Optional Subject 6 (Any one from the following) :

LO 1006 Bankruptcy and Insolvency Law :

Objectives of the Course : The Insolvency and Bankruptcy Code, 2016 consolidated and amended the law relating to reorganization and insolvency resolution of corporations, partnership firms, and individuals. The Course will give the student an overview of the new law that not only opens opportunities for specialized practice in this area, but also in the course of transacting, and due diligence investigation. The student will apprise of the Insolvency resolution process, the distinction between Insolvency and Bankruptcy, the function of regulation in this area, the functioning of various authorities.

Module 01	Introduction : 1. Historical perspectives of insolvency and bankruptcy laws 2. Need, objects and application of the Code 3. Definitions of the terms: claim, charge, corporate person, corporate debtor, core services, creditor, debt, default, financial information, financial institution, financial product, financial service, financial sector regulator, insolvency professional, person, property, security interest 4. Concepts of - insolvency and bankruptcy, debtors and creditors
Module 02	Insolvency Resolution and Liquidation Process for Corporate Persons : 1. Corporate insolvency resolution process 2. Liquidation process 3. Fast track insolvency resolution process
Module 03	Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms : 1. Insolvency resolution process 2. Bankruptcy order for individuals and partnership firms 3. Administration and distribution of the estate of the bankrupt
Module 04	Authorities under the Code : 1. Insolvency and Bankruptcy Board of India 2. Powers and functions of the Board 3. Insolvency professional agencies 4. Information utilities 5. Inspection and investigation
Module 05	Adjudicating Authorities under the Code : 1. Adjudicating Authorities for Corporate Persons 2. Adjudicating Authorities for Individuals and Partnership Firms 3. Appeals
Module 06	Insolvency and Bankruptcy Code vis-à-vis Other Legislations : 1. The Companies Act, 2013 2. The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 3. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 4. The Recovery of Debts Due to Banks and Financial Institutions Act, 1993

5. The Presidency Towns Insolvency Act, 1909, and the Provincial Insolvency Act, 1920

Module 07

Offences and Penalties for Contravention of the Provisions :

1. By the debtor

2. By the creditor

3. By the bankrupt

Module 08

Cross Border Insolvency :

1. UNCITRAL Model Law on Cross Border Insolvency

2. World Bank Principles for Effective Insolvency and Creditor Rights

3. Asian Development Bank Principles of Corporate Rescue and Rehabilitation

Recommended Readings :

1. UNCITRAL Legislative Guide to Insolvency Law.

2. Mulla, The Law of Insolvency in India, 6th ed., LexisNexis, 2017.

3. Sumant Batra, Corporate Insolvency – Law and Practice, Eastern Book Company, 2017.

4. Guide to Insolvency and Bankruptcy Code, Taxmann, 2016.

5. The Report of the Bankruptcy Law Reforms Committee, Nov 2015, available at www.ibbi.gov.in/Reports.html.

6. The Report of the Joint Committee on the Insolvency and Bankruptcy Code, 2015, Lok Sabha, 2017, available at www.ibbi.gov.in/Reports.html.

Note for Syllabus of all Subjects :

1. The students are advised to refer latest editions of the books / readings recommended. The list of recommended readings is given for the general information and understanding of the students. However, students are advised to refer any other standard book or other material available. In case student finds no recommended readings for any topic of the syllabus, the students may refer any standard book or other material available. The students are also advised to refer E-Resources.

2. The students shall also refer and study the latest amendments in the concerned law. Such amendment in law shall become a part of a syllabus of concerned subject and shall be operative with effect from the academic year immediately next to the academic year in which amendment in the concerned law becomes operative.