Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016

Last updated: 01 December 2016

Notice Date : 30 November 2016

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 30th November, 2016

G.S.R. 1108(E).—In exercise of the powers conferred by clauses (c), (d), (e) and (f) of sub-section (1) of section 239 read with sections 7, 8, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following Rules, namely-

1. Short title and commencement.—(1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

(2) They shall come into force from the 1st day of December, 2016.

2. Application.—These Rules shall apply to matters relating to the corporate insolvency resolution process.

3. Definitions.—(1) In these Rules, unless the context otherwise requires,-

(a) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(b) “corporate insolvency resolution process” means the insolvency resolution process for corporate persons under Chapter II of Part II of the Code;

(c) “credit information company” shall have the meaning as assigned to it under the Credit Information Companies (Regulation) Act, 2005 (30 of 2005);

(d) “financial contract” means a contract between a corporate debtor and a financial creditor setting out the terms of the financial debt, including the tenure of the debt, interest payable and date of repayment;

(e) “Form” means a Form appended to these rules;

(f) “identification number” means the limited liability partnership identification number or the corporate identity number, as the case may be, of the corporate person;

(g) “Schedule” means the Schedule appended to these rules.

(2) All the words and expressions used herein and not defined shall have the meanings respectively assigned to them under the Code.

Please refer to the attached file for details