MAHESH ( ADVOCATE)

INSOLVENCY AND
BANKKRUPTCY
CODE
ONLY EXAM ORIENTED SECTIONS
 MAHESH ( ADVOCATE)

IMPORTANT SECTIONS

Section 3(7) Corporate person

Section 3(8) Corporate debtor
Section 5(20) Operational creditor
Section 6 • Persons who may initiate corporate insolvency
resolution process

Section 7 Initiation of corporate insolvency resolution process

by financial creditor

Section 8 Insolvency resolution by operational creditor

 MAHESH ( ADVOCATE)

Section 9 Application for initiation of corporate insolvency

resolution process by operational creditor
Section 12 Time limit for completion of insolvency resolution
process
Section 13 Declaration of moratorium and public announcement
Section 14 Moratorium
Section 15 Public announcement of corporate insolvency
resolution process
Section 22 Appointment of resolution professional
Section 27 Replacement of resolution professional by committee
of creditors
Section 30 Submission of resolution plan
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Section 53 Distribution of assets

Section 55-58 Fast track corporate insolvency resolution process

Section 59 Voluntary liquidation of corporate persons

No section Eligibility for resolution professional