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  • Spirit of the Code is to have a faster Resolution of Corporate Insolvency in Time bound manner.
  • Code defines Timelines for everything right from admission of application by NCLT to Order for Liquidation in case a Resolution cannot be reached and subsequently appeal to NCLAT.
  • 180 days period has been prescribed for completion of Corporate Insolvency Resolution Process (CIRP) with max one time 90 days extension.
  • Only Three stage Legal Process - NCLT NCLAT Supreme court. No other court is authorised to entertain matters relating to this.
  • On admission of application by NCLT,
    • IRP (for 30 days period) and RP (for 150/240 days) takes control of affairs of company.
    • Powers of the Board of the CD gets suspended, vests in IRP / RP
    • Operation of bank accounts get under control of IRP / RP
    • Control shifts from promoters/borrowers to Creditors (Lenders).
    • Moratorium is declared and all pending suits / judgements / decrees against the Corporate Debtors (company) are put on hold till the time CIRP is on.
    • Management is debarred from transferring / encumbering any property of the company.
  • Committee of Creditors (CoC) is formed, consists of Financial Creditors.
  • IRP / RP takes up CIRP in association with CoC
  • CoC to Overview CIRP and approve Resolution Plan, all decisions with 75% majority.
  • Time Bound Process, if not completed within time liquidation is must.
  • Either Resolution or Liquidation, no other way.
  • Once under Liquidation case against Guarantors will also be handled by the same bench of NCLT.
  • Resolution Plan once approved by NCLT is binding on all the parties

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