Comprehensive Guide to Insolvency and Bankruptcy Code, 2016 (Law and Practice)  
Fourth edition (set of 2 volumes), Volume 1
Published by Bloomsbury Publishing India Pvt. Ltd
Publication Date:  Available in all formats
ISBN: 9789356408357
Pages: 988

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This fourth edition provides professionals a pragmatic analysis of the Code. For ease of reference and better usability, the authors have classified the book in 2 parts viz Volume 1 – Complete Code alongwith Insolvency & Bankruptcy Rules and IBBI Regulations updated till 01 May 2024 and Volume 2 – Section-wise commentary, Understanding Core Issues and Jurisprudence updated till 01 April 2024 including NCLT and NCLAT Rules, 2016. The Book provides complete insight and an in-depth perspective of the Insolvency law in India including personal insolvency, voluntary insolvency, pre-pack insolvency, cross-border insolvency, group insolvency and legislative intent to introduce mediation under insolvency regime in India. This book is a must-have for insolvency law practitioners, insolvency professionals, lenders, bankers, other creditors, chartered accountants, company secretaries, cost accountants, corporates, judges and other stake holders.

KEY FEATURES

    Contains 2 (two) volumes viz Volume 1 – Complete Code along with Insolvency & Bankruptcy Rules and IBBI Regulations updated till 01 May 2024 and Volume 2 – Section-wise commentary, Understanding Core Issues and Jurisprudence updated till 01 April 2024 including NCLT and NCLAT Rules, 2016;
    Includes list of IBBI Notifications, Circulars and Guidelines issued by IBBI updated till 01 May 2024;
    Includes extensive and detailed commentary on sections of the Code with Section-wise jurisprudence as a seperate Chapter for better understanding of the provisions of the Code including covering the current most evolving area of practice i.e. Personal Insolvency, Voluntary Insolvency and dissolution, Pre-Pack Insolvency, Group Insolvency, Cross Border and concept of Mediation in Insolvency process;
    Incorporates exotic features such as cross border insolvency comprising of UNICTRAL Model, Draft Z and Invitation of comments from public on draft rules, regulations, notifications, guidelines, and capacity building for cross-border insolvency along with resolution of group insolvency with the journey so far in India as also framework for use of mediation under IBC;
    Contains a separate Chapter on “Understanding Core Issues” in IBC, which comprises of topics such as Default, Limitation, Treatment of different classes of creditors under the Code etc providing insights to not only the petitioners who are in the process of initiating insolvency but also insolvency professionals during the course of CIRP;
    Contains a special Chapter on “COVID Blow to Insolvency Regime in India”, describing the initial hurdles, resilient response and paradigm shift observed in working of Courts due to pandemic;
    Incorporates extensive and elaborated text on Section-wise Judgments passed by the judiciary so far which has been explicitly reviewed, identified and selected by the authors keeping the readers in mind for their better understanding on the subject.

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This fourth edition provides professionals a pragmatic analysis of the Code. For ease of reference and better usability, the authors have classified the book in 2 parts viz Volume 1 – Complete Code alongwith Insolvency & Bankruptcy Rules and IBBI Regulations updated till 01 May 2024 and Volume 2 – Section-wise commentary, Understanding Core Issues and Jurisprudence updated till 01 April 2024 including NCLT and NCLAT Rules, 2016. The Book provides complete insight and an in-depth perspective of the Insolvency law in India including personal insolvency, voluntary insolvency, pre-pack insolvency, cross-border insolvency, group insolvency and legislative intent to introduce mediation under insolvency regime in India. This book is a must-have for insolvency law practitioners, insolvency professionals, lenders, bankers, other creditors, chartered accountants, company secretaries, cost accountants, corporates, judges and other stake holders.

KEY FEATURES

    Contains 2 (two) volumes viz Volume 1 – Complete Code along with Insolvency & Bankruptcy Rules and IBBI Regulations updated till 01 May 2024 and Volume 2 – Section-wise commentary, Understanding Core Issues and Jurisprudence updated till 01 April 2024 including NCLT and NCLAT Rules, 2016;
    Includes list of IBBI Notifications, Circulars and Guidelines issued by IBBI updated till 01 May 2024;
    Includes extensive and detailed commentary on sections of the Code with Section-wise jurisprudence as a seperate Chapter for better understanding of the provisions of the Code including covering the current most evolving area of practice i.e. Personal Insolvency, Voluntary Insolvency and dissolution, Pre-Pack Insolvency, Group Insolvency, Cross Border and concept of Mediation in Insolvency process;
    Incorporates exotic features such as cross border insolvency comprising of UNICTRAL Model, Draft Z and Invitation of comments from public on draft rules, regulations, notifications, guidelines, and capacity building for cross-border insolvency along with resolution of group insolvency with the journey so far in India as also framework for use of mediation under IBC;
    Contains a separate Chapter on “Understanding Core Issues” in IBC, which comprises of topics such as Default, Limitation, Treatment of different classes of creditors under the Code etc providing insights to not only the petitioners who are in the process of initiating insolvency but also insolvency professionals during the course of CIRP;
    Contains a special Chapter on “COVID Blow to Insolvency Regime in India”, describing the initial hurdles, resilient response and paradigm shift observed in working of Courts due to pandemic;
    Incorporates extensive and elaborated text on Section-wise Judgments passed by the judiciary so far which has been explicitly reviewed, identified and selected by the authors keeping the readers in mind for their better understanding on the subject.

Table of contents
Acknowledgments
About the authors
Foreword to the second edition
Foreword to the first edition
Preface
Table of contents, vol. 1
Volume 1
1.The Insolvency and Bankruptcy Code, 2016   A-1
2.Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016   R-1.1
3.IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016   R-2.1
4.Companies (Transfer of Pending Proceedings) Rules, 2016   R-3.1
5.Companies (Registered Valuers and Valuation) Rules, 2017   R-4.1
6.IBBI (Annual Report) Rules, 2018   R-5.1
7.IBBI (Form of Annual Statement of Accounts) Rules, 2018   R-6.1
8.IBBI (Medical facility to chairperson and Whole-Time Members) Scheme Rules, 2019   R-7.1
9.Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019   R-8.1
10.Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019   R-9.1
11.Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019   R-10.1
12.IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016   R-11.1
13.IBBI (Insolvency Professional Agencies) Regulations, 2016   R-12.1
14.IBBI (Insolvency Professionals) Regulations, 2016   R-13.1
15.IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016   R-14.1
16.IBBI (Liquidation Process) Regulations, 2016   R-15.1
17.IBBI (Engagement of Research Associates and Consultants) Regulations, 2017   R-16.1
18.IBBI (Procedure for Governing Board Meetings) Regulations, 2017   R-17.1
19.IBBI (Advisory Committee) Regulations, 2017   R-18.1
20.IBBI (Information Utilities) Regulations, 2017   R-19.1
21.IBBI (Voluntary Liquidation Process) Regulations, 2017   R-20.1
22.IBBI (Inspection and Investigation) Regulations, 2017   R-21.1
23.IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017   R-22.1
24.IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017   R-23.1
25.IBBI (Employees’ Service) Regulations, 2017   R-24.1
26.IBBI (Mechanism for Issuing Regulations) Regulations, 2018   R-25.1
27.IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019   R-26.1
28.IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019   R-27.1
29.Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021   R-28.1
30.Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021   R-29.1
31.Notifications   Not 1.1
Volume 2
Chapter 1The evolution of insolvency laws in India and its impact so far   1.1
Chapter 2Initiation, process and procedure of CIRP under the Code   2.1
Chapter 3Liquidation process, distribution of assets and the consequential dissolution of corporate debtor, PUE transactions   3.1
Chapter 3A Pre-packaged Insolvency Resolution Process - resolution for stress in MSME’s   3A.1
Chapter 4Fast Track Insolvency   4.1
Chapter 5Voluntary liquidation of corporate persons   5.1
Chapter 6Adjudication, appeals and fraudulent transactions   6.1
Chapter 7Offences and penalties   7.1
Chapter 8Fresh start process, insolvency and bankruptcy of individuals and partnership firms   8.1
Chapter 9Insolvency Professionals (IPs), Insolvency Professionals Agency (IPAs), Insolvency and Bankruptcy Board of India (IBBI) and Information Utilities (IU)   9.1
Chapter 10The next wave – cross border, group insolvency and mediation   10.1
Chapter 11Covid blow to insolvency regime in India   11.1
Chapter 12Understanding core issues under Insolvency and Bankruptcy Code, 2016   12.1
Chapter 13IBBI Circulars   13.1
Chapter 14IBBI Guidelines   14.1
Chapter 15NCLT & NCLAT Benches   15.1
Chapter 16Jurisprudence on Insolvency and Bankruptcy Code   16.1
Biographical note

Ayush Rajani (FCA, LLB)

Ayush is a Managing Partner of “AKR Legal” (erstwhile known as AKR Advisors LLP, Mumbai), in partnership with his wife and co-author, Mrs. Khushboo Shah Rajani (ACA, LLB.).

Ayush is a Commerce Graduate, a Fellow Member of the Institute of Chartered Accountants of India as well as Lawyer having over 15 years of professional experience in the field of International Tax and Transfer Pricing in addition to commercial, corporate and Insolovency Laws. He was associated with Deloitte Haskins & Sells, Mumbai for a period of approx. 8 years as part of their International tax and Transfer Pricing team and subsequently established his own Advisory and Consulting Firm “AKR Advisors LLP”; which is a full fledged commercial litigation fim, with the changed name “AKR Legal” since September 2023, catering to all legal solutions for clients.

He has been actively representing Resolution Professionals, Liquidators, Financial and Operational Creditors as well as Corporate Debtors before the Hon’ble NCLT, pan India since January 2017 as well as Hon'ble NCLAT both New Delhi and Chennai bench, High Courts and Supreme Court. He has advised many Resolution Professionals managing Corporate Insolvency and Resolution Process of some of the Big Ticket Corporate Debtors across India as their “process advisor”. He has been advising the members of CoC on complex matters in a given situation. He is actively involved in restructuring, tax planning and other strategic assignments.

He is a regular speaker at various seminars on the subject conducted by IIIPI - ICAI and other conferences enlightening the audience comprising of legal practitioners, leading bankers, insolvency professionals and others. He has contributed regularly in several articles in journals and online portals of repute.

He can be reached out at ayush@akrlegal.in

Khushboo Shah Rajani (ACA, LLB)

Khushboo is a Founder Partner of “AKR Legal” (erstwhile known as AKR Advisors LLP, Mumbai). She is a Commerce Graduate, an Associate Member of the Institute of Chartered Accountants of India, and Law Graduate having over 12 years of professional experience.

She has vast experience in representing clients with regard to complex Income-Tax and Transfer Pricing matters before the various High Courts and Income Tax Appellate Tribunal. During her initial days as a professional, she gained immense knowledge when she was part of the litigation team assisting the team led by Mr. Harish Salve (Senior Counsel) for one of the most talked about Telecom client in India.

With the introduction of Insolvency and Bankruptcy Code, in 2016, she has been actively representing Lenders and Resolution Professionals as well as Liquidators before Hon'ble NCLT pan India since Januray 2017 as well as Hon'ble NCLAT both New Delhi and

Chennai bench, High Courts and Supreme Court in some of the most talked about corporate insolvency and resolution processes in the Country.

Khushboo is also a regular speaker at various Conferences held by ICAI and other organizations with regard to IBC. She has also been a faculty at Pre-Registration Educational Courses held by ICAI for newly qualified Resolution Professionals.

She can be reached out at khushboo@akrlegal.in

Alka Adatia (FCA)

Alka Adatia is a qualified Fellow Chartered Accountant (FCA) and an All India rank holder in CA Exam, a certified Fraud Examiner (CFE), a certified Forensic Accounting and Fraud Detection (FAFD) expert from the Institute of Chartered Accountants of India (ICAI), trained and certified in the Reid Technique of Interviewing and Interrogation by Reid and Associates, Illinois, Chicago. She has conducted forensic audits under the IBC code.

She has combined Entrepreneurship & Academics with over 15+ years of experience & currently is an independent practitioner providing specialized services in Forensics along with her network associates

Her area of expertise in Forensics includes Forensic Auditing & Litigation Support, Corporate Fraud Investigations including Sexual Harassment Investigations, Interview & Interrogations and Profiling & Background checks.

On the academic front, she has been a faculty for "Certificate Course on Forensic Accounting and Fraud Detection" at the ICAI and has imparted training to over 500+ Chartered Accountants at a pan India level

She has conducted training programs on "Analysis of Financial Statements" for 32+ Additional Directors/Assistant Directors of Serious Fraud Investigation Office (SFIO) at IICA Manesar in 2015

She has imparted training in the National Seminar on "Forensic Accounting and Fraud Examination” to over 100+ MBA Finance Professors, PHD Scholars, Forensic Experts, etc. at Osmania University- Hyderabad

She has been a visiting faculty at a coaching institute and has co-authored an accounting book on the title “Comprehensive Guide to Ind AS Implementation” published by CCH India

She has co-authored a paper titled “The Leaning Tower of Corporate Governance” published by The Institute of Cost Accountants of India

She also holds a Bachelor’s degree in Commerce from Mumbai University–HR College.

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