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Insolvency and Bankaruptcy

The document outlines a course on the Insolvency and Bankruptcy Code, detailing its objectives, outcomes, and a comprehensive syllabus divided into modules covering various aspects of corporate insolvency law. It includes teaching and evaluation schemes, prerequisites, and references for further reading. The course aims to equip students with a thorough understanding of insolvency procedures, regulatory roles, and comparative international practices.

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45 views4 pages

Insolvency and Bankaruptcy

The document outlines a course on the Insolvency and Bankruptcy Code, detailing its objectives, outcomes, and a comprehensive syllabus divided into modules covering various aspects of corporate insolvency law. It includes teaching and evaluation schemes, prerequisites, and references for further reading. The course aims to equip students with a thorough understanding of insolvency procedures, regulatory roles, and comparative international practices.

Uploaded by

swarajdoshi09
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Program: LL.M.

Semester:

Course: Insolvency and Bankruptcy Code Course Code:

Teaching Scheme Evaluation Scheme


Lectur Practica Tutoria Internal Term End
e l (Hours l Credit Continuous Examinations
(Hours per (Hours Assessment (ICA) (TEE)
per week) per (Marks - 60) (Marks- 40
week) week) in Question Paper)
3 0 0 3 Marks Scaled to 60 Marks Scaled 40
Pre-requisite:

1. Knowledge of Companies Act 2013.


2. Knowledge of SARFESI Act, 2002.

Objectives:
 To be introduced to the theory, policy and key principles of corporate
insolvency law.
 To focus on the key corporate insolvency procedures of
liquidation, administration, receivership as well as informal
business rescue.
 To study comparative developments in major jurisdictions
 To examine the role of govt. the regulators, the insolvency
profession and other stakeholders in corporate insolvency
law, including the duties and conduct of directors in relation
to businesses in financial difficulty.
 To examine cross-border insolvency issues.

Outcomes:

1. To be able to understand why there was a need for regime change


2. To be able to successfully understand the procedure for
Insolvency/Bankruptcy
3. To be able to successfully understand the filing and compliance procedures
mentioned under the Code.
4. To be able to analyze the cases decided under the Code.

Detailed Syllabus: (per session plan)

Module Description Duration


1. Introduction to Insolvency 5 Hrs.
 The Concept of Insolvency
 Cash Flow Test and Balance Sheet Test
 The Creditor’s Bargain and the Collectivity of the
Liquidation regime
 The principles and foundation of Corporate Insolvency
Laws
The principles and foundation of Individual Insolvency
Laws
2. Company Law Provisions related to Corporate 10 Hrs.
Insolvency
▪ Share Capital and Debentures
▪ Acceptance of Deposits by Companies
▪ Registration of Charges
▪ Accounts of Companies
▪ Compromise/Arrangements and Amalgamations
▪ Winding Up of Companies
3. Introduction to Bankruptcy Policy 10 Hrs.
▪ Need for Insolvency and Bankruptcy Code:
▪ Sick companies and Recovery of Debt
▪ Recovery of Debt from Individuals and Enterprises
other than Companies
▪ Tests for determining Insolvency
▪ Insolvency Code vis-à-vis SARFAESI
4. Corporate Insolvency Resolution Process 10 Hrs.
▪ Definitions
▪ Initiating an application for Resolution
▪ Application by Financial Creditor/Operational Creditor
▪ Role of Interim Resolution Professional
▪ Committee of Creditors: Powers, Duties and Processes
▪ Information Memorandum and Resolution plan
▪ Fast Track Resolution Process
▪ Difference between CIRP and FTRP : Challenges
▪ Corporate Insolvency Process in US/UK/Singapore

5. Liquidation Process 15 Hrs.


▪ Preferential Transactions, Undervalued Transactions,
Transactions defrauding Creditors
▪ Moving from Resolution to Liquidation
▪ Experiences and interface under the Companies Act
2013
▪ Role of IPs as a liquidator and liquidation process
▪ Liquidation Estate: Determination of Claims
▪ Waterfall Mechanism
▪ The concept of “Haircut”
▪ Role of Promoters under Section 29 A
▪ Voluntary Liquidation
4 Insolvency Resolution and Bankruptcy for Individuals 10 Hrs.
and Partnership Firm
▪ Fresh Start Process
▪ Insolvency Resolution Process
▪ Bankruptcy Order
▪ Bankruptcy Estate
▪ Role of IP in managing claims and Bankruptcy Estate
▪ The inherent lapses of fresh start process for
individuals
▪ Individual Insolvency in US and UK
5 Authorities and Enforcement Mechanism in IBC 10 Hrs.
 Role of Adjudicating Authorities
 Role of the Insolvency and Bankruptcy Board of India
(IBBI)
 Role of Insolvency Professional Agencies and
Insolvency Professionals
 Role of Information Utility

Role of Information Utilities Appellate Authorities

6 Miscellaneous

 Mergers, Amalgamations and Acquisitions at the time


of making the Resolution Plan
 Insolvency and Bankruptcy Fund
 Bar on Jurisdiction
 Appeal and Revision
 Protection of action taken in good faith
 Agreement with foreign countries
 Cross Border Insolvency

Total 60 Hrs.

Text Books:
1. Insolvency and Bankruptcy Code, 2016: Concepts and Procedure by Jyoti Singh,
Bloomsbury India

2. Pranav Khatavkar Commentary on the Insolvency and Bankruptcy Code, 2016.


3. The Insolvency and Bankruptcy Code, 2016.
Reference Readings:

 Thiagarajan, R. Journal of the Indian Law Institute, vol. 2, no. 1, 1959, pp. 143–48.
 Sikri, A. K. “CROSS BORDER INSOLVENCY: COURT-TO-COURT COOPERATION.”
Journal of the Indian Law Institute, vol. 51, no. 4, 2009, pp. 467–93.
 Franken, Sefa M. “Cross-Border Insolvency Law: A Comparative Institutional Analysis.”
Oxford Journal of Legal Studies, vol. 34, no. 1, 2014, pp. 97–131.
 Fernandes, Dwayne Leonardo, and Devahuti Pathak. “Harmonizing UNCITRAL Model Law: A
TWAIL Analysis of Cross Border Insolvency Law.” Asian Yearbook of International Law,
Volume 24 (2018), edited by Seokwoo Lee and Hee Eun Lee, Brill, 2020, pp. 80–105.
 Kozyris, P. John. “Cross-Border Insolvency.” The American Journal of Comparative Law, vol.
38, 1990, pp. 271–82.
 Surendra Malik and Sudeep Malik, Supreme Court on Insolvency and Bankruptcy Laws, EBC,
1st Edition, 2022.
 A.B. Debasis Rout, Kaushiki Brahma and Mayank Tiwari, Contemporary Issues on the Laws of
Insolvency & Bankruptcy, CCL, 1st Edition, 2023.
 Akaant Kumar Mittal, Law and Practice, EBC, Vol. 1, 2nd Edition.
 Justice L. Nageswara Rao and Avinash Krishnan Ravi, Resolution Process and Liquidation
Under the Insolvency and Bankruptcy Code, 2016, Lexis Nexis.

Details of Internal Continuous Assessment (ICA) :

Specific assessments / methods Weightage


Continuous assessment In per cent

Assignment 15

Research Paper 15

Mid Term 30

Total 60

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