Bankruptcy and Insolvency Code

Features of Bankruptcy and Insolvency Code are as follows

Objective

The main concern of law is the regulation and balancing of socio-economic and political interests.In regulating the economic front, law has to take into account of negative economic impact in the situations of socio-legal problems. The bankruptcy law becomes relevant in this context. The Constitution confers on the union and the states to legislate on bankruptcy-the inability to pay debts. The Indian laws contain elaborate provisions on the status of insolvent person, legal conditions of insolvency, insolvency proceedings, distribution of property of the insolvent and on litigation by and against insolvent person. These laws have to be looked at with a comparative approach. The course excludes questions of bankruptcy in relation to company and partnership since they are dealt with in the compulsory papers. Contact coimbatore lawyers for more details about Bankruptcy and Insolvency Code.

1.Introductory

1.1. The concept : inability to pay debt
1.2. Comparative Perspectives
1.2.1. England: Insolvency Act,Bankruptcy Act
1.2.2. United States
1.3. India: concurrent jurisdiction-the central and state Legislation

2.Insolvency jurisdiction

2.1. Courts
2.2. Powers of court

3.Accts of Insolvency

3.1. Transfer of property to a third person for benefit of creditors Generally
3.2. Transfer with intent to defeat creditors.
3.3. Fraudulent preferences in transfer of property.
3.4. Absconding with intent to defeat the creditors.
3.5. Sale of property in execution of decree of court.
3.6. Adjudication as insolvent and interpretation of statutes law.
3.7. Notice to creditors about suspension of payment of debt.
3.8. Imprisonment in execution of a decree of a court.

4.Insolvancy Petition

4.1. By Creditor
4.2. By debtor
4.3. Contents of the Petition
4.4. Admission
4.5. Procedure

5.Appointment Of interim receiver

6.Interim Proceedings against the debtor

7.Duties of Debtors

8.Release of debtor

9.Procedure at hearing

10. Dismissal of petition filed by a creditor

11. Order of adjudication
11.1. Effect
11.2. Publication of order

12. Proceedings, Consequent on order of adjudication
12.1. Protection order from arrest or detension
12.2. Power to arrest after adjudication per attempt abscond
12.3. Schedule of creditors
12.4. Burden of creditors to prove the debt.

13. Annulment of adjudication
13.1. Power to annul
13.2. Effect
13.3. Failure to apply for discharge

14. Post adjudicatory scheme for satisfaction of the debt

15. Discharge of debtor

16. Effect of insolvancy on antecedent transaction
16.1. On rights of creditor under execution
16.2. Duties of court executing decree on the property taken in Execution
16.3. Avoidance of voluntary transfer
16.4. Avoidance of preference

17. Realization of property

17.1. Appointment of receiver
17.1.1. Duties and powers
17.1.2. Appeal against receiver

18. Distribution of property

18.1. Priority of debts
18.2. Dividends

19. Offences by debtors

20. Disqualification of insolvent

21. Appeal

22. Indigent persons
22.1. Suit by indigent persons

Select bibliography
1. The Provincial Insolvency Act.1920
2. Insolvency Acts of various states
3. Halisbury’s Laws of England, Vol.3(2) on Bankruptcy and Insolvency(1989)
4. Henry R. Cheeseman,Business Law,Ch.28(1998),Prentice Hall,New Jersey
5. C.K.Thakker,Code of civil Procedure(2000)Eastern,Lucknow.
6. Aiyar.s.k.,Law of Bankruptsy(1998) Universal,Delhi.

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