Insolvency and Liquidation

Paper Code:

BCS 612

Credits:

3

Contact Hours:

45.00

Max. Marks:

100.00

Objective:

To acquire knowledge of the legal, procedural and practical aspects of Insolvency and its resolution.

9.00

Unit I:

Insolvency: Historical Background; Pillars of IBC, 2016 [IBBI, IPA, IP, AA, Information Utility]; Key Definitions and Concepts; Insolvency Initiation/Resolution under sections 7, 8 and 10.
Petition for Corporate Insolvency Resolution Process :Legal Provisions; Procedure, Documentation; Appearance, Approval; Case Laws.
Role, Functions and Duties of IP/ IRP/ RP :Public announcement, Management of affairs and operations of company as a going concern, Raising of Interim Finance, Preparation of Information Memorandum.

9.00

Unit II:

Resolution Strategies: Restructuring of Equity & Debt; Compromise & Arrangement; Acquisition, Takeover & Change of Management; Sale of Assets; Valuation.
Convening and Conduct of Meetings of Committee of Creditors: Constitution of Committee of Creditors; Procedural aspects for meeting of creditors.
Preparation & Approval of Resolution Plan: Contents of resolution plan; Submission of resolution plan; Approval of resolution plan.

9.00

Unit III:

Individual/ Firm Insolvency: Application for insolvency resolution process; Report of resolution professional; Repayment plan; Discharge Order.
Fresh Start Process: Person eligible to apply for fresh start; Application for fresh start order; Procedure after receipt of application; Discharge order.
Debt Recovery &SARFAESI :Non-Performing Assets; Asset Reconstruction Company; Security Interest (Enforcement) Rules, 2002; Evaluation of various options available to bank viz. SARFASEI, DRT, Insolvency Proceedings; Application to the Tribunal/ Appellate Tribunal.

9.00

Unit IV:

Cross Border Insolvency :International Perspective and Global Developments; UNCITRAL Legislative Guide on Insolvency Laws; US Bankruptcy Code, Chapter 11 reorganization; Enabling provisions for cross border transactions under IBC.
Liquidation on or after failing of RP: Initiation of Liquidation; Distribution of assets; Dissolution of corporate debtor.

9.00

Unit V:

Voluntary Liquidation: Procedure for Voluntary Liquidation; Powers and duties of the Liquidator; Completion of Liquidation.
Winding-up by Tribunal under the Companies Act, 2013: Procedure of Winding-up by Tribunal; Powers and duties of the Company Liquidator; Fraudulent preferences.
Case Laws, Case Studies and Practical aspects.

References:

1. Study Material Published by ICSI
2. Scanner-Arun Kumar (Suchitra Prakashan (P) Ltd

Academic Year: