SALIENT FEATURES OF INSOLVENCY AND BANKRUPTCY CODE, 2016 WITH SPECIAL EMPHASIS ON INSOLVENCY PROFESSIONALS AND THEIR ROLE

1. 1
SALIENT FEATURES OF INSOLVENCY AND BANKRUPTCY CODE, 2016 WITH
SPECIAL EMPHASIS ON INSOLVENCY PROFESSIONALS AND THEIR ROLE
The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) was
enacted due to the existence of varied legislations which dealt with the insolvency of
companies and individuals. Prior to the enactment of the Code, India’s insolvency and
bankruptcy structure was very intricate and complicated.
The Sick Industrial Companies (Special Provision) Act, 19851
was enacted in an era of
industrial failures in order to help bail out sick and beleaguered industries while the
Recovery of Debts Due to Banks or Financial Institutions Act, 1993 and the Securitization
and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,
were enacted in the post liberalization era to grant special rights to the banks and other
secured creditors for recovery of debts. But none of these Acts have had the desired
results. The laws which deal with individual insolvency, viz., The Presidential Towns
Insolvency Act, 1909 and the Provincial Insolvency Act, 1920, are nearly a century old
and have not been revamped to suit the present needs.2
The need for a separate
legislation specifically for the purpose of Insolvency and Bankruptcy and to improve debt
management in the country was felt as there were several inconsistencies pertaining to
the interpretations led on by several forums and therefore leading to the introduction of
the Code3
which was passed by the Parliament of India on 11 May, 2016. It received the
presidential assent on 28 May, 2016.
The Code aims at consolidating and amending laws relating to reorganization and
insolvency resolution of corporate persons, individuals and partnership firms in a time
bound manner.4
The Code is divided into two parts; first dealing with corporate insolvency and the other
dealing with personal insolvency.5
1
Ministry of Finance, notification dated 25 November, 2016, repealed the SICA with effect from 1
December, 2016 (http://www.egazette.nic.in/WriteReadData/2016/172799.pdf)
2
Sruti Baid (2017), The Insolvency and Bankruptcy Code, 2016: An Analysis (Article at Page no 6) (The
Company Law Journal- Volume 1 Part 1- January, 2017)
3
Rahul Gang and Ravisha Seth (2016), The Emergence of a new legacy: The insolvency and bankruptcy
code, 2016 (Article at page no 197) (The Company Law Journal- Volume 4 Part 3 - December, 2016)
4
The Insolvency and Bankruptcy Code, 2016 [No. 31 of 2016]- Aim of the Code
5
Sruti Baid (2017), The Insolvency and Bankruptcy Code, 2016: An Analysis (Article at Page no 6) (The
Company Law Journal- Volume 1 Part 1- January, 2017)

2. 2
SALIENT FEATURES
I. Establishment6
and incorporation of the Insolvency and Bankruptcy Board of India
(“Board”)
The Code provides for the establishment and incorporation of the Board. The Board
means the Insolvency and Bankruptcy Board of India established under section 188 (1)
of the Code7
. In exercise of the powers conferred by section 189 of the Code, the
Central Government appointed Shri Madhu Sudan Sahoo, as Chairperson of the Board
with effect from 1 October, 2016. The head office of the Board shall be at New Delhi.8
The Board is a body corporate having perpetual succession and a common seal with
power to acquire, hold and dispose of property both movable and immovable. The Board
can enter into contract on its own name and can sue or be sued.9
Section 19610
of the Code provides for the powers and functions of Board. The Board is
in charge of the functioning of insolvency professionals, insolvency professional agencies
and information utilities, issuing necessary regulations, model bye-laws11
and standards
to the insolvency professionals, regulating the bankruptcy and insolvency process,
maintaining the records of the cases12
and to promote transparency and good
governance13
.
II. Insolvency Professionals and Agencies
Insolvency Professional means a person enrolled under section 20614
with an insolvency
professional agency15
as its member and registered with the Board as an insolvency
professional under section 20716
. The insolvency and bankruptcy process will be
6
Date of establishment of Board- 01 October, 2016 as per notification dated 01 October, 2016
(http://www.mca.gov.in/Ministry/pdf/Notification_01102016_II.pdf)
7
Refer Section 3(1)- Meaning of Board (Definitions) (Part I)
8
Notified by the Central Government as per the notification dated 01 October, 2016
(http://www.mca.gov.in/Ministry/pdf/Notification_01102016_II.pdf)
9
Section 188(2) of the Code (Part IV; Chapter I)
10
Notified by Central Government as per the notification dated 01 November, 2016
(http://www.mca.gov.in/Ministry/pdf/Notification_01112016.pdf)
11
Section 196 (2) of the Code
12
Section 196 (1)(k) of the Code
13
Section 196(1)(m) of the Code
14
Enrolled and registered persons to act as insolvency professionals
15
Section 3(20)- Insolvency professional agency means any person registered with the Board under
section 201 as an insolvency professional agency (Refer Part I)
16
Registration of insolvency professionals (Refer Chapter IV)

3. 3
conducted, administered and managed by a licensed insolvency professional.17
It is the
duty of the insolvency professional agency to devise out the standards of professional
conduct for its members, supervise the performance of its members, and oversee the
insolvency professional membership requirements and procedures.18
The agency is
responsible to resolve the grievances of consumers against its members and publish
information about its members and their performances.19
III. Information Utilities
Information Utility20
means a person who is registered with the Board as an information
utility under section 210 of the Code.21
An information utility has an obligation to
create22
, collate, authenticate23
and disperse financial information in a way that any
intended person can access to the information in such form and manner as may be
specified by regulations.24
IV. Insolvency Adjudicating Authority
1. Adjudicating Authority for individuals and partnership firms25
- The Adjudicating
Authority in relation to insolvency matters of individuals and partnership firms shall
be the Debt Recovery Tribunal (“DRT”)26
having territorial jurisdiction over the
place where the individual debtor actually and voluntarily resides or carries on
business or personally works for gain and can entertain an application under the
Code regarding such person.27
An appeal from an order of the DRT shall be filed
within thirty (30) days28
before the Debt Recovery Appellate Tribunal (“DRAT”). An
17
Bill Summary Insolvency and Bankruptcy Code, 2016 (PRS Legislative Research)
http://www.prsindia.org/uploads/media/Bankruptcy/Bankruptcy%20Code%20As%20Reported%20by%20
Committee%20Bill%20Summary.pdf (Last accessed on 05-02-2017 at 9:00 Pm)
18
Refer Section 204- Functions of insolvency professional agencies (Chapter III)
19
Refer section 204 (f) and (g) of the Code
20
Refer Part I; Section 3(21) of the Code
21
Registration of information utility
22
Refer section 214 (a) of the Code
23
Refer section 214 (e) of the Code
24
Refer section 214 (f) of the Code
25
Refer Part III, Chapter I- Section 79(1) and Chapter VI, Section 179 of the Code
26
Section 79(1)- Tribunal constituted under section 3(1) of the Recovery of Debts Due to Banks and
Financial Institutions Act, 1993
27
Section 179(1) of the Code
28
Refer to section 181 of the Code; Appeal can be allowed within a further period not exceeding fifteen
(15) days

4. 4
appeal from an order of the DRAT shall be filed within forty-five (45) days before
the Supreme Court of India.29
2. Adjudicating Authority for corporate persons30
- The Adjudicating Authority in
relation to the insolvency resolution and liquidation matters of corporate persons
shall be the National Company Law Tribunal (“NCLT”).31
Any person aggrieved by
the order of NCLT may prefer an appeal to the National Company Law Appellate
Tribunal (“NCLAT”).32
Any person aggrieved by an order of the NCLAT may file an
appeal to the Supreme Court of India.33
V. Insolvency and Bankruptcy Fund34
The Code provides for establishment of an Insolvency and Bankruptcy Fund for the
purposes of insolvency resolution, liquidation and bankruptcy of persons under the Code.
It may receive voluntary deposits from any person. A person contributing to these funds
will be able to withdraw them for making payments to workmen, protecting the assets,
meeting the incidental costs only in case of insolvency proceedings being initiated
against him. In addition, the contributors will not earn interest on the funds contributed
by them.35
VI. Cross Border Insolvency36
The Central Government may enter into an agreement with the Government of any
country outside India for enforcing the provisions of the Code. This includes agreements
for application of the Code to assets and property of corporate debtors, including
personal guarantors, situated in foreign countries. Further, a liquidator has the powers to
take into his custody or control all the assets, property, effects and actionable claims of
the corporate debtor.37
29
Refer section 182 of the Code; Appeal can be allowed within a further period not exceeding fifteen (15)
days
30
Refer Part II, Chapter I- Section 5(7) and Chapter VI, Section 60 of the Code
31
Refer Part II, Chapter I- Section 5(1) of the Code
32
Refer Chapter VI, Section 61- Appeals and Appellate Authority
33
Refer Chapter VI, Section 62- Appeal to Supreme Court
34
Refer Part V, Section 224 of the Code
35
PRS Legislative Research- The Insolvency and Bankruptcy Code, 2016: Issues for consideration
(http://www.prsindia.org/uploads/media/Bankruptcy/IBC%202016%20%20Issues%20for%20consideratio
n.pdf- Last accessed on 05-02-2017 at 9 pm)
36
Section 234- Agreements with foreign countries
37
India: Cross-Border Insolvency: Breaking down the Indian insolvency and Bankruptcy Code, 2016, article
by Mr. Abhishek Saxena and Ms. Jyoti Singh (Phoenix Legal) on 05.07.2016
http://www.mondaq.com/india/x/506600/Insolvency+Bankruptcy/CrossBorder+Insolvency+Breaking+Dow

5. 5
VII. Priority under Liquidation38
The assets will be distributed in the following order, in case of liquidation39
:
 Insolvency resolution process and liquidation costs
 Workmen’s dues and debts owed to secured creditors
 Wages and unpaid dues owed to employees’ other than workmen
 Financial debts owed to unsecured creditors
 Government dues and remaining secured creditors (any remaining debt if they
enforce their collateral)
 Remaining debts and dues, and
 Equity shareholders or partners.
VIII. Insolvency Resolution Process
The Code provides for similar insolvency resolution process for companies and
individuals40
, which will have to be completed within 180 days. This limit may be
extended but not exceeding ninety (90) days in certain circumstances. The resolution
process will involve negotiations between debtor and creditors to draft a resolution plan.
The process will end under two circumstances:
 when the creditors decide to evolve a resolution plan or sell the assets of the debtor,
or
 180-day time period for negotiations has come to an end.
In case a plan cannot be negotiated upon during the time limit, the assets of the debtor
will be sold to repay his outstanding dues. The proceeds from the sale of assets will be
distributed based on an order of priority41
n+The+Indian+Insolvency+And+Bankruptcy+Code+2016 (Last accessed on 30 January, 2017 at 6:30
pm)
38
Section 53- Distribution of assets- Notified by Central Government on 09 December, 2016 with effect
from 15 December, 2016. (http://www.mca.gov.in/Ministry/pdf/Notification_14122016.pdf)
39
PRS Legislative Research-Bill Summary
http://www.prsindia.org/uploads/media/Bankruptcy/Bankruptcy%20Code%20As%20Reported%20by%20
Committee%20Bill%20Summary.pdf (Last accessed on 05-02-2017 at 12:00pm)
40
Section 12 (corporate insolvency resolution process)
41
PRS Legislative Research (Last accessed on 31 January, 2017 at 1 pm)
http://www.prsindia.org/uploads/media/Bankruptcy/Bankruptcy%20Code%20As%20Reported%20by%22
Committee%20Bill%20Summary.pdf

6. 6
IX. Fast Track Corporation Insolvency Resolution Process42
An application for fast track corporate insolvency resolution process may be made
against corporate debtors, namely43
:-
(a) a corporate debtor with assets and income below a level as may be notified by the
Central Government; or
(b) a corporate debtor with such class of creditors or such amount of debt as may be
notified by the Central Government; or
(c) such other category of corporate persons as may be notified by the Central
Government.
The fast track corporate insolvency resolution process shall be completed within a period
of ninety (90)44
days from the insolvency commencement date.
X. Fresh Start Process
The Code provides for a fresh start process under which an individual having assets and
debt under a threshold will be eligible for a debt waiver45
. The objective of this process is
to enable debt ridden individuals or partnership firms to seek moratorium, phase out
certain debt ridden individuals or partnership firms to seek moratorium, phase out
certain debt obligations, etc., so that they can financially start afresh.46
XI. Penalties47
The Code specifies penalties for offences committed under corporate insolvency (such as
concealing property). This penalty will be imprisonment of up to five years, or a fine of
up to one crore rupees, or both. For offences committed under individual insolvency
(such as providing false information), the imprisonment will vary based on the offence.
For most of the offences, the penalty will be imprisonment of up to six months, or a fine
of up to five lakh rupees, or both.48
42
Section 55-58 of the Code
43
Section 55(2) of the Code
44
Section 56 (3)- Period can be extended but not exceeding forty-five (45) days
45
Refer Part III, Chapter II- Fresh start process; PRS Legislative Research- Bill Summary, Insolvency and
Bankruptcy Code, 2016 by Mr. Vatsal Khullar (May 10, 2016)
http://www.prsindia.org/uploads/media/Bankruptcy/Bankruptcy%20Code%20As%20Reported%20by%20
Committee%20Bill%20Summary.pdf (Last accessed on 31 January, 2017 at 6 pm)
46
The Insolvency and Bankruptcy Code, 2016: An Analysis by Sruti Baid (The Company Law Journal-
Volume 1- January, 2017 at page no. 15)
47
Refer Chapter VII (Offences and Penalties)
48
PRS Legislative Research- Bill Summary, Insolvency and Bankruptcy Code, 2016 by Mr. Vatsal Khullar
(May 10, 2016)

7. 7
INSOLVENCY PROFESSIONALS
The Insolvency Resolution Professionals are the intermediaries who play a key role in the
entire bankruptcy process. These professionals act as the agent of the creditors. They
verify the claims made by the creditors, constitute their committee, and run the business
of the debtor in the moratorium period as per the directions of the creditors and help the
creditors in arriving at a consensus for a revival plan and also acts as a liquidator and
bankruptcy trustee.49
1. Eligibility50
A person who:
 has attained the age of majority;
 is of sound mind;
 is solvent;
 is fit and a proper person51
;
 is not convicted by any competent court52
;
 resident in India and
 possesses the requisite qualification and experience as specified under the Insolvency
and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 is eligible
to be registered as an insolvency professional.
2. Qualifications and Experience53
An individual shall be eligible for registration, if he:
http://www.prsindia.org/uploads/media/Bankruptcy/Bankruptcy%20Code%20As%20Reported%20by%20
Committee%20Bill%20Summary.pdf (Last accessed on 31 January, 2017 at 6 pm)
49
The Insolvency and Bankruptcy Code, 2016- Key Highlights (16 May, 2016)
http://www.trilegal.com/index.php/publications/update/the-insolvency-and-bankruptcy-code-2016-key-
highlights?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original
50
Refer to chapter III, regulation 4, of Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016. (came into force on 29 December, 2016)
51
Refer explanation clause to regulation 4(g) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016.
52
Refer regulation 4(d) of Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016.
53
Refer regulation 5 of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations,
2016.

8. 8
 has passed the National Insolvency Examination
 has passed the Limited Insolvency Examination, and has fifteen years of experience
in management, after he received a Bachelor’s degree from a university established
or recognized by law.
 has passed the Limited Insolvency Examination and has ten years of experience as -
 a chartered accountant enrolled as a member of the Institute of Chartered
Accountants of India.
 a company secretary enrolled as a member of the Institute of Company Secretaries
of India.
 a cost accountant enrolled as a member of the Institute of Cost Accountants of
India, or
 an advocate enrolled with a Bar Council.
3. Role54
A. Fresh start process- A debtor may apply through a resolution professional55
for a
fresh start in respect of his qualifying debts to the DRT56
. In case an application for
fresh start process is made by the debtor himself, then the DRT will direct the Board
to nominate a resolution professional for the fresh start process.57
 It is the duty of the appointed resolution professional to submit a report to the
DRT, either recommending acceptance or rejection of the application. The
resolution professional will take reasonable care and diligence while recording the
reasons for recommending the acceptance or rejection of the application in the
report to the DRT. A detail report is required to be submitted by the resolution
professional, taking into account the financial circumstances of the debtor. The
resolution professional’s report shall contain details of the qualifying debts,
creditors, liabilities eligible for discharge under section 92(3) and such further
information as deem necessary.
 It is the duty of the resolution professional to consider and examine every
objection made by creditors under section 86 of the Code. The resolution
professional may either accept or reject the objections, within ten days of the
date of the application and prepare a final list of qualifying debts for the
purposes of section 92 to the DRT58
of the Code or take such other steps as he
considers necessary in relation to the debtor.59
54
Section 208- Functions and obligations of insolvency professionals
55
Refer section 79(21), Part III and Chapter I of the Code
56
Refer to section 79(1), Part III and Chapter I of the Code
57
Section 82- Appointment of resolution professional
58
Discharge Order
59
Section 86(4)(5) and (6)

9. 9
 The resolution professional shall abide by the code of conduct. He should provide
fair opportunity to the debtor or creditor to make representation and should act
in an equitable manner.
B. Individual insolvency resolution process- A debtor who commits a default60
or
creditor61
may apply through a resolution professional to the DRT for initiating an
insolvency resolution process by submitting the application.
 In case, an application is filed by debtor or creditor/s personally, then the
appointed resolution professional shall examine the application and submit a
report to the DRT recommending for approval or rejection of the application.62
It
is the duty of resolution professional to record the reasons for recommending the
acceptance or rejection of the application in the report.63
For the purposes of
examining an application, the resolution professional may seek such further
information or explanation in connection with the application as may be required
from the debtor or the creditor or any other person. It is the responsibility of the
resolution professional to scrutinize the application in a bona-fide manner and
ascertain that the application satisfies the requirements set out in section 94 or 95
as the case may be.
 After creditors register the claims with the resolution professional, it is an
obligation of the resolution professional to prepare a list of creditors on the basis
of claims, information disclosed by the party.64
 The resolution professional shall prepare a repayment plan along with his report
containing a proposal to the creditors for restructuring of the debtor’s debts or
affairs. The repayment plan shall include the justification for preparation of such
repayment plan and reasons on the basis of which the creditors may agree upon
the plan, provision for payment of fee to the resolution professional and such
other matters as may be specified.65
 The resolution professional is required to issue and send notice of the meeting
along with necessary records and reports.66
 It is the obligation of the resolution professional to consider the interests of the
debtor, therefore, consent of the debtor shall be obtained if modifications are
suggested by the creditors.
60
Section 94- Application by debtor to initiate insolvency resolution process
61
Section 95- Application by creditor to initiate insolvency resolution process
62
Section 99- Submission of report by resolution professional
63
Section 99 (9) of the Code
64
Section 104- Preparation of list of creditors (within thirty (30) days)
65
Section 105- Repayment plan
66
Section 107- Summoning of meeting of creditors

10. 10
 The voting share of each creditor needs to be determined by the resolution
professional in the manner determined by the Board.
 Also, resolution professional is required to prepare a report of the meeting and
incorporate the list of modifications (if any), resolutions, voting records of
creditors present at the meeting and such other information as deem necessary.
In case DRT directs the resolution professional to meet again for a meeting of the
creditors for reconsidering the repayment plan, then he is bound to do so.
 It is burden of the resolution professional to supervise the implementation of the
repayment plan. Therefore, he is required to forward the necessary documents to
the persons who are bound by the repayment plan.67
 In case, repayment plan have come to an end prematurely resolution professional
shall submit a report stating the reasons for premature end of the repayment
plan, receipts and payments made, details of the creditors whose claims have not
been fully satisfied. On the basis of the repayment plan, the resolution
professional shall apply to the DRT for a discharge order in relation to the debts
mentioned in the repayment plan and the DRT may pass such discharge order.
C. Individual bankruptcy process- If the Insolvency resolution plan or the fresh start
proposal is rejected by the DRT, or if the debtor is unable to adhere to the
repayment plan, then the debtor or the creditor may, either jointly or individually,
apply to the DRT to declare the debtor to be bankrupt. The DRT will then appoint a
bankruptcy nominee who is to act as a trustee of the debtors.68
The bankruptcy
trustee69
can be insolvency professional as well. After the nomination of the
bankruptcy trustee and passing of the bankruptcy order, the debtor’s estate will be
vested with the bankruptcy trustee. The bankruptcy trustee is responsible for:
 preparing a list of creditors on the basis of the claims from all the creditors;
 conduct of meeting of creditors;
 administration and distribution of the estate of the bankrupt;
 investigation of the affairs of the bankrupt;
 realizing the estate of the bankrupt;
 distribution of the estate of the bankrupt.
67
Section 116- Completion of repayment plan
68
Sruti Baid (2017), The Insolvency and Bankruptcy Code, 2016: An Analysis (Article at Page no 6) (The
Company Law Journal- Volume 1 Part 1- January, 2017)
69
Section 79(9) - bankruptcy trustee means the insolvency professional appointed as a trustee for the
estate of the bankrupt under section 125.

11. 11
Bankruptcy trustee is liable for administering, selling and disposing off the assets and
distributing the proceeds among the creditors in the order.70
D. Corporate insolvency resolution process- The resolution professional is responsible for
the conduct of the entire corporate insolvency resolution process and management of
the operations of the corporate debtor during the corporate insolvency resolution
process period.71
The insolvency resolution process is supervised by the interim
resolution professional72
who has to be appointed by the NCLT within 14 days from
the commencement of the Insolvency resolution process.
It is his duty to manage the affairs of the corporate debtor, for determining,
monitoring, preserving and protecting its assets and finance operations, for
conducting the meetings of the committee of creditors. In case, the committee of
creditors decides to replace the interim resolution professional by another resolution
professional in accordance with section 2273
of the Code then, the resolution
professional shall exercise powers and perform duties as are vested or conferred on
the interim resolution professional. The resolution professional is responsible for:
 conduct of all the meetings of the committee of creditors;
 issuing the notices of each meeting of the committee of creditors to the concerned
officials;
 determining the voting share to each creditor in the manner specified by the Board;
 custody and control of all the assets of the corporate debtor;
 preservation and protection of the assets of the corporate debtor including the
continued business operations of the corporate debtor;
 maintaining an updated list of claims;
 preparing the information memorandum in accordance with section 2974
;
 acting and representing on behalf of the corporate debtor;
 protection of Intellectual Property of corporate debtor;
 comply with provisions of confidentiality and insider trading;
 submission of the resolution plan as approved by committee of creditors to the
NCLT;
 submission of all records relating to the conduct of the corporate insolvency
resolution process and resolution plan to the Board to be recorded on its database
70
Sruti Baid (2017), The Insolvency and Bankruptcy Code, 2016: An Analysis (Article at Page no 6) (The
Company Law Journal- Volume 1 Part 1- January, 2017)
71
Section 23- Resolution professional to conduct corporate insolvency resolution process
72
Refer section 5(27), Chapter I, Part II of the Code
73
Appointment of resolution professional
74
Preparation of information memorandum in a manner specified by the Board

12. 12
E. Liquidation of corporate debtor firm- When NCLT passes an order requiring the
corporate debtor to be liquidated, the resolution professional appointed for
insolvency resolution process shall act as a liquidator75
unless and until replaced by
the NCLT. Liquidator will form an estate of all the assets of the debtor which will be
called the liquidation estate.76
He will evaluate the claims and satisfy them in order
set out in the Code. The liquidation estate will be held by the liquidator as a fiduciary
for the benefits of the creditors. All the claims against the debtors have to be
submitted to the liquidator.
In this process, the liquidator shall have the following powers and duties:
 to verify claims of all the creditors;
 to control, evaluate and prepare a report on, all the assets, property;
 to protect and preserve the assets and properties of the corporate debtor;
 to carry on the business of the corporate debtor for its beneficial liquidation as he
considers necessary;
 to invite and settle claims of creditors and claimants and distribute proceeds in
accordance with the provisions of this Code;
 to institute or defend any suit, prosecution or other legal proceedings, civil or
criminal, in the name of on behalf of the corporate debtor;
 to investigate the financial affairs of the corporate debtor to determine
undervalued or preferential transactions;
 to take all such actions, steps, or to sign, execute and verify any paper, deed,
receipt document, application, petition, affidavit, bond or instrument and for such
purpose to use the common seal, if any, as may be necessary for liquidation,
distribution of assets and in discharge of his duties and obligations and functions
as liquidator;
 to apply to the NCLT for such orders or directions as may be necessary for the
liquidation of the corporate debtor and to report the progress of the liquidation
process in a manner as may be specified by the Board; and
 to perform such other functions as may be specified by the Board.77
75
Section 5(18) Part II Chapter I
76
Sruti Baid (2017), The Insolvency and Bankruptcy Code, 2016: An Analysis (Article at Page no 6) (The
Company Law Journal- Volume 1 Part 1- January, 2017)
77
Section 35 of the Code