ICAI FAQ on Insolvency and Bankruptcy Code 2016. 250 Questions and Answers. Sections notified/ not notified till 01-04-2017
FAQ on Insolvency and Bankruptcy Code 2016
The Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India (ICAI) has brought out a comprehensive and a handy book titled as Frequently Asked Questions (FAQs) on the Insolvency and Bankruptcy Code, 2016 to provide guidance to its chartered accountants and other stakeholders for clear interpretation and understanding of the new law.
The Insolvency and Bankruptcy Code, 2016 had been enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally. The Code is one of the major economic reform Code initiated by the Government in the year 2015. Before, there were multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India.
The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December, 2015 and referred to the Joint Parliamentary Committee. After due consultation process, the Joint Committee submitted its Report to the Hon’ble Parliament which was subsequently passed by both the Houses of Parliament in May 2016 as the Insolvency and Bankruptcy Code, 2016 which got assent of the President of India on 28th May, 2016.
The publication includes the following sections:
- Insolvency Resolution and Liquidation of Corporate Persons
- Insolvency Resolution and Bankruptcy for Individuals and Firms
- Regulation of Insolvency Professionals, Agencies and Information Utilities
- Annexure-A Table of Amendments from Section 245 to 255 of Insolvency and Bankruptcy Code, 2016
- Annexure-B List of Sections of The Insolvency and Bankruptcy Code, 2016 notified till 1st April, 2017
- Annexure-C List of Sections of the Insolvency and Bankruptcy Code, 2016 not yet notified till 1st April 2017
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