Insolvency , Liquidation and Winding up

Paper Code: 
BCS 516
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.

 

CO 1:Explain circumstances and the procedure for winding up of the company.

CO 2:To assess the procedure of liquidation and winding up of company in pre and post of the code.

CO 3:Analyse the impact of insolvency laws on company liquidation and winding up.

CO 4:Appraise the distribution of company’s assets among creditors and contributories.

 

9.00
Unit I: 
UNIT I

Insolvency: Historical Background; Pillars of IBC, 2016; Key Definitions and Concepts; Insolvency Initiation/Resolution.

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: 
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: 
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: 
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: 
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.

 

Essential Readings: 
  1. Study Material Published byICSI
  2. Scanner-Arun Kumar (SuchitraPrakashan (P)Ltd

 

Academic Year: 
2021-2022
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