Section 126: Bankruptcy order

Section 126: Bankruptcy order

The Insolvency and Bankruptcy Code, 2016

PART III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms

CHAPTER IV Bankruptcy Order for Individuals and Partnership Firms

Section 126: Bankruptcy order.

^*126. (1) The Adjudicating Authority shall pass a bankruptcy order within fourteen days of receiving the confirmation or nomination of the bankruptcy trustee under section 125.

(2) The Adjudicating Authority shall provide the following documents to bankrupt, creditors and the bankruptcy trustee within seven days of the passing of the bankruptcy order, namely:—

(a) a copy of the application for bankruptcy; and

(b) a copy of the bankruptcy order.

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Notifications & Circulars

*Only in so far as they relate to personal guarantors to corporate debtors, shall come into force w.e.f. 01.12.2019.