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Theory paper

Bankruptcy Laws

Examined on Insolvency and Bankruptcy Code 2016, Insolvency and Bankruptcy Code (Amendment) Act 2018, Presidency Towns Insolvency Act 1909; Provincial Insolvency Act 1920, Rules and IBBI regulations — not reproduced. This subject states the Code as amended to the Second Amendment Act of 2018 — s. 29A on ineligible resolution applicants, s. 12A on withdrawal, s. 21(6A) on authorised representatives, s. 25A, s. 238A on limitation, s. 240A for micro, small and medium enterprises, and the Twelfth Schedule. Provisions that came later are flagged wherever the syllabus reaches them and are NOT stated from this text: s. 32A, the whole of Chapter III-A on pre-packaged insolvency (ss. 54A to 54P), the s. 7 provisos for allottees, s. 10A, and the 330-day outer limit in s. 12(3). Check the current Code for any of those.

This page is the map of the paper: every syllabus unit, the leading cases with full summaries, and the exam questions the paper actually sets.

Units

  1. Unit 1 · Foundations of the Code — Module I — the historical background and the constitutional allocation of insolvency and bankruptcy; the preliminary provisions of the Code — short title, extent, commencement, application and definitions; and the miscellaneous provisions — the Insolvency and Bankruptcy Fund, the powers of the Central Government, the bar of jurisdiction, protection of action taken in good faith, appeal and revision, the Code’s overriding effect, and limitation
  2. Unit 2 · Corporate Insolvency and Liquidation — Module II — the corporate insolvency resolution process and the fast track process; voluntary liquidation and the liquidation process; the pre-packaged insolvency resolution process; the adjudicating and appellate authorities; and offences and penalties
  3. Unit 3 · Individual Insolvency and Bankruptcy — Module III — Part III of the Code: the fresh start process for individuals and partnership firms; the insolvency resolution process for individuals and firms; the bankruptcy order; the administration and distribution of the assets of the bankrupt; and the adjudicating and appellate authorities
  4. Unit 4 · The Institutional Framework — Module IV — the Insolvency and Bankruptcy Board of India, its constitution, powers and functions; insolvency professional agencies; insolvency professionals; information utilities; and registered valuers, so far as the sources allow

Exam questions

Where it sits

Statutes