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© Taxmann Price : ` 2695 Law stated in this book is as updated till 14th June, 2026 Published by : Taxmann Publications (P.) Ltd. Sales & Marketing : 59/32, New Rohtak Road, New Delhi-110 005 India Phone : +91-11-45562222 Website : www.taxmann.com E-mail : sales@taxmann.com Regd. Office : 21/35, West Punjabi Bagh, New Delhi-110 026 India Printed at : Tan Prints (India) Pvt. Ltd. 44 Km. Mile Stone, National Highway, Rohtak Road Village Rohad, Distt. Jhajjar (Haryana) India E-mail : sales@tanprints.com Disclaimer Every effort has been made to avoid errors or omissions in this publication. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. It is notified that neither the publisher nor the author or seller will be responsible for any damage or loss of action to any one, of any kind, in any manner, therefrom. It is suggested that to avoid any doubt the reader should cross-check all the facts, law and contents of the publication with original Government publication or notifications. No part of this book may be reproduced or copied in any form or by any means [graphic, electronic or mechanical, including photocopying, recording, taping, or information retrieval systems] or reproduced on any disc, tape, perforated media or other information storage device, etc., without the written permission of the publishers. Breach of this condition is liable for legal action. For binding mistake, misprints or for missing pages, etc., the publisher’s liability is limited to replacement within seven days of purchase by similar edition. All expenses in this connection are to be borne by the purchaser. All disputes are subject to Delhi jurisdiction only.
Contents PAGE u List of Rules/Regulations
I-9
u List of Notifications
I-11
u List of Circulars
I-13
u List of Guidelines
I-21
u Amendments made by Insolvency and Bankruptcy Code (Amend-
I-23
ment) Act, 2026 at a glance u Guide to Insolvency and Bankruptcy Code (Amendment) Act,
I-29
2026 u Comparative study of pre-amended provisions of IBC and provi-
sions as amended by IBC (Amendment) Act, 2026
I-49
DIVISION ONE INSOLVENCY AND BANKRUPTCY CODE, 2016 u Arrangement of Sections
1.3
u Text of Insolvency and Bankruptcy Code, 2016 as amended by
Insolvency and Bankruptcy Code (Amendment) Act, 2026
1.17
u Appendix : Provisions of other Acts referred to in Insolvency and
Bankruptcy Code
1.459
u Insolvency and Bankruptcy Code (Amendment) Act, 2026
1.493
u Subject Index
1.535
u Statement of Objects and Reasons
1.549
u Notes on Clauses
1.551
DIVISION TWO RULES AND REGULATIONS u Insolvency and Bankruptcy Board of India (Model Bye-Laws and
Governing Board of Insolvency Professional Agencies) Regulations, 2016
I-5
2.3
CONTENTS
I-6 PAGE
u Insolvency and Bankruptcy Board of India (Insolvency Professional
Agencies) Regulations, 2016
2.25
u Insolvency and Bankruptcy Board of India (Insolvency Profession-
als) Regulations, 2016
2.37
u Insolvency and Bankruptcy (Application to Adjudicating Autho-
rity) Rules, 2016
2.86
u Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) Regulations, 2016
2.105
u Insolvency and Bankruptcy Board of India (Liquidation Process)
Regulations, 2016
2.212
u Insolvency and Bankruptcy Board of India (Voluntary Liquida-
tion Process) Regulations, 2017
2.287
u Insolvency and Bankruptcy Board of India (Information Utilities)
Regulations, 2017
2.340
u Insolvency and Bankruptcy Board of India (Advisory Committee)
Regulations, 2017
2.378
u Insolvency and Bankruptcy Board of India (Procedure for
Governing Board Meetings) Regulations, 2017
2.381
u Insolvency and Bankruptcy Board of India (Engagement of
Research Associates and Consultants) Regulations, 2017
2.390
u Insolvency and Bankruptcy Board of India (Salary, Allowances and
Other Terms and Conditions of Service of Chairperson and Members) Rules, 2016
2.396
u Insolvency and Bankruptcy Board of India (Fast Track Insolvency
Resolution Process for Corporate Persons) Regulations, 2017
2.402
u Insolvency and Bankruptcy Board of India (Inspection and Investi-
gation) Regulations, 2017
2.441
u Insolvency and Bankruptcy Board of India (Employees’ Service)
Regulations, 2017
2.454
u Insolvency and Bankruptcy Board of India (Grievance and
Complaint Handling Procedure) Regulations, 2017
2.493
u Insolvency and Bankruptcy Board of India (Annual Report)
Rules, 2018
2.501
u Insolvency and Bankruptcy Board of India (Form of Annual
Statement of Accounts) Rules, 2018
2.504
u Insolvency and Bankruptcy Board of India (Mechanism for
Issuing Regulations) Regulations, 2018 u Companies (Registered Valuers and Valuation) Rules, 2017
2.523 2.526
u Insolvency and Bankruptcy Board of India (Medical Facility to
Chairperson and Whole-time Members) Scheme Rules, 2019
2.550
u Insolvency and Bankruptcy (Application to Adjudicating Authority
for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019
2.552
I-7
CONTENTS PAGE
u Insolvency and Bankruptcy (Insolvency and Liquidation Proceed-
ings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
2.571
u Insolvency and Bankruptcy (Application to Adjudicating Authority
for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019
2.579
u Insolvency and Bankruptcy Board of India (Bankruptcy Process for
Personal Guarantors to Corporate Debtors) Regulations, 2019
2.604
u Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Personal Guarantors to Corporate Debtors) Regulations, 2019
2.628
u Insolvency and Bankruptcy (Pre-packaged Insolvency Resolution
Process) Rules, 2021
2.647
u Insolvency and Bankruptcy Board of India (Pre-packaged Insol-
vency Resolution Process) Regulations, 2021
2.654
DIVISION THREE GUIDELINES ISSUED UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 u Guidelines for Technical Standards for the Performance of Core
Services and Other Services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 u Guidelines for empanelment of advocates
3.3 3.36
u Insolvency and Bankruptcy Board of India (Online Delivery of
Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020
3.46
u Insolvency and Bankruptcy Board of India (Use of Caveats, Limi-
tations and Disclaimers by the Registered Valuers in Valuation Reports) Guidelines, 2020
3.50
u Insolvency and Bankruptcy Board of India (Continuing Profes-
sional Education for Insolvency Professionals) Guidelines, 2019
3.69
u Guidelines for Appointment of Insolvency Professionals as Admi-
nistrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 u Guidelines for Committee of Creditors
3.76 3.83
u Insolvency Professionals to act as Interim Resolution Professionals,
Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2026
3.85
CONTENTS
I-8 PAGE
DIVISION FOUR NOTIFICATIONS ISSUED UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 u Notifications issued under Insolvency and Bankruptcy Code, 2016
4.3
DIVISION FIVE CIRCULARS ISSUED UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 u Updated compendium of circulars issued under Insolvency and
Bankruptcy Code, 2016
5.3
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
7 1
0 2
s e f o r p n o i t u l o s e r m i r e t . n ] i e t na ad tt n n i o e pm pe ac l ln a he sm ym t o i r c oy hc t n u e Av l go ns i t n a i ce i h d ut j n d o A[ 9 1 el ha Tn )i o 1 s ( 8 1
16.
1.108 S. 16
Appointment and tenure of interim resolution professional.
,i rd een e e ht d ha c dei t s a s s n od ,ra m u e o p o dft s o c i e n a r d dp s f mra s a i a y sl e , ma c soa a i B o m ln s a r leo i o p a ni h l nt os s h n a i oo w o ns e i s i s f t oe t l s o i u a e fr e s l o n c f s . o rpm o e o ni s p i f r n e e s o p r r s noh r e i e t o p t y f ne f i s u c t o or l n n n u i r o i t l o e ap sa u o i v g t l sea ey l r o u e o k c l s r s an; o mg e n n el seii r m i a r v e n ehed l r t l m l t o n o ,te a a n s ih i 9 m r i s r ns p e ine o si r t e p e ohr e n ynf i r t t ao tt a o— ii n c s r r i cd no fp e a s o s g rn ah n n oa fdi t n n a e o r f o u t o i r d o t r i n ) no A f e t u i o 4 ot e a l o i lgd ( f i c o td p a n n l o a e s ns a i opr e t cr oa e a s i r i p c l pc ot p l o y imm pcer pa m rd i oeba s an p l r uoe rl o j n b p a ei c t i ode uhp l ht n A a n as r s t i r ee ) r p ) e ( ho ( n Wa )y 3 b ( [(2) Where the application for corporate insolvency resolution process is made by a financial creditor, the resolution professional, as proposed in the application under section 7, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him.]
a
b
1 2
e e g t h n a i t t d a m c e i h o d t r u f l l i e j t c d e n Ag . u e e h . ] n n2 r i t i e t2 d f on n e t n r l e oo a p ci a n l lc t e a or f i e hs o s a s s t e s [r 2 p g 2e f i o n ld e a i c rd n nu e 1pe ol r 2ye i cc s )n a e3 sn h( eo eo t vr fi fnlp os s o r o y o i p s t e r c n f se a i o y n nr o s n i ai p al t db p u i f n l c nuo o es s oi e i s r t t d e e m u nda l o ro i nn n m h s u t ie em r i r ho yt ee wt t ,i rdh nh l l onw it a e h f e ht t h o ms su t t n f i n dAma o e rgog a m onca mt i r te Ba y r n e t i t i c,r o ei p hd o ep Tu h ha T t j )d )f u 4 5 A A ( o ( [(3A) Where an application for the corporate insolvency resolution process is made under section 10, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional.]
may be]
[or sub-section (3A), as the case
go nr i t P a cn i o d i t uu j l d o As e oR t y nc on i t e a v c l io l p s n pI A( (I yB cB t I p ue rh kt nf ao B7 1. dd 6 nn 1 aa 0 y 2 c3, nss enn . voo i 6 t i l t 1 a o a l sl 0 u nu 2 g I g 2 eee 1 hRR t ) 1 fds m n n o ao o 2, s r r f 6e m1 t c r0P e o2e f Fs ,t f a e e r dl o h nu p t aR r i 9)o w yC d ei t l e r c ro u r Rof o h s f t s u n e E Ac . 8 1
. 7 1
See
-
s t e d l s na h o a en t t s , i l na n n a y i i I g f b no . a f e o a p . ” ip h e e g ys . t t a s n b w a . y8 e ei . d9 ef d , b b 1 6 o d n t1 2 ”0 arle t n l 0 2 0 n e2 mpap 2 e6 m- , snhe s o m r i e2 t 6 1 i c , a t s t c0 . A n s f u s n8 ) 1 . i e l g e2 t e o co . n . n p r m. osni f . pw reo e id e m. prt a e m c r , o. s8 d: neee i cw 1 r ohsc h o t i r y, ne 0 t r , f o c0 ed u 2 e p o n2 mn l , ob7y t e0 Au e c s r t y n v2 (s e a A l aoa , r t e o a n d i ) t sc dd i ymc t l n mn cee p iA o a i C e n ) s s o e c t en ea rm yr s ri he f vc c) l e d t d t s 2 d o e n y mm p( s hno ae od un ntun m d rn ro i s f k n e i f e i a yA nt t o, t sm a c l a , i d r r y a t e r i n o a aA Bs o n h o t d( db ptco b i c e i l r de n s e u nd p o s eS a s eo cdpe e( eC af y, e r ce n t c o t o r xd e o y n a r f uc eo i hp r et t ot no tC u v f p n o op no i i u l i ot ny nr r t t i ss i ol a yt c lt h l k I nb cce u a t i n p l u i l e v hu wa es p sr hio s t h pt “B t “ s a e c k t rd y rn i rer on o e p o a bt m f f hos r i t e dB da d r r o r y e e ec eo e d idt t t t i rt , n d e r n u u u n d a t t e tP heei e t s i i r t v i t y t e o . W ” c r l sc s s . h p o e bn bs b lo t )a m s 2 ue un u r i s i n ( Sv SI h S p c a I “ . . 2 . . 1 9 0 2 2 1 2
2026
26-5-
-
ibid.
-
e h t n o l a n o i s s e f o r p n o i t u l o s e r m i r e t n i e h t f o t n e m t n i o p. pt e aa ed ht t n re om f se e c dn i e v om r pm o )c 1 ( y 6 c 1n ne ov i l t o c s en Si nen ehi etd bre s soo a rp ho to si s dr e ep cr n oc e rl e pa ib nc s on i aa t u nh l fie . o y samt e i yar r ybno c et h nnsu o o ei tha va l g o cwn i sl l i np a t i pna ea c o t i i a d s ns r u oae j pnfd r oa r oop r e co h et yt hbcy t en edeb r d eve e l t o ha t sn wrn i toio p a p hrep h o t t a c sa , e f e l b dfe i osl l v t a oti rcrh peo s p t )s n b 2 o (ee i t nrda onec i i t tl i d c a p e et r s op a pa i b t re i un oh Si ct u
sm s ysa n m ti t o e r i i n h i r r f t e o e e o c )t mt hr4 e n ( t p dn S i u ni n y o e n A t e o t c h a i n t ec g t cA me nec t i v e nt as n t o l n i s ep ee a o o r ho cs b p e t i m n u f r p d f e d o p uiSa r n n j . y eo de al d l ct n A ag g n r am no n enoi ”a et hiid e d s 6 ub t r s q b2 n e o te e y0 ed c a f s a2 n o c m h e ra t me o t m p a h c so l l et r e na s ao d c y a h o i cb sp veis r t oru ) ao e2 d rrl ec h( r poo r t a s6 ae )fso 1 e h . a d ) A t d rrB , 2 n 3 r e ( f a e ( m t oo 6 o o i h a t n t i 1 t B t r b c g o h e t ee ng o t i et a oir c dS i nh hi b et tr e t m a c t s e n o e a o eh s b t ad r . i or Sti f a o l a uesvl pd s n c a o t i re n n n r tp ot o seo we r c t i i ct e r s ei nes neaos s f e hm ehe ytf ae f t o mwo a d ,rm o r er s d, n r 0 oe a e d n1 p p s “ n o e se e a n kheo db mnn c o a o r m w i i e a i h ov t t t lal cma u u ec wa l s l n e o o ul n eh e s s es a s n oe h0 ho hi e e T1 Ttr br Iss u
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
yeee cht eh t ntt e,i f s vm mo l g o n simi a o nc l r co i fei t eo t hn a nto r oof piom t rc nd oe o n i l cl a t u s eot r hct i t eia s f hn nt f i a o . sd rsc’ oaey e t hh t nn c ct ai au ,p o r tso p mp n to sb an a co ecs fit i d ei i h c l n et a t gna i fn u s o froi asots s upne r so e i om f ic o lr e a r naegp v h a ost n i no ta s mu s i t r e mu o f o b l o f o m a rr s pe ie n r p e r o n i t a oet n a H i i l t l et i . u smh l r s o s ott e sc f d e e n s ns oi r a r a mpfss r’ i oo n r n y o e tn oi i t i tt da n u cep i l oerm es l c l he o fo Tr co c u
len nefnia ohood e nmt i t i dt uo t an ru j a na i snh d i c l eo s ih o ae et l hi p tBs f t p, eeo w y r h d ae c trd) p m t n 3 , ns p ( e6 il a ao n ur m n pr e o 1 no i ktot m or n n i u ni s o loi dpa eso c e t enB hf sr ec t e t e a o e d i en rrl sp t lS ba i a n man s i ydnihi naceorsd t e i d ehnn e t t ra t elei u n a l i bavo l l n poeou o so s pe sa a hBp in rtei hs t s I s e sf eeasha s hbsaTr i o e . l s crtoea e nt opotsn o n i rnto o r po i po eso it cr s ic ni rs d e e otnepf nh e u i p l r ot t ro o e u . ao rcse s f l t p tc f e y e o i e r srrodha en e ecsm e oaer r r s e ynemcue of cdkalsc he nnanate r n n eam o nwe e i l vr lh o hi l ha l o t oatt aptnf i h p st nisgrawoo n i d i s ie y p e e t y s d t er c o p i e a t n r i c n f a e o ar loeemi r c oahmhyp l e pr pnt tt roumfi e oiaoIrmnh o t . o o g cl ca i t neahct eri t u r n o m l u het o p t r a o t o i o c s t sac r eoi f e s ge f r nd r e af nj e s aui i bay hy j t o d d a ufa rc np Wb aI sod
e u n i t n o c l l a h. s2 l2 a nn oi o i t sc s e e f s o r re pd nn ou i t l u a l n o o si e s r s e mf io r r e p t n n i o ei ht t u l fo o s me rr e e t h et hf t o tt a n he t sm e t dn i i v o op rp pa )f 5 ( o ne ot i a t d c ee s h t b l ui l St
16.5 Term of office of IRP
S. 16 1.109
COmments SECTION NOTES
16.1 Appointment of IRP
16.2 Appointment of IRP when CIRP initiated by financial creditor or CD itself (pre-amended sub-section 2)
16.3 Right of CD to propose an IRP in a CIRP application has been abrogated [Enforced w.e.f. 26-5-2026]
-
16.4 Appointment of IRP when CIRP initiated by operational creditor
-
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
3 2
lon ts ra rn s r sm ed et ee e n w — i t e t on a o n to hn h h e i , t a a a t t heo t t t l i s , r l g r r b e t b s i o t s a s e m f o c f n i o o u o e n y e r n e mt t o s i r o l p n p d e n o d n ] t o v s d t o e . u i r r r i a p i n a e r e r l t t s x n e s e l c o o l e f t o o o c n e t r e s a r a v ce c a o i i t r poh e a e r e e t r h o r r t d s b e e r e f t a d f s m op dgh nm e s r o o hb hy t o n m p r e e d r r t o l p h lcb rnoi u o i r r g r p o r s fd t u d t a e o o e t h c n i o a o o d a h s s t i e h n b t c e c f w a n t t c r a r c s n s o o e m r n eu n i oi a r r i t i u d e ,eu r d l u s h r e t c o e t l s s m o os h t oe u q el n b p ne ; m e d a t s t d h f f l o r y e e t r t i uan b e o o t e n eo t n f r r c l c n r o e i s a i a r h o c a s e t r n c e o c a i a e c i t da t lt c pp o s a u b l f n r m v c n f e e l t p e n i q ey es h a a o j uia a h n u m t i m r r , t e b da hs r t he f hs a oe fra i t i i o r t u t s o r t c e o f r t w m c v c g i h d ; n r s n o t e c o e n b l e s o n n t o n e s e b t i a p a l u h k r d i d r f a e n n h; san rp t h l v m n geu oeo e i t t a l o o r t r d a o c t f n o h h a i d e a u e osi o h c s i t t bec dc hh nt h fn tls dw e r o i e n a l e t s c t b n f t o a i e y o v w ; e a n b a e h , si e eh a o ad nd le f r hr s al f st i t s t r l a n r o d l g r i t s s o o i s a n ssb i er na fn a o o t n e d e r t f s a a e i p , e n o ] n t o t m i o u f l a e c s t n p r d f n f i h e o i o m y i s o a e c B b e a o a d a i o t s m i l c n u r n n r r t c s s p c no ee ao v r ua m ep oa ; sc ol dyo ee s cf o h a i mf c t h h e ; u rai gf d p n a e o t o n f tn a t ao ra orcr hn tt ta yd on o i o o t e a n omu nron i o t s r l y f c a o t o s i t i m i r y i t a p t c o b t i o f e b u n , p ou n h t p y r n , i b r; t g s mnes t s s i i i t s c e r p tl c o e o t r e e d u n a i hs i o n e f e o t n h a no e u p f e r r o i t d e d i t s f t o t i p ee s tcm o n t oma i hse h f ee fo nt nu e i b f i i b fe t o huts l t m — uc i t i . u r l otl o hi alop c c u l ce t me tcse be s e er s o a n i r d , e a a l u ss e o l a t gm rte dn i a onrn o xr ap r o a sb sm s d a e e n c t e r , h ar i e e h e r y s s e i ooo e a t s o n ti n d n oi ti t ce ta croi s dd hfa en c e w,i i s tpi a p r c h t r u e at m r r e r r t f r e m e t sh b n o a s f o o h o o n ieu naaos o l m e e e i l r h c v l a p o r t t m i e t t h[ f f 5 l o d ey etp ee t e d v v 2 rr b b r b t r a o i t e e a k e s l t m ee ee l r y h aeo ae u n r e c s eo h e l t hs am h hp nt n e dc hr o hh hdb t ar aa bf d aa t i i t r tt t n e F ) ) ) ) ) ) ) ) ) i t ) ( a ( ( ( ( ( ( ( ( er 1 [ 6 h ( o 2 Tp r )o 2 c ( 4 2
d l o n s o n c I e S k ( c a e r d T o t C s a y F c ( t a p i u . d 7 r n1 k I 0 n f2 a o , B s dn ro d a n i ot a a Bl y yu c cg n e t e p R v u l ) rs o kn s n no I as r Be e h dP t ne . y8 at 1 ya . b0 cr 6 ”2 no 1 .6 ep 0 dvr 2 e i6 o f l i 2 C o . f 1 c. s r e no e pr 1 . I s. ff m s w o s o e, b )e r 8 c f (o y1 ) t a 0 r 2 c 2 P e ( m, 7 f “ t 1n f e o rc i nt h oA ou i i f) t l t t d n o a ls w e u e d te , m u d g e t R ey c t e id t r Rc r o sn e n f be s e n um n v E SA I . 5 . . 4 6 2 2 2
. 3 2
ibid.
-
d
See
1.110 S. 17
Management of affairs of corporate debtor by interim resolution professional. 17.
a
b
c
d
a
b
c
d
e
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
. l g sAen s t y l o l a h n oar l rui e a o w.ti t s s 5 y f t mi cn e s 8o a i e9 e l edpore ns m1 ueycyd s o r i, a t g ti socc m o m s e p ec e s y t e r r e h A sg r ba n s t s n)s i n os ryeoget i k c n n i noo s p s or rhi i t on s owvro r i e s s ibt b(ipe g e s i nd n s v es, i snr r e oo o a b r a e r i pr Pmtmygeto d u e a l n eal s l l e l i no h t r o pg a e t rc os s mrahss oi e t e m a t t e i t l kra s b p n d e y a g d eS f eg n t l c f ns d( u o i n smga t re o ee u s e e g vn hi gsswiel h x t o n aep i t on )eo tan c n so a trn panoo hm meriaeih t t i h p p e v r a t i t doge oa . od s s e nCn pti e , r r ix i tugv lt oet o n ma a s s e q ap i i r t i i rx tel hr n od ns t s moa ea )ow i e s c t r e e v guh Pg r rc eo gde ndt .a t h s a i n n m ss p ni lotso eIweada e g m c a r ekoo r n noi eo kc lrml uf il rrs s dSape(i tpua n eee hea d g eo n t r t hmo nrmi c umi ol s it it o s atg lt irl ye o nfe s a u o b kc f e f l eor r ei sn o vfnt nsns i o toindr ewoen o c e e i g s r eas c t h t e t n b fls a e st fr c i l e hco o s a sa n s t cnloot r i a ts gs hao eeoppx v r r f n e o 7 pi vhi gtore e t n r c i 1h n o ug s,o pt i e r a c ntd s ofr e,e hmc r t y h o e s o m i e i t t t t r e h t i i d r e c b e r t t g c unv enen uF es a nt Sode uoi r
, l . l s s f n l l d r r o a a e o o ee i i h h t s c t t w s i s n d u l e i l i o, r l e o a b h o o i ppb nt sc s pey o e f e n i r aha o r s o s nT p e md e s e.m in m f e r eme o a r a s e bia l t r s s a pni shc n nt y i e h a n n hbeo ee ohg i h t i s h l n m t t arts e i n u s e u g i nva o l f r c t o oo, s o a t i o s r t s n n h e d or r p s et e c r o e kb s n po f m i m t ae e o o d i u i r rtdt s r y c ps e l ieu ls l e o t e t l a nra c d n o v oor i i s hc i e t n ttoe sa t b c r r u a u g e o lep r t f c n d t o m f a i e b s o e i c e d h x r e e t i r t e et e r dv a o sd hn r o f r e mo t e t nn ip fi tr r a w roe ap e a o o h rn st s o t t i t r r p c n p c i o sa eey rm n p b eh o u i t l ht c h o l m r d t a i a i f e e r h eo ps e ht or a cs vda ei ti c nr w f hr eos oi o e t a h t e r x tf r f s t t re a r oe e te a w has u r t wo e e ge r o sh ob ap. s op e ttd nor tpe c df o s n aot s i i e ee o lh a mcb v r h oti d de otT s d rnde d l . g n pefd n a nr e ) aat )mon i o 1 2d ede sla t ( grp rar (ub 7 1aas eno 7le 1 o c c o p nd n n n b u fii s i e oa s fsr o, o e t o d m e i i c ea t t h f n e vr c c t o e e ef a h eh ao rh S t St hp Tp os t 7 2
; , se s s e nh r e c t i o a 9n t i 2 e f t u u o y a mo d r o n i n e g h o w d p n n n i t i t o o a i t w s a s c d ; u s o i o e np l r l o t l b a o i a o l— s ; v t u sa i f e d p r e i d e cco a r n ee h nnt e p o r h g t i y c e t aan t a h m nni y o o i i t t ; i t f r bt f w d a i e r n o t l ,ee t o dn s f i e hr s f i f t r t e e u s e i ta c t u s n t h g p i o e s s n t o i n l a p mr i . l v e n s i t 5 a bu1 e ena m o i p h r e hm u m p y s b s t s,d a a l n orr e s a y p o e t s h n a m a f t l i e t ge n a o 3 m i 1 i n t r a i d n i s i s l s t g o o l c s r i f a i a n b e o n t e l i s f f a s e o d h i n a l o i r r r r t u r o e t nol i c p d e l e t t l p t c ob a o n t a s n n a i a r e t i e o d m r e a d , i t s r t e p n t a meo r l u l d e e l rtt o a s n o o h oab s l s a r s s f e a t c u i od e e n c e f o d d r n p i n n o h i e s lrt a t l m c a a o a n u a i s u c m e i r i r t b s f l v e c e t i t e o h p n e — n l t r ) ) ) ) c l e i : o fo ( ( e m y ( ( el o c c r he Tm ) ) )a ( ( 1 n ( Duties of interim resolution professional.
8 2
18.
such manner as may be specified]
[in -
b
S. 18 1.111
COmments SECTION NOTES
17.1 Fatal flaws of debtor in possession regime
-
17.2 Creditor in possession regime under this section
-
a
i
iii
ii
iv
. u l o s e R y c n . f e . e v . l w o s , n 6 I 2 ( 0 I 2 B , t B c I A e ) h t t n f e o m 7 d 1 . n d6 e n1 m 0 a2 A ( C, e 6s n d 1o o ,i t A C a 6l y 1u c ,g t 4 e p 1R u . r , 3) 6 k 1 s 1n 0 n ,o 2 a A B s 2 6r 1 d ,e 6 n ,P 1 a e C m y t 4a c o n ,r B o r e 4p f v t l ,r c o o A e s f 3C f n sr e I no e h h of t i i t s t w y s a e lc u d b d go e e c t er r RP o r e n f s o n n i E I t . 9 . 8 2 2
. 7 2
See
26-5-2026
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
0 3
— . n o i t a n a l p x E
; ; t s r r r r e e e n r l y ae o o t o ot oi i o— t o r h r a a a p t t t n t t t a sg g e t r r b b r b n r b s l . pi o o eoen i e l u e s i r e d i om p c dpt dg e o d r a id m n r h p c err a e c sm i e u i o o s n e e u t t d o h t l h o ; c i c a t a r n c c a t s ” u s B a r e ee s r ec n r l e fe y r f o t v i s c i h o ge e e i o h b o e c pt o n p ah s n h t f , i s p y rf ; ; r l t p y ri t G o nt s e w f r o oo e i t y ap os a l ay i o y “ o h l ctys o t l ct b i a s i r s c b r n mb e e t n a d e r r e s e e m u i heoa a t e d v c e o ; p t h . s h f dd t n i i m y h e r o r n n t h o o b s s n s ne i r e h t e o t a e r s f w m o f t u o e t an t c r C i p r p f g o i su cpi i o c a i on e t o s m e n ro h l l e u h e n e t a s y n s f a h i u op a s b d h o p a y w o o n n o t m r u g r l t s t p r i r ai b er ec p r t a e e o , r s n a d , ] y a e c e ea h n r b n s i o ns o n n e b e v b t t d ds e l f eg i i i r e w l l o i i t n a i s o t n l r b o s y i h d d e e a s o ; el e i a e u t t o t l a t b s a t e a o t e c c e r e rr b i a v t em n o n n i u c y n o p s e m f e h o r h h i i o t i s s m a u s o pf t s t o i t t t oi n d [ a s r l g i s r r a m r o 1 l i n n i s p t t e d e s a h 3 o n t y e a s n g yn e re t i r i rs t ndud cn y s s i i n i o a o d t c r r e r e e i e a e ao r w cf c no c e n h h u hi d i r o b l a f t s l c hd m o t c t a e o f er a r o p e c d u e t e ta yn ei f i o e gc tr f hp h e r yr d o h n n i af dd r i t t e tn n dsat hc o i r w c my r n o c m e fo s o i a o s a d oar i e e y t — h t u l oi , t e t h h n n t l sot ui t n sa e h s s s t : t l s i t e a l r t a t a y u s o f u o c f h c m t e s i o l y wb m c sh n c n, e pl ao e s g d e a o r r r t t y i t m s s t s n diit n o j; h rm ys e i e b e a a a b s u c I y t o se s nrhs v o l u w i p u a h e t t u p b m s i b c ar e g r o ai d i i y i t s t ; n l i a s t ; e t n r h e r l w e a n i a eas g e b s s s h , d r o o s o o r r h r n i a t t t m g h lr m n c i rr t r e t e h i u e g o r e e e t t e i n t w a t e t b r o t f r d t e h c s s n s t a h i t r n n i u o o e u r o o s s t a t e n ,h sw ou d onr t l f d a n s o a f ow a a r w t i i u t s s ; r e u c n ot a o t i F t o t t e s o r s l i s h t n es ) ) ) ) ) de e e l p d c b n nnc ed k y ) n l o s s e n aaen ( n u ( o oof l o ( s s f o ( ( i i ( h o d a c mt a f t t e ahm aa sc h ) ) ) ) ) ) ) ) t ( ( ( ( ( ( ( e ( d u l c n i [ For the removal of doubts, it is hereby clarified that the interim resolution professional, while collating the claims, shall verify them, and, if required, determine the value of such verified claims;]
-
d
-
v
1.112 S. 18
c
e
f
i
ii
iii
iv
vi
g
Explanation.—
a
-
b
c
COmments
t ep s i e e hc Te r ., l r a o nt ob i s e s d e f e o t ra pr o np r oo i t c u l e o h st e r o t mg in r i e t t a n l i e nr an o i ft o a sm e r i o t f u n di l sa ui oc i n r a a n v fi el l ha t f to u on o si t t s c i l e l l 8o 1c ne od i u t l c c en Si
SECTION NOTES
. t ) n e m d n e m . A f . e d . w n o , c 6 2 e 0 S 2 ( , e t d c o A C ) y t n c e t p m u d r n k e n m a A B ( d e n d a o y C c n y e c v t l p o u s r n k I n e a h B t d y n b ” a n . y o8 1 c i t0 n c 2 e es v 6 l b o 6 s u. n “ sf I . e e r. r h o. f t dw y e , b t 8 d u1 t e i 0 t t2 r s , e bt s uc n S A I . 1 . 0 3 3
26-5-2026
f s y e 8 d n o 7 oatt an1 u i sd a gt r t ) nce [oy3 e i s )pd 2 n s s r o0 (o afa 8 t 2 eo cs 1 n u( mga i fc no nto nn i r i e s i t e tk h c ac e a t es ef i s st wmo fat o ’nnol ll y sa ii oe t a h r s n s t f e i uo o o pw l i p s . c o’ v rls o x rt e pe eur tf ‘ p s n er o s sa or ho i t ‘ c p f ts ,y h dn ir l e gt ni o i hvnat Rg o e u iwsyl tR o n oids o etHet d e n sr me .ou e C pm f co dy op oc l eye voCnkt] l yeaur. ee t o d ) vcv De t lo[ C no c t)e S Des l ( v s n ( a .l )e0 e oIn2 t f ds 0 o5 ( a o 2 on i r s 2o CI8s m yf1enpo conforc o o o i n)i . rt cn e(t pc v) n 2c efa l o n e ( o ossm r s5si t o n2ot e x t f u I s a fn lts t o o a o i sol 8 t n )c e l4 7 e rda 1 2s f= n ( m o 3 d ial r ] nn e o7 r oa t r3 ot i t) nc t i nL r ( c e 8 oC fe e1 po s scS
. t ec 3 t 4 he n 2 a ,l l r n L o e e vc t. e C S n fv wa o oc8 n 4 He1 o i .H8 ) t t c . n i v er1 o 0 r e t 2 fb r o e e( . ) d C td r S n o-( ee t a oy mr t0 t i yo 6 r so ap 3 r pr e h wtm no o oc ouc f no pa. n rs odn e ot n na f e s r fs. v m a l e s e hcx a s nt a To mf L io c5 n h C 5 o1 to Nt i n s e= s ae d9 ns a1 es t m5 o ep eL vr . ) b oo C T mf A oS t em L 0 r s8 a tu C 1 N r o h) no ( 3 n2 nf 6 o0 ae 3 i t ct 2 2 a c ( i Pi r-m v Rps t o e Ion c r . ra -p o nn f n pe a at n o e m i vmx t a ooa r c t mf i l 4 t9 p nn p ae = A cr
te nu t ob a i t r , u o Ip l S o r sEo e Ac r tFyg R a b n hA i d t Se m drn r l e e w fi .h dof v a .snl lu i a t t . w s c ) k sA T tni i L IC ,ayS ) B t r T EN e Ayp A( Lbo F6 Crr R6 Nep 4 (veAm 0ohSo 0 tsc n e s 1e . d n kai , ma n r r a otme csuv m . i t r o n x e oea ns t t asa d0 maro0 xfoC1 aomy) nt I 8 c - nfn 7 o o 1 0i e0 s ev 1s 2 t l( ea =s o ds 2s n 8onI o 3ps e eas Lk u Ca d a l Sto c e sb 4nt 5ao s 1cn i les )a 9 i. 1nrh 0i oeTv w. 2s ( r s ho e ct f i b o rhe pwd
Calyx Chemicals
of India
l le t s e y d h l l a i f a haw h ec i hr t , t h r u r t e e s yo d sn yws v l b t f n f a a o o o i a o t n r di t pe u o a t d i y ou l i mu a e t s c l l q e s u d a m u i os e el d v gr t f i e i e o r e o e 8l hrr f r r h h 1a t a p t t e c ep r s nne h n a eoT oon o i , e i h b i i s l t t . b a s l m c ln s u l e a ef i r d l n l So o e womu i i o t s fre i e hsa lo s p s o d r c ce h s i ) f e , s n f m h o f o (od n i r o e w i r t o pti r r eu e , i st p s t nnl i ulu c n n o o o q i as i o e l ti ten. e e i u r h . c c u t t hm r fu t nl f u t n i o s l i u g , i o i m, o s a e f h n l e s did s d i t r c s n r i e ee t e i c r t a h i e h d e rta r cr di n hp e tt s m r e i i pf s a i m i y,uhc r f nei l t w r i e i a o r ha e r e t l n a ntc n n v n b l ooi e,e i se c i es d g i s e s h l os bmh neu h mt t t i c e t iy sa n if sf o nh , a a i s o l o f k a l a hc i s t m c ert e r s n i t ee du epi i a m hv el sna l a h t t i o c u o f m n c i . g ci iv e t gts r r e u h n ndm i i e nc l h mo i w ei t vt t t d i n a a a , s e e a l e l l hi l lg c he nel n r e o o t b t i i r l d c cb a ye em mmc e e . s weo f n i r aiii l a f r m el l c n e i i i e e c d p h t r nh ea e t hn e ne pp h I nd m Awa Ti v Wt as u
de rt h a o Bm o er hf t d te a hv i t e c ye f i r r a s l m c i oa t l dc ee dh nt eg n mi t aa nl l eo ec bf so a r he en dn oa Cm ee hh t ft o y f 8i c 1e np os i t o c t ed s fe r o e )w . s (or o ep t s i umd aer e l sc C i u
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
t r o d e en vt oc n e ll a o lc ro t t ca n onh cot i s gt t nae i s ms k ara o t f , e sn h r oit e t s i h e d fi eti g r c n c e i fl p fi o s edo en s t l t a a i r8 mo 1 mt b n oe o cd i t ae c ft e o a S r no . op d i e t r r u oi t cu i t q s ee nhr otf c i f ,o , s y st mt i l ie i a s t l s u c a te n b o ehi dtt fga. o nmr i re nr ov of ot i no t i i a n n l one l o k cmaa ht ddt e nni aawb u
a
f
f Explanation
b
Explanation
u
b
u
Sandhya Prakash
Devendra Padmachand Jain
Jitendra Lohia
Victory Iron Works
S. 18 1.113
18.1 IBBI empowered to specify the manner of collating the claims received from the creditors
18.2 IRP shall verify the claims and determine the value of such verified claims if the verified claim is not precise [Enforced w.e.f. 26-5-2026]
case laws
Development right is ‘property’ -
a
IRP cannot remove tenant himself for non payment of rent, but can apply to appropriate forum
NCLT cannot order eviction of tenant
Rajpal Abhikaran
RP of
Jhanvi Rajpal
Resolution professional can take possession of assets taken over by Bank under SARFAESI but which were not sold Encore Asset Reconstruction Co Ms Charu Sandeep Desai
State Bank
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
2 3
4 3
[Persons] to extend cooperation to interim resolution professional. 3 3
e nr h etn o e o o r ni h t i t t t nsa f c o oe eo t c r so i s l o n r d p e b e plp u a m a s rn e n e r oa g hi e a s t e d s n o k n e a a yf u m nom n ar d o i rpy n t ona a a m . o c i n tls i n l o a u i no p l t i p o t oc a a ss i m e e n s r r r e i a 7 3o mfd f g o e ir n y n r hi r i p e t f t na v fo i s n o e s o i n c e i s et o c e n i hue r t o l t c n i o n t e hs o r c l t e l o , u i r o f y r wm c t t y i s ei n t r i t r r o ni i a e o h e m r t h t h e n i h pit u t oeu A 6 3hh ohA gr ti , t i ct n g , w re n ie w. d t t r y oa i e a r — t l o t c o tr a p t . a i s e n c b r n i d m pi s o a ee i u d 5 o d p 3sou j t yc d oe a eaoj b c oot o n d A r lt t r e ca a l A ea hdoe n r l h oo p th hs Wes T otp x s r i d E t i r r , s ) )u )2 no e s o ( 2 3 8 qa (pac 3 ( t
, l s e e y m s a r t l h r i e a e u e r T t r t v e g o c i e . t t a r a p mn c n o r . o e t oir t ab f n reo m o f t phb o e e c c ,d o dte o s t nyd ret a l o t d ab a e e t a e dt le n c r d r e a e o i o u r ni r i r u p l o i nu qc rs s d p oq n e r ,oe se i r r o scf o r e n y e oa pnc eer h p y e s m t eoh r of n tt l e hi o n p o a t p i f r t o myu o rs ne e op r s enl h o e r eas noi t p o ooa hfe i f t c i r r ye f t e, a s d n a m h dr gn at i i r lae uer o h n l e b o t c t e t h oc ) r n f i n 1 c a i nno o ( u pe at t at n s n dh o( es l t e i i e l e s t s p t a m os n c l a n pa n e e o ne o s mlg s gh i s i o ila r b s s t )an e ue e d s 1 sf ( na pdi o 9 nr em sdn i 1t e o e n ni op nxh t t n o e t fia c do i o ee ei n el t s d t cti r n s r r u eo l 5 i n l e a n St oh o f n t . s e fbo s or fs r o e i e e i o t e r i n sds c t o n s epeu v m l s te oe S i f d a i r t i a o i r fr s c e s p r r o e i ei e o t p v h j )g yn op rrn 3abe ni poo 2nog a e ( i d r h tct e eae a t n eu s r m h e wc ahl uyo h o a t t t s l s hi x evi fe Eo r Ckad Ww
, s d n t r c e oi t i A a t a f a i ) f c r t . a f n oee . sph e e s . o m a w ot d g c , n n 6 n odi e 2 sn g 0 r m a a 2 e A pen , t ( ca r c , ” e n m e A r d a h e ) t n o t t t s i o o C i n e ysm m s y i na m c o t r d: alh l p y p r ra n u b o e s e d r t i k md snd r n , ee n e r A r t a i o (u tx t B es oeu b da mlq d e e l d o o a n r d a r C h a e p e se yr t y srb a c) t c oy r t i 1 n t a p o ( , e b r p un o v em , r r l ” t o b ds o , ki l o ” a c a t n l s e n . n ac et l e e o 6 n I Be daa h s i 1 r n n e t e 0 do s b too s h f a 2 n p i s e u t o s r r r f as s 2 oo l e y o e 1 y, p r ce p p b f n n r c 1 eo o o ” h n n c ni l chr e o p m et t o u i u s n ” efn. o v r s t li t n r e ho r o o u t o. f o st t t i l s t ns ft n t p c o b e r b u y c I s r u oel e e n e i e l e o s m P d f r a “ e sd “ h f “ “ s n ee t e r r e t r r i ngrt o h yo oa a o o o f t i bt snmr f f f o i r a d. w d d d d r r p e ef e e e e . t t t i pmer t e d to , . u eto u u u d e ur n e t t t P t w c t e i i i i hhic i t t t t t r t t . e e , T r s s s s s o 6 h h h e b2 b b b b s f )t t t n 1 u0 u u i n of u u S ( w S2 E S S S o I “ t . . 4 . 7 . 8 . . . 6 2 3 5 3 3 3 3 3 3 3
ibid. ibid.
ibid.
1.114 S. 19
19. [(1) Any person who is or has been a personnel of the corporate debtor or its promoter or associated with the management of the corporate debtor, or engaged in a contract for service with the corporate debtor, shall extend all assistance and cooperation to the interim resolution professional as may be required by him for the purposes of managing the affairs of the corporate debtor or performing the duties conferred on him under this Chapter.] -
[any person referred to in sub-section (1)]
[direct such person referred to in sub-section (1)] [interim resolution professional]
[ For the purposes of this section, it is hereby clarified that references to the interim resolution professional shall also include references to the resolution professional.] COmments SECTION NOTES
19.1 Extant provisions
26-5-2026
2026
26-5-
ibid.
t c A t n e m d n e m A 6 2 0 2 e h t y b ) 1 ( n o i t c e s b u s y b 9 1 n o i t c e S o t e d a m s t n es : mw do nl l eo mf s aa ee hr Ta u
u
sn no ot i i s u i l v o os re pr e eh ht t s ta a hl l t e yw f i s r a a l l a c n oo t i s 9s 1e f no or i t p c en o Si t nu i l do es t e r r e s m ni i r e nt en ei be h st a ho t y l p p a. l 9a 1n no os i i t s wc e ef es o nf r Ao p
Explanation
u
,. sr r e g ys d r s hoo n brr ao n o e t i t e l to ott t p b P i b b t s e erf x l Rob )ee e u d , e b 1 d d Imd s ps ( a e o e e oo n n r e e r t t t t t t p a e o oc a a . d dl a i r f o r r sr lo t ea l t r o coo. i r n ei pnp i w o d, ron rp epp u r r s n i i r oo qs sot eoo b t a c o s c c e t ee c u i b i x r t emu r f eee see so o r h d l h ohh t nr oo t g t t et t f efn op et ff s f t sn ba oir e a r o o noo r c e s o t t elt g e o n i r y pt nc di npn mne i e a fu o r d n e . t m f l o c o m i n o n fcnt o e t c e se a e ss o e a e v l r g i e l tel , ie reg me a o o r h e s a r n p a n t n p n o ehcso t m n a f ) e o a gi s i m o e i h ( m a er t m o l g t e e t c e t cee y aha a r e t a o cn n c s dnh b h r f n t a u n ei e oa a d h ot e msp he i rs h r h e , t t r r t d i t y hol of et uei t t c e dh qpw n w a o e t v i l : d i p m r d e s i v a e e t x e n h ow ) n o c t c t e t 1 re ( o r a o n e a f i pt s i n f f a i o s c f a o e nrc n d s or e i oeo eho e t o s p t w o s i b f s i s c ee t t fs v o e a e u a n a dp co i rt a vo r ) de oo e p s o n u s e a s n e Cc o h p r( h i ndo e t o ed brs sp o c , s oi r hn uor e r ti o h t c e a sge iye u p r e t f h d f l n t o e o o r t m o o ea s vs gam t e n d r c i s e 9 h t t eo o 1e ngt ceoai r c d f a r u r ht nn eno cup a e l cc ) rmp oa miy t e w s c i t a i i ul s r s t on snt i n i a e e ( dsp c l i e s l t on es r nsp r C r ho)o o Sa Pf o Tt ( iaea u
d r o w e h t e t u t i t s b u s o t d e d n e m a n e e b s a h 9” . 1l e nn on i t o c s er s e p f“ o d gr no i d aw ee h ht lr a o nf i g ” r s a n o ms r ee hp T“ u
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
f sy co a a u rn rm t o ol st i a nc nn i oo e el i l i t ho s a t s r e hc e f t n po ii or w op m yi c n l h p do i nt mh eu t oi t l c w x o es oe e t tr t o a nr n o m e s oi p. r dr e o e . r poo )t n r c e t oi hob t e i t e t h. t d d t d u, r c e e al ent a r d a dn r iar d l no o , a o ai n p r sn e ,s r oo r ea di e s r f c rs do o ee i rf of v y h y b ot opt rf rni po r ,po o y t i a et n h cl u on mi t i e u v t o y r u m sa t e l e io e g r s r n o sg ,mi r t hea e ia trn i r l u c ma p e i im ptd ar unu ge d sij nt n d i e n t , a ha a i yt t c n e e r o oh i a dhi t ptt uta reo j f e ct d o m t ny asr n al o e n p us t f on p hi oi a Tt cs i u
is or has been i iii iv engaged in a contract for service with the corporate debtor ii
l t e l c c g a e ea h t n n s o a r e l a p b n om y o t a i rd s un m s oa e s f vr o a ao r et s p l db a ne d n n ee . o o i n yt i t r r a s u e e r s l e vo c o f epn s o ero e r koc r p ac m g r men i e h r i l h e lto t a t f g o n ho sya i r l e o t s a l nra h e t a r op , g i oo ) s 1 e t r s ( l b e p , f s ee n o d t o i h n r t e c t p a t t e nfa n oor s u e o i b t o u p u l c r u l a s c o vo f a s ec o e t r he s— n h t i e me t y o s ; iv t f y p oi r o r r r e p p t a e s ro as n s h ut n i s e oe o pu er t i hp t ea a Tdr he ) )n e th ( 1 r ap t ( oe o F v e )a h 2 t (h
9 3
-
a
S. 20 1.115
-
-
19.2 Amendments [Enforced w.e.f. 26-5-2026]
19.2-1 Amendment to the marginal heading of Section 19
19.2-2 Co-operation to be extended to IRP by Ex-personnel of CD, ex-promoters of CD, persons who are or have been associated with CD’s management and persons who are or have been engaged in contract of service with CD
-
19.2-3 Clarification that Section 19 shall also apply to RP
Management of operations of corporate debtor as going concern.
20.
. 6 1 0 2 2 1 1 m o r f t c e f f e h t i w d e c r o f n E . 9 3
6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
; t r e e o d s d h e u o r t bn t nes r e oc t u ebe c a y b hn moc ehs a; e t e o t w n i r b d l an r m r da lwe e e oip l v s ev t r d c a a t i n h a r oo eo u rr i r rn o st u o d q i oe t o tbe c p qe rt e u t s r e on t l r g o b e du r t n eo r e n e c b s e e c i u do t ee e er t bo a e s r n e de g l r h l i m t y s ewc a a t a yoi a t p r h t p t a n i r os e h s e b r e ro pa e r h u ocv ce rr k t o c d pil t oo o n rho ee i ct t d ows she a b eh e csn ots e y i o f r h t n d r ene h o c t a s hot t e w i e f y s s a t a t t s t o he r h fc a r l s e t o l r ao te r c ft e o e fsp dp o o o n l r n t p n a tn. o eoi n r e a d t r n hr c i sb oo r pd e i e et v s c a e s r brf odr yd o c e s n e t e r not p h a or r e pt e sn ee ot h: ceh o e s p b y sc g t r t c t n t o t m o a n f m n f c r s o r i i r . e i a oe r at po np n t r nc nutp p t oe r c t h n i e e a on icno o n f t n c u k hc c eer nu oce p m s n o u ts cem i r co yn ro uc ohm rnod afm t h f e t e s s t o a a c o t r t n lg yc r e n l ee ny a i i r f r n e i i h e ut ob e e rd i a vi l eo e s h s m us a or ot t kg e i s p v u n e a aa d c s e emr c c t r ei i e e s oro othn oa hw oe t n o a e f t t t t t t ) ) ) ) ( ( ( ( -
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1.116 S. 20
b
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. t f r t e f s e e n d e e t e d h d e i aen i d r l o t o o t l r v c h b o n s e n c o r i e sn t b au r t i naea dl e e tg o e st b pp e arhre u nbarad t p ps n u o u o a o e n f r u s e n i oi l e r pi oe pwpl n fiu l on od y o a h l fi e a d a r e rv ,o t fe i fiy r a t erai e l k n or hst tvnb e l a e hpoc p e a m r e o t c c e e a r o a s t dt a v y t c u et ie t du t t ffr r eeh ionm la en p r l s t o o o r e o h h d d d t a r l gae se w h n t e i t l p s t t e t e pt es t atwed tr or u n s r ,dc is fofe s r i nc i i o pfxs a u t s o u n o H m a l e l o g aeodl u i c c i e p e p e p n t f y c a y . o n vn r s l eoi uq mo l t s e ilPtu te n t s l s b e a r r o reoi d n a s a h R u r a t r r , h o s h op i t e r e t e s I d y f u p s t y d c t e p t d e e l g s n C e e e o oeya ob h e b e or ee st s b i cn er co s t cc ch t e a d m i yy a i neri lfi a u r p c d hmua h e o t r t l r h . c a i o e e c t n p h f lilms dqt aa rn l r w w s p b c u t e w m f s s a h a t e i sgen u oe noere s n no o n r e h s r t i e h e e s d o s ol po o onii bkmds t bte ca i ites u a e e i i w o o n i t t b b e d t r e l s eb ec dr ql re u s emo s e oos as s s eue l ha t l r nn nm e ness m l e t o u l o b h d t t r a u b o s e f a u f i eT rla s soe ec i yf o it snc agne d c ut w pal ro no a r t n a o s e l n e c e i . o r h e e i i n g ptr r s p i r t h r i e s a t c s i b f t s et d os npw on yr c nt nr lr nr e y h i h o ms a oaoceoaa t e a c d t h b oe i c r c a o r n h i n t t pu d n f i t t n e e u o m g i u e r tc d o m s s o n s r a fi f d t d e s u n S n v t i n r a i a o b e u o b g l i l i sc ll i evk l oepl . ca ree o o c l a s m t r l a g o u t d t o s sca r e e wh ra na eds i r n n ndn t to s e f rii t n e a h i g o e i r e u b b a i e r o c e n t i h t o d p w f k n o d m e i o e r t r s n o h e i e h a pti. p e ou s n mo . e m st ct r i ros n docha deo s e n s ig c w h c h c t e e u t f e o r a n r r y r , h d d e t h t h t , . t h e s accfr of s t n c r iosee one asssi t t o r , r c i i c e r r d g uoe t r d a a e e u t n e s o o u e t isesrp u renh p n ons t i s p o b p x t a h s r t s f o s o s i r l on pd i sl t e trne o ,s e e no s mooc c i hrfo t s t t c otc repe isotd eo l o o i o e o r e u i n g b b e t r o t p n n e t eu yr i yi lt dh r scp w u n cc ei tbye e roie r tonc na s ld um a sa etsl i o dopatas ddstt o its i m s g hd t f s n b r e r e o s e o s g nr o s e e i t o pipomdd)n i s e us t e p i h e s l r e a c g y i s h m e a a r r l nepoe t t a . t n o t e d e r o o a e t t m r a s p i n o r n c t o a l s r r t e o wr e r r n i n n rl o ae i pet moa t oct ecevx spyt a oo n s t m p i i p i s s l a t a e , F o n s r h r i e u r i a dp n u i e n m o e i a gr r t ee o do l .ac ot nsce ro r t os rh i e hn tc so d oi ec e led t y d e fif fii e h d i i n y s r b t e c c t y t d o i h t l r f u w , n y e t n acf ,r nrt iee l ni u nc al s si pq l a l eot etaor ehd araodeiito i t i e t i o t i l h h o e 0h n y n h l s a i t n c eahs cl 2t t an i,y e ts tsco h rp tfe r O w n l fi t p e t r o n s , c s o t t t nfu ln i oet ,r r a anaee.s(an rrun l e v e r l m r l e o r S r n m t e e p i o a f ooa e i y u a e d v o t s o t o i o h i t i fi n . v s e i l m t e c n r r t t o s t p h t c t w n i i e o r n k e c b na r e b n s b cc r a e ddbt c u y oe ec p t so ox ca oh ei o eu eua oo fn lg ip dnen i nvp He St ds Fsc I dbc tavs Aadi k p I it
SECTION NOTES
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6 1 0 2 , E D O C Y C T P U R K N A B D N A Y C N E V L O S N I
0 4
, l l t t sa s r s e e e e e e d h r — s a c a n o d n e t e o h h h h h e c mi o i . ] n , r en a r at ec e t t . t r t r wmr t r n u ic e s ae r t a i e e n a n o l s o n o f fb t x p r f d o i f l ht l ds t i a t f o a o uca o e a o i c e o p s i f r n n u i d d r s d n t r h r e o h e t o y y lf g i i e s ss or c na e h eh ot l r f ct t n v e t a r i r o o c d . r r n o t n l b t i ] u i i o e a e t e s c , a t t t c or d t fh fuo euse est r i h l a e l b q i n l d e t o d t o e o ) c o t h a m t a t d i c f e e r e t t A bg nteo n n tne e e eomf d c r nfi c m b o t 6 f a e e i l r n d r o t o c ooe a l t l e l ( n o e s c i n e een i a n aam a n t n da t e i s t r o f t r r n i b y e ho a o n f a i l f r s o i o a x o c s t t o e a t r r n c l o oo li pi nst m p el ar li i tf c t t e e i i et aen o r abl ea a t a a r t e o p e p c o m r p r a cn n pd or hb o hho t r tee erg r a r e t o n i p o e a c s m d t s o rm e d f m e y i y e n n f e e-pt l do l eooc epfh t pc o i o r t r l a b n s t o t ri s p s t f a oe f ncy ha i ni g uov e t a s tnp p n c t r a a g h l r o m l t r ; r a nt l ae s n ]sa o oscr eas i e ,er o o r r ld a l t a e l r r e o l r h e m t tru l t [ pd a y a oho a ioh 4v ro rr t t e o eb at 4 e i d t l t e e o e t u hdo s n i ) n h w o d b i s o b e , t s n snc r a i 6 f o dec s s hdbi s li s rege od ( i l l e laa p e r w e u e n b t c l e d a m e ot t a n a i r c r i s a n u n hnya ,c hf r a r lei nre m dw t o p t t g o a f s h t o g i s o t he ) he o r i ot i i e u A i s o l o i h , t t c r t a s c i t a s c r v s r a r o t i 6 c e sbt c i r s o r i u t b s e i p n o t o d e s t s e hs od a yo (c ot n a r i l de t nt e ap e ds l t dnt v e i s t rsda a d i i i n f r o o e a n e s l r o e a ob u p r nad eo o i c wt i hx b h nl u o t s f r o ht e n rtc q a a l iut s , , e a d r a o g i p c i r l pr a s e n d s n a r,e l r l , s e )f ev c i r tr a orh eneo ere co p 6 c o noo o o e r w s e r l i i t r e ( h h i n p n t t t t ] i a t r o r or r t c , so s it i i d i a btio ba t b oond oaa f d d c t i l o i t r o y l l e n s c t t n e l s e l e e u m t n n e a e t r ce d c i b a i r o e a f d r l b r i e f d b e p a c h r e l i a h o t o c h c i c r t r d s e b t e s i o o n a l r s h see c s n c t l o h e i r f a i e : t t d c l t f s e t s a f e i e s n r t a r o a i n a n n s a i r w r i f d r l o s oh e h po nf i r ue to g. n e ,e oo oc ea hc o e t i s 4 w r o i i c s n n v b t s e f mn t e r n f. t 2ri c p e m o r p u i [ tt tu r cn ac r a ia s i r t 2 o t a d e r e n b e c r : 4 e r oe soso l rnfe na peia p tr to rna e o i e e h go t t c t m v b o o h i r f a o t n i o d n t f p p ac i i n t n h h c c t t n d s t i s e t a i r y m l o f t o o i h a o c c a t y i t c e de mb td f a a t a i b o e t n o e x e u u f r n n i eego y t eeh c y t h i e m h e s l , a r d a scco sec at ed hvt md t be t t c r j e e fre lm n Tif oe b e s o e e c ) b e d y o l l t r edw r ) ep c a eoua ua nt )e t a s n e e n ( ( ) e d r i o i i t m 1 s o r am Sc o h rt hl 5 c ri a ( n [ o eas h ( os l n n n a 5 t T e W W t o s p n t e 4 i u m a a n na i r b v s i r b r t ge )n ) )o ) n o oe 4 a o 2 o o 3e s rc 3 5 i igt i ia hc [ p ( c f t t ( 4rdoa (faid ( 1 4
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. . )a ) ”8 f t s t i . n b 1 nd e . e 0 e o . n r 7 . 2 d sI m 1 r w f d e l6 0 a n Po2 , 6 i 0 e ds , c er . 2 f t n. m n 0 a a ae A r o 2 . nr i oot . i d , f pBa w t n ryl c , u a oc o A 8 g c t Cp s1 e e ) 0 ru e t S R or 2 ( n w f , k) e t o e sn s c s d m n A e r o o d cas o ) C n t oBr t n b rde e y e Pn e P c m d t m na e A p oyt ( ed u i a n t t c r e a u e nr k o l r d ep n o om o a sv pA lr C e o B o r C Rs od d y cn ynr c n o cIo t a c a p nff e y eos u c mS v)s r ( l e n k o o e (c e n h s) d o v a n1r . wo l ( 6 I B o 2P 1 C ( s Inn 0 o n y d Bo t 2 I o c n i Bi t e t a 2 yp It h eau 1 tu r l l t y r a o hu c y. t gs 1 pk n b e fe n m 8 e o R o da 1 ”0 v e 8R r eB l t r 1dy f 2 o c a d e s t onn l 6 h n c n e t a e e a r I 6 W 6 v “ f y 16l . f “ e f s1o e rc . r h e on n0s o. t r o2n h fe f t I . , v i i y s t . w d k w dl a n b 9 o e e l , s 1 oc d t t 8 , u a i n 0 u d u d 1 gt 2 t e ar e tI e c T 0 el i i e t t t t r 2 2 r Ru t s sh r 1 e , e bt gs o bt s s ea f n uc u y 8 n n F R( E SA b S 2 I I . . . 4 . 2 . 5 3 1 4 4 4 4 4
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See
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Committee of creditors. 21.
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INSOLVENCY AND BANKRUPTCY LAW MANUAL AUTHOR : PUBLISHER : DATE OF PUBLICATION : EDITION : ISBN NO : NO. OF PAGES : BINDING TYPE :
Taxmann's Editorial Board Taxmann June 2026 22nd Edition | June 2026 9789375618287 1848 Paperback
Rs. 2,695 DESCRIPTION Insolvency & Bankruptcy Law Manual is a comprehensive, single-volume compendium of India's insolvency and bankruptcy framework as it stands after the Insolvency and Bankruptcy Code (Amendment) Act 2026. It brings together the annotated, amended text of the Insolvency and Bankruptcy Code 2016 with every allied Rule, Regulation, Guideline, Notification and Circular issued under it. It does more than reproduce the statute. Every section is annotated with the relevant rules, prescribed forms, date of enforcement and allied laws, and many carry section notes and case-law digests—so a reader moves from statutory text to the machinery that implements it, and to how the courts have read it, without leaving the volume. In short, it is the definitive, fully current desk reference for the law of insolvency and bankruptcy and the latest 2026 amendments. The Manual is written for everyone who engages with insolvency and bankruptcy law in practice, advisory, adjudication or study: • Insolvency Professionals (IPs) • Advocates and Law Firms • Chartered Accountants, Company Secretaries and Cost & Management Accountants • Registered Valuers, Insolvency Professional Agencies and Information Utilities • Bankers, Lenders and Financial Creditors, as well as Operational Creditors and Corporate Debtors • Members of the Judiciary, NCLT/NCLAT Benches and Regulators • Academicians and Students of Law, CA, CS and CMA Programmes The Present Publication is the 22nd Edition | June 2026, amended by the IBC (Amendment) Act 2026; brought into force vide Notification S.O. 2625(E) dated 22-5-2026, effective 26-5-2026; updated till 14-6-2026. This book is edited by Taxmann's Editorial Board and offers the following noteworthy features: • [Fully Amended & Updated] Incorporates the IBC (Amendment) Act 2026, with the law updated till 14th June 2026 (including subordinate legislation effective up to 1st June 2026) • [Dedicated Guide to the 2026 Amendment Act] A numbered 52-point walkthrough of each substantive change—what it does and its rationale from the 'Notes on Clauses' and 'Statement of Objects and Reasons' • [Amendments at a Glance Table] A section-wise snapshot of each amended section's effective date and nature of change (inserted, substituted, omitted, etc.) • [Section-wise Comparative Study] Pre- and post-amendment provisions side by side, each tagged with its enforcement date • [Section-wise Annotated Text of the IBC 2016] The annotation beneath each section shows: o The relevant Rules framed under that section; o Reference to the relevant Forms prescribed; o The date of enforcement; and o The allied laws referred to (cross-referenced to the Appendix of other Acts) • [Section Notes & Case-Law Digests] 'Section Notes' explaining provisions and digests of relevant 'Case Laws,' adding a built-in commentary layer • [All New Rules & Regulations] Subordinate legislation issued with the 2026 amendment, reproduced in full • [Notifications & Guidelines] Consolidated for ready reference—including the Insolvency Professionals (Recommendation) Guidelines 2026 • [Updated Compendium of Circulars] All circulars under the IBC 2016 in a single compendium • [Self-contained Single Volume] The Code, its subordinate legislation and administrative instruments together • [Taxmann's Signature Editorial Rigour] Verified text, exhaustive front-matter lists and a subject index for fast navigation
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