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Insolvency and Bankruptcy Code, 2016 - Coggle Diagram
Insolvency and Bankruptcy Code, 2016
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Liquidation [(Liabilities > Assets) + Unable to pay debts] + Corporate Debtor + Untreated + Insolvency Resolution Process (Unsuccessful)
Winding Up Means closing down any business venture. But as a process it includes everything from appointment of Liquidator, Liquidation,
Dissolution Is similar to dying of Companies in which the legal identity of Co. comes to an end and it ceases to be a legal person and hence cannot contract in its own name
Authorities Structure
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Adjudicating Authority
NCLT, NCLAT & SC-- for corporate and LLP
DRT, DRAT, SC--- for individuals and other persons
Related Party
corporate debtor
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D/P/M-- Partner of LLP/firm
--- Director of Pvt/public co.
---director + his relatives hold> 2% of PUSC
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Any person
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Any body corporate(holding,subsidiary/associate/sister concern of CD
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Sec 6 CIRP
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Sec 13
once an application is admitted by the Adjudicating
authority, it shall by an order declare a moratorium
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Sec 14: Moratorium---
a calm period for 180 days is declared
all suits and legal proceedings are kept in abeyance
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ii. Transferring, encumbering, alienating or disposing any of its assets;
iii. Any action to foreclose, recover or enforce any security interest
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Section 1 specifies of the extent,
commencement and applicability of the Code.
the certificate has to be filed only if available. Hence, the petition will be permissible after this
amendment
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Code, 2016 does not provide mechanism
whereby after the admission of its application, the applicant financial creditor can modify the amount of its claim.
Service of notice under Section 271 of Companies Act, 2013 cannot be considered
as sufficient notice as required to be served under Section 8
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. Kirusa SoftWare Private Limited and Innoventive Industries
existence of disputes and pendancy ( SC- and should be read as or)
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