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Initiating_the_CIRP">Initiating the CIRP</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=7" title="Edit section: Initiating the CIRP"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the case of a corporate debtor, an application for insolvency proceedings must be submitted to the Adjudicating Authority (AA), which is the NCLT. The application may be filed by a financial creditor (Section 7), an operational creditor (Section 9), or the corporate debtor (Section 10) itself. Section 11 enumerates the persons <i>not entitled</i> to make an application, such as corporate debtor who was in a CIRP at the time of the application, or had been in one recently. </p><p>The maximum time allowed to consider the application is 14 days. If the application is allowed, the Adjudicating Authority: (i) declares a moratorium; (ii) causes a public announcement of the CIRP process and calls for the submission of claims; and (iii) appoints an Interim Resolution Professional (IRP). </p> <div class="mw-heading mw-heading3"><h3 id="Moratorium">Moratorium</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=8" title="Edit section: Moratorium"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On the date on which the insolvency commences, a <i>moratorium</i> is declared, and it remains in force until the end of the CIRP. The CIRP ends, either when the AA approves a resolution plan under Section 31(1), or when it passes a liquidation order under Section 33. The moratorium ensures that the CIRP has a free-rein and is the only mechanism through which claims are settled. It bars the institution of litigation against the corporate debtor, while at the same time suspending the corporate debtor's ability to move, sell, or transfer any of its assets. It bars actions both <i>by</i> and <i>against</i> the corporate debtor. However, the moratorium has certain exceptions, such as Section 14(2A), which allows the IRP to continue to supply of such goods and services as it considers necessary to preserve the value of the corporate debtor. </p><p>For the said period, the board of directors of the company stands suspended, and the promoters do not have a say in the management of the company. The IRP, if required, can seek the support of the company's management for day-to-day operations. If the CIRP fails in reviving the company, the liquidation process is initiated. </p> <div class="mw-heading mw-heading2"><h2 id="Amendments">Amendments</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=9" title="Edit section: Amendments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>2017 Amendment prohibits certain persons from submitting a resolution plan in case of defaults. These include: (i) wilful defaulters, (ii) promoters or management of the company if it has an outstanding non-performing debt for over a year, and (iii) disqualified directors, among others. Further, it bars the sale of property of a defaulter to such persons during liquidation.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="High-value_cases">High-value cases</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=10" title="Edit section: High-value cases"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable sortable"> <tbody><tr> <th>Company</th> <th>Debt</th> <th>Date of referral to NCLT </th> <th>Date of Resolution </th> <th>Recovery Amount </th> <th>Notes</th> <th>Reference </th></tr> <tr> <td><a href="/wiki/Essar_Steel" title="Essar Steel">Essar Steel</a></td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>490 billion</span> (US$5.9 billion)</td> <td>June 2017 </td> <td>Dec 2019 </td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>42,000 crore</span> (equivalent to <span style="white-space: nowrap">₹</span>520 billion or US$6.3 billion in 2023) </td> <td>SC delivered its final verdict and cleared way for Arcelor Mittal India and Nippon Steel Japan to form a joint venture to complete the takeover by end of Dec 2019.</td> <td><sup id="cite_ref-et0318_11-0" class="reference"><a href="#cite_note-et0318-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Bhushan_Steel" class="mw-redirect" title="Bhushan Steel">Bhushan Steel</a></td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>440 billion</span> (US$5.3 billion)</td> <td>26 July 2017 </td> <td>May 2018 </td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>36,400 crore</span> (equivalent to <span style="white-space: nowrap">₹</span>490 billion or US$5.8 billion in 2023) </td> <td>Tata Steel, through its wholly owned subsidiary Bamnipal Steel Ltd (BNPL), has acquired 72.65 per cent controlling stake in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore. The company was selected as the highest bidder in March 2018 to buy a controlling stake in Bhushan Steel, as part of bankruptcy proceedings.</td> <td><sup id="cite_ref-et0318_11-1" class="reference"><a href="#cite_note-et0318-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Bhushan_Power_%26_Steel" title="Bhushan Power & Steel">Bhushan Power & Steel</a></td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>492 billion</span> (US$5.9 billion)</td> <td>June 2017 </td> <td>March 2021 </td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>19,350 crore</span> (equivalent to <span style="white-space: nowrap">₹</span>220 billion or US$2.6 billion in 2023) </td> <td>After four years of litigation involving ED & previous owners, CoC has voted in favor of JSW Steel. The deal will be completed by end of March 2021.</td> <td><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Alok_Industries" title="Alok Industries">Alok Industries</a></td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>290 billion</span> (US$3.5 billion)</td> <td>June 2017 </td> <td>March 2019 </td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>5,050 crore</span> (equivalent to <span style="white-space: nowrap">₹</span>63 billion or US$750 million in 2023) </td> <td>Joint bid by Reliance Industries Limited (RIL) and <a href="/wiki/JM_Financial" title="JM Financial">JM Financial</a> Asset Reconstruction Co was approved by NCLT Ahmedabad last year.</td> <td><sup id="cite_ref-et0318_11-2" class="reference"><a href="#cite_note-et0318-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Jet_Airways" title="Jet Airways">Jet Airways</a></td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>146 billion</span> (equivalent to <span style="white-space: nowrap">₹</span>180 billion or US$2.2 billion in 2023) </td> <td>June 2019 </td> <td> </td> <td> </td> <td>CoC has accepted a ₹1,000-crore bid by a consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan on Oct 17, 2020.</td> <td><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Reliance_Communications" title="Reliance Communications">Reliance Communications</a></td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>33,000 crore</span> (equivalent to <span style="white-space: nowrap">₹</span>410 billion or US$4.9 billion in 2023) </td> <td>June 2019 </td> <td>Jan 2020 </td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>23,000 crore</span> (equivalent to <span style="white-space: nowrap">₹</span>270 billion or US$3.2 billion in 2023) </td> <td><a href="/wiki/Jio" title="Jio">Reliance Jio</a> will get the tower and fiber assets of Reliance Infratel Ltd for Rs 4,700 crore, UV Asset Reconstruction Co Ltd (UVARC) will get assets of RCom and Reliance Telecom (spectrum) for Rs 14,000 crore. </td> <td><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Dewan_Housing_Finance_Corporation" title="Dewan Housing Finance Corporation">Dewan Housing Finance Ltd</a> </td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>1,000 billion</span> (equivalent to <span style="white-space: nowrap">₹</span>1.2 trillion or US$15 billion in 2023) </td> <td>Nov 29, 2019 </td> <td>Jan 2021 </td> <td><span class="nowrap"><span style="white-space: nowrap">₹</span>38,000 crore</span> (equivalent to <span style="white-space: nowrap">₹</span>430 billion or US$5.1 billion in 2023) </td> <td>First financial company to be referred to NCLT under IBC by RBI. It was acquired by Piramal Group, and, according to the resolution plan, Piramal Capital and Housing Finance Ltd. (PCHFL) will merge with DHFL. </td> <td><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Reliance_Capital" title="Reliance Capital">Reliance Capital</a> </td> <td> </td> <td>6 December 2021 </td> <td> </td> <td> </td> <td> <ul><li>RBI superseded the board on Nov 29, 2021 with the intention of starting insolvency proceedings. The central bank appointed Nageswara Rao Y., a former executive director of Bank of Maharashtra, as the company's administrator.</li> <li>The Committee of Creditors (COC) has decided to reject all the binding bids. The COC is now considering sending Reliance Capital to liquidation, under the newly introduced regulation 6(A) of the IBC, whereby each individual business can be sold separately.</li></ul> </td> <td><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Future_Group" title="Future Group">Future Retail</a> </td> <td> </td> <td>Pending Admission to NCLT </td> <td> </td> <td> </td> <td>Lenders have picked a Resolution Professional and are preparing to get the company admitted NCLT proceedings after the company defaulted on Rs 3,495 crore of loans in January as per the terms of a one-time restructuring deal. </td> <td><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=11" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.mondaq.com/advicecentre/content/3750/The-Journey-of-Insolvency-Bankruptcy-Code">"The Journey of Insolvency & Bankruptcy Code"</a>. <i>www.mondaq.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">31 March</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.mondaq.com&rft.atitle=The+Journey+of+Insolvency+%26+Bankruptcy+Code&rft_id=https%3A%2F%2Fwww.mondaq.com%2Fadvicecentre%2Fcontent%2F3750%2FThe-Journey-of-Insolvency-Bankruptcy-Code&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInsolvency+and+Bankruptcy+Code%2C+2016" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.prsindia.org/billtrack/the-insolvency-and-bankruptcy-bill-2015-4100/">"PRS | Bill Track | The Insolvency and Bankruptcy Code, 2015"</a>. <i>www.prsindia.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">20 February</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.prsindia.org&rft.atitle=PRS+%7C+Bill+Track+%7C+The+Insolvency+and+Bankruptcy+Code%2C+2015&rft_id=http%3A%2F%2Fwww.prsindia.org%2Fbilltrack%2Fthe-insolvency-and-bankruptcy-bill-2015-4100%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInsolvency+and+Bankruptcy+Code%2C+2016" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180128144928/http://www.prsindia.org/uploads/media/Bankruptcy/JCR%20Summary-%20Insolvency%20and%20Bankruptcy%20code.pdf">"Joint Committee Report Summary"</a> <span class="cs1-format">(PDF)</span>. <i>PRS Legislative Research</i>. 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Retrieved <span class="nowrap">29 September</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+Standard+India&rft.atitle=Piramal+Group+acquires+DHFL+for+total+consideration+of+Rs+34%2C250+cr&rft.date=2021-09-29&rft.aulast=Panda&rft.aufirst=Subrata&rft_id=https%3A%2F%2Fwww.business-standard.com%2Farticle%2Fcompanies%2Fpiramal-group-acquires-dhfl-for-total-consideration-of-rs-34-250-cr-121092900395_1.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInsolvency+and+Bankruptcy+Code%2C+2016" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIANS2022" class="citation web cs1">IANS (30 November 2022). <a rel="nofollow" class="external text" href="https://www.business-standard.com/article/companies/reliance-capital-coc-rejects-all-bids-decides-liquidation-sources-122113000894_1.html">"Reliance Capital COC rejects all bids, decides liquidation: Sources"</a>. <i>www.business-standard.com</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">9 April</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economic+Times&rft.atitle=Future+Retail+lenders+select+Deloitte+backed+interim+resolution+professional+to+take+the+company+to+bankruptcy+court&rft.aulast=Mehta&rft.aufirst=Sangita&rft_id=https%3A%2F%2Feconomictimes.indiatimes.com%2Findustry%2Fservices%2Fretail%2Ffuture-retail-lenders-pick-resolution-professional-to-take-company-to-bankruptcy-court%2Farticleshow%2F90735705.cms&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInsolvency+and+Bankruptcy+Code%2C+2016" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Insolvency_and_Bankruptcy_Code,_2016&action=edit&section=12" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://egazette.nic.in/WriteReadData/2016/169882.pdf">Insolvency and Bankruptcy Code, 2016</a></li> <li><a rel="nofollow" class="external text" href="http://www.mca.gov.in/MinistryV2/insolvency+and+bankruptcy+code.html">Rules and Regulations</a></li> <li><a rel="nofollow" class="external text" href="http://ibbi.gov.in/">Official website of Insolvency and Bankruptcy Board of India (IBBI)</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170519213853/http://ibbi.gov.in/">Archived</a> 19 May 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; 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