valid as on 12/12/2019

IBC Section 235-Letter of request to a country outside India in certain cases.
Effective from 01.04.2017

(1) Notwithstanding anything contained in this Code or any law for the time being in force if, in the course of insolvency resolution process, or liquidation or bankruptcy proceedings, as the case may be, under this Code, the resolution professional, liquidator or bankruptcy trustee, as the case may be, is of the opinion that assets of the corporate debtor or debtor, including a personal guarantor of a corporate debtor, are situated in a country outside India with which reciprocal arrangements have been made under section 234, he may make an application to the Adjudicating Authority that evidence or action relating to such assets is required in connection with such process or proceeding.

(2) The Adjudicating Authority on receipt of an application under sub-section (1) and, on being satisfied that evidence or action relating to assets under sub-section (1) is required in connection with insolvency resolution process or liquidation or bankruptcy proceeding, may issue a letter of request to a court or an authority of such country competent to deal with such request.

 

If any person contravenes any of the provisions of this Code or the rules or regulations made thereunder for which no penalty or punishment is provided in this Code, such person shall be punishable with fine which shall not be less than one lakh rupees but which may extend to two crore rupees.

Inserted vide Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 which is replaced by Insolvency and Bankruptcy Code (Amendment) Act, 2018 dated 18.01.2018 (effective from 23.11.2017). To view the notification,Click Here

IBC-Enforcement Notification [S.O.1005(E)] dated 30/03/2017


Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 [repealed by the Insolvency and Bankruptcy Code (Amendment) Act, 2018 w.e.f., 23.11.2017]


The Insolvency and Bankruptcy Code (Amendment) Act, 2018 (effective from 23.11.2017)


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