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The IBC, 2016 comprises total 255 sections classified into five parts and eleven schedules. Part- I of the Code provides preliminary providing short title, scope and commencement of the Code, applicability and definitions. Part-II of the Code provides insolvency and liquidation procedure for Corporate Persons. However, Part-III of the Code provides insolvency and liquidation procedure for individual and partnership firms. Part-IV provides provisions for Insolvency Professionals, agencies and Information Utilities and Part V are miscellaneous provisions. Furthermore, schedules of the code provides amendments in eleven Acts pertaining to the insolvency procedures. #pdf
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