Appointment of insolvency professional as bankruptcy trustee (1) If an insolvency professional is proposed as the bankruptcy trustee in the application for bankruptcy under section 122 or section 123, the Adjudicating Authority shall direct the Board within seven days of receiving the application for bankruptcy to confirm that there are no disciplinary proceedings against such professional. (2) The Board shall within ten days of the receipt of the direction under sub-section (1) […]

Effect of application (1) When an application is filed under sections 122 or 123 – (a) an interim-moratorium shall commence on the date of the making of the application on all actions against the properties of the debtor in respect of his debt s and such moratorium shall cease to have effect on the bankruptcy commencement date; and (b) during

Application by creditor (1) The application for bankruptcy by the creditor shall be accompanied by- (a) the records of insolvency resolution process undertaken under Chapter III; (b) a copy of the order passed by the Adjudicating Authority under Chapter III permitting the creditor to apply for bankruptcy; (c) details of the debt s owed by the debtor to the creditor as on the date of the application for bankruptcy; and (d) such

Application by debtor (1) The application for bankruptcy by the debtor shall be accompanied by – (a) the records of insolvency resolution process undertaken under Chapter III of Part III; (b) the statement of affairs of the debtor in such form and manner as may be prescribed, on the date of the application for bankruptcy; and (c) a copy of the order passed

Application for bankruptcy (1) An application for bankruptcy of a debtor may be made, by a creditor individually or jointly with other creditors or by a debtor, to the Adjudicating Authority in the following circumstances, namely; – (a) where an order has been passed by an Adjudicating Authority under sub-section 4 of section 100; or (b) where an order has been passed by an Adjudicating

Standard of conduct The resolution professional shall perform his functions and duties in compliance with the code of conduct provided under section 208. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration |

Discharge order (1) On the basis of the repayment plan, the resolution professional shall apply to the Adjudicating Authority for a discharge order in relation to the debt s mentioned in the repayment plan and the Adjudicating Authority may pass such discharge order. (2) The repayment plan may provide for – (a) early discharge; or (b) discharge on complete implementation of the repayment plan. (3) The discharge order shall be forwarded to

Repayment plan coming to end prematurely (1) A repayment plan shall be deemed to have come to an end prematurely if it has not been fully implemented in respect of all persons bound by it within the period as mentioned in the repayment plan. (2) Where a repayment plan comes to an end prematurely under this section, the resolution professional shall submit