A Comprehensive Guide to the Insolvency Professional Examination (Fourth Edition)

Bloomsbury Professional India

4th Edition

A Comprehensive Guide to the

INSOLVENCY PROFESSIONAL EXAMINATION Dr. Rajeev Babel, FCS, Insolvency Professional

Updated for Limited Insolvency Examination w.e.f. 1 July 2019

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• More than 3000 MCQs with Answers and References.

• Contains detailed analysis of the cases decided by the Supreme Court, High Courts, NCLAT and NCLT as per the syllabus.

• Covers case study/transaction analysis of CIRP/Individual insolvency resolution.

• Contains complete text of Insolvency and Bankruptcy Code along with Rules and Regulations, updated till 30th June, 2019.

• Complete text of prescribed cases as per the syllabus provided at dropbox link http://bit.ly/InsolvencyExam.

m

Highlights

Contents at a glance About the author. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Preface to the fourth edition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vi Table of contents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi Abbreviations used in this book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxvii Syllabus & Weightage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxix Various Forms Prescribed under the Insolvency Code and other Acts, Rules and Regulations – At a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxxvii Chapter 1

Insolvency and Bankruptcy Code, 2016 . . . . . . . . . . . . . . . . . . . . . . . 1.1

Chapter 2

IBBI Rules and Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1

Chapter 3

Relevant IBBI Notifications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1

Chapter 4

The Companies Act, 2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1

Chapter 5

The Indian Partnership Act, 1932 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1

Chapter 6

The Limited Liability Partnership Act, 2008. . . . . . . . . . . . . . . . . . . . 6.1

Chapter 7

The Indian Contract Act, 1872 (Sections 1 to 75 and 124 to 238). . . . 7.1

Chapter 8

The Sale of Goods Act, 1930. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1

Chapter 9

The Transfer of Property Act, 1882 (Sections 1 to 137) . . . . . . . . . . . 9.1

Chapter 10

The Specific Relief Act, 1963 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1

Chapter 11

The Negotiable Instruments Act, 1881 . . . . . . . . . . . . . . . . . . . . . . . 11.1

Chapter 12

The Recovery of Debts and Bankruptcy Act, 1993 (Section 1 to 36) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1

Chapter 13

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (SARFAESI) (Section 1 to 42). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1

Chapter 14

The Arbitration and Conciliation Act, 1996. . . . . . . . . . . . . . . . . . . . 14.1

Chapter 15

The Limitation Act, 1963. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1

Chapter 16

General Awareness (Constitution of India, Rights of Workmen under Labour Laws, Economy, Financial Markets, Basic Concepts of Valuation and Forensic Audit). . . . . . . . . . . . . . . 16.1

Chapter 17

Corporate Finance, Financial Analysis, Liquidity Management, Tax Planning and GST . . . . . . . . . . . . . . . . . . . . . . . . 17.1

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A Comprehensive Guide to Insolvency Professional Examination

Chapter 18

SEBI (Delisting of Equity Shares) Regulations, 2009. . . . . . . . . . . . 18.1

Chapter 19

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1

Chapter 20

SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.1

Chapter 21

SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.1

Chapter 22

List of Important Cases for Limited Insolvency Exmaination (As per syllabus w.e.f. 1st July, 2019). . . . . . . . . . . . . . . . . . . . . . . . 22.1

22A

Summary of Case laws from orders of Hon’ble Supreme Court. . 22A-1

22B

Summary of Case laws from orders of High Court. . . . . . . . . . . . 22B-1

22C

Summary of Case laws from orders of NCLAT. . . . . . . . . . . . . . . 22C-1

22D

Summary of case laws from orders of NCLT . . . . . . . . . . . . . . . . 22D-1

Chapter 23

MCQs based on decisions awarded by SC and HC. . . . . . . . . . . . . . 23.1

Chapter 24

Case Study/Transaction Analysis [Corporate Insolvency Resolution and Liquidation (CIRP)]. . . . . . . . . . . . . . . . . . . . . . . . . 24.1

Chapter 25

Case Study/Transaction Analysis [Individual Insolvency Resolution and Bankruptcy] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.1

Chapter 26

Frequently Asked Questions (w.e.f. 1st July 2019). . . . . . . . . . . . . . 26.1

Chapter 27A Model Question Paper (31st December 2016 to 30th June 2017). . . 27A-1 Chapter 27B Model Question Paper (1st July 2017 to 31st December 2017) . . 27B-1 Chapter 27C Model Question Paper (1st January, 2018 to 31st October 2018) . . . 27C-1 Chapter 27D Model Question Paper (w.e.f. 1st November, 2018). . . . . . . . . . . 27D-1 Chapter 27E Model Question Paper (w.e.f. 1st July, 2019) . . . . . . . . . . . . . . . . 27E-1

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Table of contents About the author. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Preface to the fourth edition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vi Contents at a glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix Abbreviations used in this book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxvii Syllabus & Weightage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxix Various Forms Prescribed under the Insolvency Code and other Acts, Rules and Regulations – At a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxxvii Chapter 1 Insolvency and Bankruptcy Code, 2016. . . . . . . . . . . . . . . . . . . . . . 1.1 1.1 Part I – Preliminary (Sections 1 to 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 1.1.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 1.1.2 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.10 1.2 Part II – Insolvency Resolution and Liquidation for Corporate Persons (Section 4 and 77) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.11 1.2.1 Chapter I–Preliminary (Section 4 and 5). . . . . . . . . . . . . . . . . . . . . 1.11 1.2.1.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.18 1.2.1.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.18 1.2.2 Chapter II – Corporate Insolvency Resolution Process (Section 6 to 32). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.28 1.2.2.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.52 1.2.2.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.53 1.2.3 Chapter III–Liquidation Process (Sections 33 to 54) . . . . . . . . . . . 1.78 1.2.3.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.93 1.2.3.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.94 1.2.4 Chapter IV–Fast Track Corporate Resolution Process (Section 55 to 58). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.106 1.2.4.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.108 1.2.4.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.108 1.2.5 Chapter V–Voluntary Liquidation of Corporate Persons (Sections 59). . 1.110 1.2.5.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.112 1.2.5.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.112 1.2.6 Chapter VI – Adjudicating Authority for Corporate Persons (Sections 60 to 67). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.114 1.2.6.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.118 1.2.6.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.118 1.2.7 Chapter VII – Offences and Penalties (Sections 68 to 77) . . . . . . 1.123 1.2.7.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.128 1.2.7.2 Nature of offence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.128 xi

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1.4

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1.2.7.3 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.129 Part III – Insolvency Resolution and Bankruptcy for Individuals and Partnership firms (Sections 78 to 186). . . . . . . . . . . . . . . . . . . . . . . . . 1.139 1.3.1 Chapter I Preliminary (Sections 78 to 79). . . . . . . . . . . . . . . . . . . 1.139 1.3.1.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.142 1.3.1.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.142 1.3.2 Chapter II –Fresh Start Process (Sections 80 to 93) . . . . . . . . . . . 1.146 1.3.2.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.153 1.3.2.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.154 1.3.3 Chapter III –Insolvency Resolution Process (Sections 94 to 120).1.162 1.3.3.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.174 1.3.3.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.174 1.3.4 Chapter IV–Bankruptcy Order for Individuals and Partnership Firms (Sections 121 to 148). . . . . . . . . . . . . . . . . . . . 1.189 1.3.4.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.201 1.3.4.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.202 1.3.5 Chapter V – Administration and Distribution of the Estate of the Bankrupt (Sections 149 to 178). . . . . . . . . . . . . . . . . . . . . . 1.214 1.3.5.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.229 1.3.5.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.229 1.3.6 Chapter VI – Adjudicating Authority for Individuals and Partnership Firms (Sections 179 to 183). . . . . . . . . . . . . . . . . . . . 1.240 1.3.6.1 Comments:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.241 1.3.6.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.241 1.3.7 Chapter VII – Offences and Penalties (Sections 184 to 187) . . . . 1.245 1.3.7.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.247 1.3.7.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.247 Part IV – Regulation of Insolvency Professionals, Agencies and Information Utilities (Sections 188 to 223). . . . . . . . . . . . . . . . . . . . . . . . . 1.254 1.4.1 Chapter I –The Insolvency and Bankruptcy Board of India (Sections 188 to 195). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.254 1.4.1.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.256 1.4.1.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.257 1.4.2 Chapter II– Powers and Functions of the Board (Sections 196 to 198). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.259 1.4.2.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.263 1.4.2.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.263 1.4.3 Chapter III – Insolvency Professional Agencies (Sections 199 to 205). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.264 1.4.3.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.267 1.4.3.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . 1.267 1.4.4 Chapter IV–Insolvency Professionals (Sections 206 to 208). . . . 1.269

Table of contents

1.5

1.4.4.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.4.4.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . .

1.4.5 Chapter V –Information Utilities (Sections 209 to 216). . . . . . . .

1.4.5.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.4.5.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . .

1.4.6 Chapter VI– Inspection and Investigation (Sections 217 to 220). . . .

1.4.6.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.4.6.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . .

1.4.7 Chapter VII–Finance, Accounts and Audit (Sections 221 to 223). . .

1.4.7.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.4.7.2 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . .

Part V – Miscellaneous Finance, Accounts and Audit (Sections 224 to 255 along with Schedules) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.5.1 Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.5.2 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.270 1.270 1.272 1.274 1.274 1.277 1.279 1.279 1.282 1.283 1.283 1.284 1.316 1.316

Chapter 2 IBBI Rules and Regulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 2.1 The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 2.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.22 2.2 The IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2016. . . . . . . . . . . . . . . . . . . 2.26 2.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.31 2.3 The IBBI (Insolvency Professional Agencies) Regulations, 2016 . . . . . . . . 2.37 2.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.48 2.4 The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.53 2.4.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.77 2.5 The IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.81 2.5.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.140 2.6 The IBBI (Liquidation Process) Regulations, 2016 . . . . . . . . . . . . . . . . . . 2.159 2.6.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.202 2.7 The IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . 2.218 2.7.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.232 The IBBI (Advisory Committee) Regulations, 2017 . . . . . . . . . . . . . . . . . 2.238 2.8 2.8.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.241 2.9 The IBBI (Employees’ Service) Regulations, 2017 . . . . . . . . . . . . . . . . . . 2.243 2.9.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.277 2.10 The IBBI (Engagement of Research Associates and Consultants) Regulations, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.280 xiii

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2.12 2.13 2.14 2.15 2.16

2.17 2.18 2.19

2.10.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.284 The IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.286 2.11.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.324 The IBBI (Information Utilities) Regulations, 2017. . . . . . . . . . . . . . . . . . 2.331 2.12.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.358 The IBBI (Inspection and Investigation) Regulations, 2017. . . . . . . . . . . . 2.370 2.13.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.380 The IBBI (Procedure for Governing Board Meetings) Regulations, 2017.2.382 2.14.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.391 The IBBI (Voluntary Liquidation Process) Regulations, 2017. . . . . . . . . . 2.393 2.15.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.428 The IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.432 2.16.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.439 The IBBI (Annual Report) Rules, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.442 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.443 The IBBI (Mechanism for Issuing Regulations) Regulations, 2018. . . . . . 2.444 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.447 The IBBI (Form of Annual Statement of Accounts) Rules, 2018. . . . . . . . 2.448

Chapter 3

Relevant IBBI Notifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1

Chapter 4 The Companies Act, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 4.1 Chapter III Prospectus and Allotment of Securities (Sections 23 to 42). . . . . 4.2 4.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.26 4.2 Chapter IV Share Capital and Debentures (Sections 43 to 72) . . . . . . . . . . 4.43 4.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.101 4.3 4.3 Chapter VAcceptance of Deposits by Companies (Sections 73 to 76A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.122 4.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.142 4.4 Chapter VI Registration of Charges (Sections 77 to 87). . . . . . . . . . . . . . . 4.151 4.4.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.159 4.5 4.5 Chapter VII Management and Administration (Sections 88 to 122). . . 4.164 4.5.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.212 4.6 Chapter IX Accounts of Companies (Sections 128 to 138). . . . . . . . . . . . 4.236 4.6.1 4.6.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.264 4.7 Chapter XV Compromises, Arrangements and Amalgamations 4.7 (Sections 230 to 240). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.275 4.7.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.305 4.8 Chapter XVII Registered Valuers (Sections 247). . . . . . . . . . . . . . . . . . . . 4.311 4.8.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.344 xiv

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4.9

4.10 4.11 4.12 4.13

Chapter XVIII Removal of names of the companies from the register of companies (Sections 248 to 252). . . . . . . . . . . . . . . . . . . . . . . .

4.9.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter XX Winding up of the companies (Sections 270 to 365) . . . . . . .

4.10.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter XXVII NCLT and NCLAT (Sections 407 to 434). . . . . . . . . . . . .

4.11.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter XXVII Special Courts (Sections 435 to 446) . . . . . . . . . . . . . . . .

4.12.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter XXIX – Punishment (Section 447 to 453). . . . . . . . . . . . . . . . . . .

4.13.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.349 4.357 4.361 4.403 4.415 4.427 4.449 4.466 4.470 4.474

Chapter 5 The Indian Partnership Act, 1932 . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 5.1 The Indian Partnership Act, 1932 - (Sections 1 to 74) . . . . . . . . . . . . . . . . . . 5.1 5.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Chapter 6 The Limited Liability Partnership Act, 2008 . . . . . . . . . . . . . . . . . 6.1 6.1 Chapter II Nature of Limited Liability Partnership (Sections 3 to 10). . . . . . 6.3 6.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 6.2 Chapter IV Partners and their Relations (Sections 22 to 25) . . . . . . . . . . . . . 6.9 6.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9 6.3 Chapter V Extent and Limitation of Liability of Limited Liability Partnership and Partners (Sections 26 to 31). . . . . . . . . . . . . . . . . . . . . . . . 6.13 6.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.13 6.4 Chapter VII Financial Disclosures (Sections 34 to 41). . . . . . . . . . . . . . . . . 6.14 6.4.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.14 Chapter 7 The Indian Contract Act, 1872 (Sections 1 to 75 and 124 to 238). . . . 7.1 7.1 Chapter I: of communication, Acceptance and Revocation (Section 3 to 9) . . . . 7.2 7.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 7.2 Chapter II: of Contracts, Voidable Contracts and Void Agreements (Section 10 to 30) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 7.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 7.3 Chapter III: of Contingent Contracts (Section 31 to 36). . . . . . . . . . . . . . . . 7.13 7.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.13 7.4 Chapter IV: of the performance of contracts-contracts which mus be performed (Section 37 to 67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.14 7.4.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.14 7.5 Chapter V: of certain relations resembling those created by contract (Section 68 to 72) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.16 7.5.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.16 7.6 Chapter VI: of the consequences of breach of contract (Section 73 to 75). . . . . 7.18 xv

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7.7 7.8 7.9

7.6.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter VII: of Indemnity and Guarantee (Section 124 to 147). . . . . . . . . .

7.7.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter IX: of Bailment(Section 148 to 181). . . . . . . . . . . . . . . . . . . . . . . .

7.8.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter X: Appointment and Authority of Agents (Section 182 to 238) . . .

7.9.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.18 7.19 7.19 7.24 7.24 7.26 7.26

Chapter 8 The Sale of Goods Act, 1930. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 8.1 Chapter I: Preliminary (Section 1 to 3), Chapter II: Formation of Contract (Section 4 to 17), Chapter iii: Effects of Contract (Section 18 to 30), Chapter iv: Performance of the Contract (Section 31 to 440. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 8.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 8.2 Chapter V: Rights of Unpaid Seller Against the goods (Section 45 to 54), Chapter VI: Suits for Breach of the contract (Section 55 to 61). . . . 8.18 8.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.18 Chapter 9 The Transfer of Property Act, 1882 (Sections 1 to 137). . . . . . . . . 9.1 9.1 Chapter I: Preliminary (Section 1 to 4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2 9.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2 9.2 Chapter II: Transfers Of Property by act of Parties (Section 5 to 53A) . . . . . 9.3 9.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3 9.3 Chapter III: Sale of Immovable Property (Section 54 to 57) . . . . . . . . . . . . . 9.7 9.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 9.4 Chapter IV: Of Mortgages of Immovable Property and Charges (Section 58 to 104) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 9.4.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 9.5 Chapter V: Of Leases of Immovable Property (Section 105 to 117). . . . . . . 9.20 9.5.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.20 9.6 Chapter VI: Exchanges (Section 118 to 121) . . . . . . . . . . . . . . . . . . . . . . . . 9.21 9.6.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.21 9.7 Chapter VII: Gifts (Section 122 to 129). . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.22 9.7.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.22 9.8 Chapter VIII: Transfer of Actionable Claim (Section 130 to 137). . . . . . . . 9.24 9.8.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.24 Chapter 10

The Specific Relief Act, 1963. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1

Chapter 11

The Negotiable Instruments Act, 1881. . . . . . . . . . . . . . . . . . . . . . 11.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1

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Chapter 12

The Recovery of Debts and Bankruptcy Act, 1993 (Section 1 to 36) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1

Chapter 13

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (SARFAESI) (Section 1 to 42). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2

Chapter 14

The Arbitration and Conciliation Act, 1996 . . . . . . . . . . . . . . . . . 14.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1

Chapter 15 The Limitation Act, 1963. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 15.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 15.2 Period of limitation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.16 Chapter 16

General Awareness (Constitution of India, Rights of Workmen under Labour Laws, Economy, Financial Markets, Basic Concepts of Valuation and Forensic Audit). . . . . 16.1 16.1 Constitution of India 1950: Right to Constitutional Remedies; Provisions of Union Judiciary; Provisions of High Course in the States. . . 16.2 16.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.2 16.2 Rights of Workmen under Labour Laws. . . . . . . . . . . . . . . . . . . . . . . . . . . 16.11 16.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.11 16.3 Economy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.34 16.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.34 16.4 Financial Markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.43 16.4.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.43 16.5 Fundamental Concepts of Valuation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.56 16.5.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.56 16.6 Forensic Audit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.66 16.6.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.66 Chapter 17 17.1

Corporate Finance, Financial Analysis, Liquidity Management, Tax Planning and GST . . . . . . . . . . . . . . . . . . . . . .

Various Types of Ratios for Financial Analysis . . . . . . . . . . . . . . . . . . . . . .

17.1.1 Price Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.1.2 Profitability Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.1.3 Liquidity Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.1.4 Debt Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.1.5 Efficiency Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.1.6 Capital Structure / Leverage Ratios. . . . . . . . . . . . . . . . . . . . . . . . .

17.1.7 Coverage Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.1 17.1 17.1 17.2 17.2 17.2 17.2 17.2 17.2 xvii

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17.2 17.3 17.4

17.1.8 Activity Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3 Corporate Finance, Financial Analysis and Liquidity Management. . . . . . . 17.3 17.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3 Tax Planning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.11 17.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.11 Central Goods and Service Tax Act, 2017. . . . . . . . . . . . . . . . . . . . . . . . . 17.14 17.4.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.14

Chapter 18

SEBI (Delisting of Equity Shares) Regulations, 2009. . . . . . . . . . 18.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1

Chapter 19

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1

Chapter 20

SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.1

Chapter 21

SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.1

Chapter 22

List of Important Cases for Limited Insolvency Exmaination (As per syllabus w.e.f. 1st July, 2019) . . . . . . . . . . .

Supreme Court Cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

High Court Cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

NCLAT Cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

NCLT Cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22.1 22.1 22.1 22.2 22.3

Chapter 22A Summary of Case laws from orders of Hon’ble Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-1 22.1 M/s. Innoventive Industries Ltd. v/s ICICI Bank & Anr.. . . . . . . . . . . . . 22A-1 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-1 Issue involved in the Case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-3 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-3 22.2 Mobilox Innovations Private Limited v/s Kirusa Software Private Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-3 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-3 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-5 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-5 22.3 M/s. Surendra Trading Company v/s M/s. Juggilal Kamlapat Jute Mills Company Limited and Others. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-6 xviii

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Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-6 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-7 Text of Section 9(1)(2) &(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-7 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-8 22.4 Alchemist Asset Reconstruction Company ltd. v/s M/s. Hotel Gaudavan Pvt. Ltd. & Ors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-8 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-8 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-9 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-9 22.5 Arcelormittal India Private Limited v/s Satish Kumar Gupta & Ors. . . . 22A-9 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-9 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-12 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-12 22.6 Macquarie Bank Limited v/s Shilpi Cable Technologies ltd.. . . . . . . . . 22A-15 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-15 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-16 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-16 22.7 Shivam Water Treaters (P.) Ltd. v/s Union of India Secretary to Govt. Ministry of Corporate Affairs. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-17 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-17 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-17 22.8 B.K. Educational Services P Ltd v/s Parag Gupta and Associates. . . . . 22A-17 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-17 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-18 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-18 22.9 Chitra Sharma v/s Union of India. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-18 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-18 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-19 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-19 22.10 Jaipur Metals & Electricals Employees Organisation through Gen Sec v/s Jaipur Metals & Electricals Ltd. Through its MD & Sons. . . . . 22A-21 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-21 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-22 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-22 22.11 Swiss Ribbons (P) Ltd v/s Union of India. . . . . . . . . . . . . . . . . . . . . . . . 22A-23 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-23 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-23 22.12 Forech India Ltd v/s Edelweiss Assets Reconstruction Co. Ltd.. . . . . . .22A-26 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-26 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-27 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-27 xix

A Comprehensive Guide to Insolvency Professional Examination

22.13 Vijay Kumar Jain v/s Standard Chartered Bank & Others. . . . . . . . . . . 22A-29 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-29 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-29 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-29 22.14 K. Sashidhar v/s Indian Overseas Bank & Others. . . . . . . . . . . . . . . . . .22A-30 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-30 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-31 Decision the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-32 22.15 Swaraj Infrastructure Pvt Ltd v/s Kotak Mahindra Bank Ltd. . . . . . . . . 22A-33 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-33 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-34 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-34 22.16 K. Kishan v/s Vijay Nirman Company Pvt Ltd.. . . . . . . . . . . . . . . . . . . 22A-35 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-35 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-36 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-36 22.17 Sunrise 14 A/S Denmark v/s Ravi Mahajan. . . . . . . . . . . . . . . . . . . . . . 22A-37 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-37 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-37 Decision of the Supreme Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22A-37 Chapter 22B Summary of Case laws from orders of High Court . . . . . . . . . 22B-1 22.1 Sree Metaliks Ltd. v/s Union of India. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-1 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-1 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-1 Decision of the High Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-1 22.2 Cushman and Wakefield India Private Ltd. v/s Union of India. . . . . . . . . 22B-2 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-2 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-3 Decision of the High Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-3 22.3 Liberty House Group Ltd v/s State Bank of India and Others . . . . . . . . . 22B-6 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-6 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-8 Decision of the High Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-9 22.4 Akshay Jhunjhunwala & Anr v. Union of India through Ministry of Corporate Affairs & Ors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-14 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-14 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-15 Decision of the High Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-15 22.5 Power Grid Corporation of India Ltd v Jyoti Structures Ltd . . . . . . . . . 22B-16 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-16 xx

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22.6

22.7

22.8

Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-16 Decision of the High Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-17 Jotun India Pvt. Ltd Vs/ PSL Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-19 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-19 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-20 Decision of the High Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-20 Dr Vidya Sagar Garg v. Insolvency and Bankruptcy Board of India . . . 22B-21 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-21 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-21 Leo Edibles & Fats Ltd v. The Tax Recovery Officer (Central), Income Tax Dept (Hyderabad) and Others. . . . . . . . . . . . . . . . . . . . . . . 22B-22 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-22 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-22 Decision of the High Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22B-22

Chapter 22C Summary of Case laws from orders of NCLAT . . . . . . . . . . . . 22C-1 22.1 Edelweiss Asset Reconstruction Company Ltd. v/s Synergies Dooray Automotive Ltd. & Ors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-1 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-1 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-2 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-2 22.2 Consolidated Engineering Company & Anr. v/s Golden Jubilee Hotels Pvt. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-3 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-3 22.3 SKS Power Generation Chattisgarh Limited v/s Mr. V Nagarajan Resolution Professional in respect of M/s. Cethar Limited & Ors.. . . . . . 22C-4 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-4 22.4 Export-Import Bank of India & Anr. v/s Astonfield Solar (Gujarat) Pvt. Ltd. & Anr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-4 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-4 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-5 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-6 22.5 Mr. Rajendra K. Bhuta Resolution Professional (For Guruashish Construction Private Limited) v/s Maharashtra Housing and Area Development Authority (MHADA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-6 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-6 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-8 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-8 22.6 Gammon India Ltd. v/s Neelkanth Mansions and Infrastructure Pvt. Ltd..22C-8 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-8 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-9 Decisions of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-9 xxi

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22.7

22.8

22.9

22.10

22.11

22.12

22.13

22.14

22.15

22.16

xxii

S.C. Sekaran v/s Amit Gupta & Ors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-9 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-9 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-10 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-10 Era Infra Engineering Ltd. v/s Prideco Commercial Projects (P.) Ltd.. . 22C-12 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-12 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-12 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-12 Ferro Alloys Corporation Ltd. v/s Rural Electrification Corporation Ltd.. . 22C-13 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-13 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-14 Dr. Vishnu Kumar Agarwal v/s M/s. Piramal Enterprises Ltd.. . . . . . . . 22C-15 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-15 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-17 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-17 Ashok B. Jiwrajka, Director of Alok Infrastructure Ltd. v/s Axis Bank Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-18 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-18 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-18 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-18 Export Import Bank of India v/s CHL Ltd.. . . . . . . . . . . . . . . . . . . . . . . 22C-19 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-19 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-20 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-20 Canara Bank v/s Deccan Chronicle Holdings Limited. . . . . . . . . . . . . . 22C-21 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-21 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-23 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-23 JK Jute Mills Co. Ltd. v/s Surendra Trading Company . . . . . . . . . . . . . 22C-24 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-24 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-25 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-25 Committee of Creditors of Essar Steel (India) Ltd. Through State Bank of India v/s Satish Kumar Gupta & Ors. . . . . . . . . . . . . . . . . . . . . 22C-27 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-27 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-27 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-27 M/s. Prasad Gempex v/s Star Agro Marine Exports Pvt. Ltd. & Ors.. . . 22C-27 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-27 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-28 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-28

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22.17 Tata Steel Limited v/s Liberty House Group Pte. Ltd. & Ors. . . . . . . . . 22C-29 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-29 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-31 Decision of the NCLAT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22C-31 Chapter 22D Summary of case laws from orders of NCLT . . . . . . . . . . . . . . 22D-1 22.1 Corporation Bank v/s Amtek Auto Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-1 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-1 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-2 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-2 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-4 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-4 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-4 22.2 State Bank of India v/s ARGL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-6 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-6 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-7 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-7 22.3 Essar Steel Asia Holdings Ltd & Ors v/s Satish Kumar Gupta & Ors. . . 22D-7 22.4 Asset Reconstruction Company (India) Ltd (ARCIL) v/s Mr Koteswara Rao Karuchola (RP) and Viceroy Hotels Ltd. . . . . . . . . . . . 22D-15 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-15 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-16 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-16 22.5 Edelweiss Asset Reconstruction Co. Ltd (Financial Creditor) v/s AML Steel & Power Ltd (Corporate Debtor), Ms Santanu T. RayResolution Professional/Applicant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-17 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-17 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-18 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-19 22.6 Belthangady Taluk Rubber Grower’s Marketing & Processing Co-operative Society Ltd. v/s Falcon Tyres Ltd.. . . . . . . . . . . . . . . . . . . 22D-19 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-19 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-20 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-20 22.7 State Bank of India v/s Coastal Projects Ltd.. . . . . . . . . . . . . . . . . . . . . 22D-21 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-21 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-22 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-22 22.8 Nitrex Chemicals India Ltd. v/s Ravindra Beleyur, NCLT, Chennai . . . 22D-23 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-23 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-25 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-25 xxiii

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22.9

22.10

22.11

22.12

22.13

22.14

22.15

22.16

Affinity Finance Services Pvt Ltd v/s Kiev Finance Limited. . . . . . . . . 22D-26 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-26 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-27 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-27 SSA & Company v/s Nag Yang Shoes Pvt Ltd. . . . . . . . . . . . . . . . . . . . 22D-27 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-27 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-28 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-28 Rakesh Pandey v/s JHV Distilleries and Sugar Mills Ltd.. . . . . . . . . . . 22D-29 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-29 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-30 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-30 SKDJ Dream House Pvt. Ltd v/s Avinash Raj Constructions Pvt Ltd . . 22D-30 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-30 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-31 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-31 Regional Provident Fund Commissioner-I v/s Karpagam Spinners (P.) Ltd. . 22D-32 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-32 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-35 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-35 Small Industries Development Bank of India v/s Tirupati Jute Industries Ltd.,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-36 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-36 Issue involved in the case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-36 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-36 Asset Reconstruction Company (India) Pvt Ltd v/s Shivam Water Treaters Pvt Ltd (SWTPL) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-36 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-36 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-37 Mr Dhinal Shah, Resolution Professional And In the Matter of Edelweiss Asset Reconstruction Company Ltd v/s Bharati Defence and Infrastructure Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-38 Facts of the case . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-38 Decision of the NCLT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22D-41

Chapter 23 Chapter 24 24.1

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MCQs based on decisions awarded by SC and HC . . . . . . . . . . . 23.1 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.1

Case Study/Transaction Analysis [Corporate Insolvency Resolution and Liquidation (CIRP)]. . . . . . . . . . . . . . . . . . . . . . . 24.1 Case study/transaction analysis - 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1 24.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2

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24.2 24.3

Case study/transaction analysis - 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Case study/transaction analysis - 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24.3.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 25 25.1 25.2

Case Study/Transaction Analysis [Individual Insolvency Resolution and Bankruptcy]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Case Study/Transaction Analysis - 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25.1.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Case study/transaction analysis - 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25.2.1 Questions and Answers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 26

24.3 24.4 24.6 24.7 25.1 25.1 25.2 25.4 25.4

Frequently Asked Questions (w.e.f. 1st July 2019). . . . . . . . . . . . 26.1

Chapter 27A Model Question Paper (31st December 2016 to 30th June 2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27A-1 Chapter 27B Model Question Paper (1st July 2017 to 31st December 2017). . . 27B-1 Chapter 27C Model Question Paper (1st January, 2018 to 31st October 2018) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27C-1 Chapter 27D Model Question Paper (w.e.f. 1st November, 2018) . . . . . . . . . 27D-1 Chapter 27E Model Question Paper (w.e.f. 1st July, 2019). . . . . . . . . . . . . . . 27E-1

xxv

Abbreviations used in this book AA AGM BIFR CA CD CEO CFO CIRP CIRP Regulations CMA CoC CS CSR DPIN DRAT DRT ESOS FC FSP FTCIRP GDR GST HC IBBI IBC/Code ICAI ICAI-Cost ICSI IM IndVS IP

Adjudicating Authority Annual General Meeting Board of Industrial and Financial Reconstruction Chartered Accountant Corporate Debtor Chief Executive Officer Chief Financial Officer Corporate Insolvency Resolution Process IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Cost Accountant Committee of Creditors Company Secretary Corporate Social Responsibilities Designated Partner Identification Number Debt Recovery Appellate Tribunal Debt Recovery Tribunal Employees Stock Option Scheme Financial Creditor Fresh Start Process Fast Track Corporate Insolvency Resolution Process Global Depository Receipts Goods and Services Tax High Court Insolvency and Bankruptcy Board of India Insolvency and Bankruptcy Code, 2016 Institute of Chartered Accountants of India Institute of Cost Accountants of India Institute of Company Secretaries of India Information Memorandum Indian Valuation Standards Insolvency Professional xxvii

A Comprehensive Guide to Insolvency Professional Examination

IP Regulations IPA IPE IRP IU IU Regulations IVS IVSC LIBOR LLP LLPIN MCA MD MIBOR NCLAT NCLT NEFT NFRA NIFM NISM NPA OC OP OPC PCS QIB RBI RP RTGS SC SEBI SICA SWIFT VLCP XBRL xxviii

IBBI (Insolvency Professionals) Regulations, 2016 Insolvency Professional Agency Insolvency Professional Entity Interim Resolution Professional Information Utility IBBI (Information Utilities) Regulations, 2017 International Valuation Standards The International Valuation Standards Council London Interbank Offered Rate Limited Liability Partnership Limited Liability Partnership Identification Number Ministry of Corporate Affairs Managing Director Mumbai Interbank Offered Rate National Company Appellate Tribunal National Company Law Tribunal National Electronic Fund Transfer National Financial Reporting Authority National Institute of Financial Management National Institute of Securities Markets Non-performing asset Operational Creditor Operational Creditor One Person Company Practicing Company Secretary Qualified Institutional Buyers Reserve Bank of India Resolution Plan Real Time Gross Settlement System Supreme Court Securities and Exchange Board of India The Sick Industrial Companies (Special Provisions) Act, 1985 Society for Worldwide Interbank Financial Telecommunications Voluntary Liquidation of Corporate Persons Extensible Business Reporting Language

Syllabus & Weightage Syllabus, Format and Frequency of exam with effect from 1st July, 2019 Limited Insolvency Examination, 1st July, 2019 The Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st July, 2019.

I.

Syllabus for Examination

The syllabus for the Examination is as under: Sl. Subject/Topics Weight No (%) 1. The Insolvency and Bankruptcy Code, 2016 (Entire Code) 20 2. Rules and Regulations under the Insolvency and Bankruptcy Code, 20 2016 (All Rules and Regulations notified under the Code till 30th June, 2019) 08 3. (i) The Companies Act, 2013 • Chapter III – Prospectus and Allotment of Securities • Chapter IV – Share Capital and Debentures • Chapter V – Acceptance of Deposits by Companies • Chapter VI – Registration of Charges • Chapter VII – Management and Administration • Chapter IX – Accounts of Companies • Chapter XV – Compromises, Arrangements and Amalgamations • Chapter XVII – Registered Valuers • Chapter XVIII – Removal of names of the companies from the register of companies • Chapter XX – Winding-up of the companies • Chapter XXVII – NCLT and NCLAT • Chapter XXVIII Special Courts • Chapter XXVIII – Special Courts • Chapter XXIX – Punishments (ii) The Limited Liability Partnership Act, 2008 (Nature of LLP; Partners and their Relations; Limitation of Liability; and Financial Disclosures)

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Sl. Subject/Topics Weight No (%) 4. (i) The Indian Contract Act, 1872 (Of Contracts, Voidable Contracts 07 and Void Agreement; Contingent Contracts; Performance of Contract; Novation, Rescission and Alteration of Contracts; Agency; Consequences of breach of Contract; Indemnity and Guarantee; Surety; Bailment and Pledge; Set off); (ii) The Partnership Act, 1932; (iii) The Sale of Goods Act, 1930 (Sale, Condition and Warranty, Seller's Lien and Damages); (iv) The Transfer of Property Act, 1882; (v) The Specific Relief Act, 1963; and (vi) The Negotiable Instruments Act, 1881 5. (i) The Recovery of Debts due to Banks and Financial Institutions 06 Act, 1993; (ii) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002; (iii) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009; (iv) Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (v) Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (vi) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; (vii) The Arbitration and Conciliation Act, 1996; and (viii) The Limitation Act, 1963 6. Finance and Accounts (Corporate Finance; Financial Analysis; 07 Liquidity Management; Tax Planning and GST) 06 7. General Awareness: (i) Constitution of India: Right to Constitutional Remedies; provisions of Union Judiciary; provisions of High Courts in the States; (ii) Rights of Workmen under Labour Laws; (iii) Economy; (iv) Financial Markets; (v) Basic concepts of Valuation; and (vi) Forensic Audit 8. Case Laws- Important Decisions of Supreme Court and High Courts, 10 Decisions of NCLAT and NCLT relating to Corporate Insolvency Resolution, Corporate Liquidation, Voluntary Liquidation and Fast Track Resolution Process. There will be five questions carrying two marks each. xxx

Syllabus & Weightage

Sl. Subject/Topics Weight No (%) 9. Case Analysis on Corporate Insolvency Resolution and Liquidation.

12 There will be one comprehension narrating a case and there will be six questions based on the case carrying two marks each. [for list of cases see Annexure] 10. Case Analysis on Individual Insolvency Resolution and Bankruptcy.

04 There will be one comprehension narrating a case and there will be four questions based on the case carrying one marks each.

Total 100

This syllabus will be valid for Limited Insolvency Examination w.e.f. from 1st July, 2019.

Note: Wherever any law, an Act of Parliament or any Rule is referred to in the syllabus, the same shall be taken as in force as on 30th June, 2019. This means that any amendment in such laws, Acts or Rules effected after 30th June, 2019 shall be ignored.

II.

Format of Examination

The format of Examination is as under: (a) The Examination will be conducted online (computer-based in a proctored environment) with objective multiple-choice questions. (b) The duration of the Examination will be two hours. (c) A candidate will be required to answer 89 questions in two hours for a total of 100 marks. (d) There will be a negative marking of 25% of the marks assigned for the question. (e) Passing mark for the Examination is 60%. (f) Passing candidates will be awarded a certificate by the Board. (g) A candidate will be issued a temporary mark sheet on submission of Examination paper (h) No workbook or study material will be provided.

III.

Frequency of Examination

The frequency of Examination is as under: (a) The Examination centres are available at various locations across the country. (b) A candidate needs to enrol and register at IBBI website i.e. www. ibbi.gov.in for Examination by choosing the time, the day and the Examination centre for his Examination. (c) A candidate needs to pay Examination fee of Rs.1500/- (One thousand five hundred rupees only) online on every enrolment.

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A Comprehensive Guide to Insolvency Professional Examination

Annexure to the Syllabus List of Important Cases for Limited Insolvency Exmaination w.e.f. 1st July, 2019 S.No. Cases SUPREME COURT 1 Innoventive Industries Ltd. Vs. ICICI Bank and Anr. (Civil Appeal Nos. 8337-8338 of 2017) 2 Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited (Civil Appeal No. 9405 of 2017) 3 Surendra Trading Company Vs. Juggilal Kamlapat Jute Mills Company Limited and Others (Civil Appeal No. 8400 of 2017) 4 Alchemist Asset Reconstruction Company Ltd. Vs. M/s. Hotel Gaudavan Pvt. Ltd. & Ors (Civil Appeal No. 16929 of 2017) 5 Arcelormittal India Private Limited Vs. Satish Kumar Gupta & Ors. (Civil Appeal Nos. 9402-9405 of 2018) 6 Macquarie Bank Limited Vs. Shilpi Cable Technologies Ltd. (Civil Appeal No. 15135 of 2017) 7 Shivam Water Treaters Pvt. Ltd. Vs. Union of India Secretary to Govt.

Ministry of Corporate Affairs & Ors. (SLP (C) No. 174/2018) 8 B K Educational Services Pvt Ltd. Vs. Parag Gupta and Associates (Civil Appeal No. 23988/2017) 9 Chitra Sharma Vs. Union of India (WP No.744 of 2017) 10 Jaipur Metals & Electricals Employees Organisation Through Gen. Sec. Vs. Jaipur Metals & Electricals Ltd. Through its MD & Sons [Civil Appeal No. 12023-2018] 11 Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors. [Writ Petition (Civil) No. 99 of 2018] 12 Forech India Ltd Vs. Edelweiss Assets Reconstruction Co Ltd [CA No.818/2018] 13 Vijay Kumar Jain Vs. Standard Chartered Bank & Ors. [Civil Appeal 8430-2018] 14 K. Sashidhar Vs. Indian Overseas Bank & Ors. [Civil Appeal 10673-2018] 15 Swaraj infrastructure Pvt. Ltd Vs. Kotak Mahindra bank ltd [Civil Appeal no. 1291 of 2019] 16 K. Kishan Vs. Vijay Nirman Company Pvt. Ltd. (Civil Appeal Nos. 21824 & 21825- 2017) 17 Sunrise 14 A/S Denmark Vs. Ravi Mahajan (Civil Appeal Nos. 21794-21795 of 2017)

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Syllabus & Weightage

S.No.

Cases HIGH COURT

1

Sree Metaliks Ltd. and Anr Vs. Union of India and Anr. (W.P. 7144 (W)2017) in High Court of Judicature at Calcutta

2

Cushman and Wakefield India Private Limited Vs. UOI [W.P.(C) 9883/2018, CM No. 38508/2018]

3

Liberty House Group ltd. Vs. State Bank of India & ors. [cs(comm) 1246/2018 & no.16056/2018 & 16060/2018]

4

Akshay Jhunjhunwala & Anr. Vs. Union of India through the Ministry of Corporate Affairs & Ors. (W P No. 672-2017), in High Court of Judicature at Calcutta

5

Power Grid Corporation of India Ltd. Vs. Jyoti Structure Ltd. (O.M.P (COMM) 397/2016), in High Court of Judicature at New Delhi

6

Jotun India Pvt. Ltd. Vs. PSL Ltd. (CA No. 572 of 2017 in CP No. 434 of 2015), in High Court of Judicature at Bombay

7

Dr. Vidya Sagar Garg Vs. Insolvency and Bankruptcy Board of India (W.P. (C) 9520/ 2017, CM Appl. 38726-38727/2017), in High Court of Judicature at New Delhi

8

Leo Edibles & Fats Ltd. Vs. The Tax Recovery Officer (Central), Income Tax Dept., (Hyderabad)and others (W.P. No. 8560 of 2018), in High Court of Judicature at Hyderabad NATIONAL COMPANY LAW APPELLATE TRIBUNAL (NCLAT)

1

Edelweiss Asset Reconstruction Co. Ltd. Vs. Synergies Dooray Automotive Ltd. & Ors. [CA (AT) (Insolvency) No. 169 to 170-2017]

2

Consolidated Engineering Co. & Anr. Vs. Golden Jubilee Hotels Pvt. Ltd. [CA (AT) (Insolvency) No. 501-2018]

3

SKS Power Generation Chattisgarh Ltd. Vs. V Nagarajan (in the matter of M/s Cethar Ltd. & Ors.) [CA (AT) (Insolvency) No. 206-2018]

4

Export Import Bank of India & Anr Vs Astonfield Solar (Gujarat) Pvt Ltd & Anr [CA (AT) (Insolvency) No. 754 of 2018]

5

Rajendra K. Bhuta Resolution Professional (For Guruashish Construction Private Limited) Vs. Maharashtra Housing and Area Development Authority [CA (AT) No. 119 of 2018]

6

Gammon India Limited Vs. Neelkanth Mansions and Infrastructure Pvt. Ltd. [Company Appeal (AT) (Insolvency) No. 698 of 2018]

7

S. C. Sekaran Vs. Amit Gupta & Ors. [CA(AT) (Insolvency)495 & 496-2018]

8

M/s Era Infra Engineering Ltd. Vs. Prideco Commercial Projects Pvt. Ltd. (Company Appeals (AT) (Ins) No. 31 of 2017)

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A Comprehensive Guide to Insolvency Professional Examination

S.No.

Cases

9

Ferro Alloys Vs. Rural electrification [CA (AT) (Insolvency) No. 92 of 2017]

10

Dr. Vishnu Kumar Agarwal Vs. M/s Piramal Enterprise Ltd. [CA(AT) (Insolvency) 346/2018]

11

Ashok B. Jiwrajka, Director of Alok Infrastructure Ltd. Vs. Axis Bank Ltd. [Company Appeal (AT) (Insolvency) No. 683 of 2018]

12

Export Import Bank Vs. CHL Limited [CA(AT) (Insolvency) No. 51 of 2018]

13

Canara Bank Vs. Deccan Chronicle Holdings Limited (Company Appeal (AT) (Insolvency) No. 147 of 2017)

14

JK Jute Mills Company Limited Vs. M/s Surendra Trading Company (Company Appeal (AT) No. 09/2017)

15

Committee of Creditors of Essar Steel (India) Ltd. Through State Bank of India Vs. Satish Kumar Gupta & Ors. [CA(AT) (Insolvency) No. 03 of 2019

16

M/s Prasad Gempex Vs. Star Agro Marine Exports Pvt. Ltd. & Ors. [CA(AT) (Insolvency) 291 of 2018]

17

Tata Steel Limited Vs. Liberty House Group Pte Ltd. & Ors. [CA(AT) (Insolvency) 198-2018]

1

Amtek Auto Limited [CA.Nos. 567/2018 & 601/2018 in CP (IB) No. 42/ Chd/Hry/2017]

2

Sterling SEZ and Infrastructure Limited [M.A 1280/2018 in CP 405/ 2018]

3

State Bank of India Vs. ARGL State Bank of India Vs. ARGL [(IB)-531(PB)-2017]

4

Essar Steel Asia Holding Ltd. Vs. Satish Kumar Gupta [IA No. 430/NCLT/ AHM/2018 in CP (IB)39/7/NCLT/AHM/2017] Order dated January 29, 2019

5

Asset Reconstruction Company (India) Limited Vs. Viceroy Hotels Ltd. [CP(IB)219/7/HDB/2018]

6

M/s. Edelweiss Asset Reconstruction Co. Ltd. Vs. AML Steel & Power Ltd [MA/630/2018 in CP/632/IB/2017]

7

M/s Belthangady Taluk rubber Grower’s Marketing & Processing Co-operative Society Limited vs Falcon Tyres Ltd. [CP (IB) NO.01/BB/2017]

8

State Bank of India vs Coastal Projects Ltd [CP (IB) No.593 /KB/2017]

9

Merchem Limited (Ms Nitrex Chemicals India Limited Vs. Ravindra Beleyur and Ors) [MA /523/2018 in CP/ 689/(IB)/CB/2017]

10

Affinity Finance Services Pvt Ltd Vs. Kiev Finance Limited [IA No. 905/ KB/2018 in CP (IB) No. 110/KB/2018]

11

M/S. Nag Yang Shoes Pvt. Ltd. [MA/661/2018 in TCP/431/2017]

NATIONAL COMPANY LAW TRIBUNAL (NCLT)

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Syllabus & Weightage

S.No.

Cases

12

M/s JHV Distilleries and Sugar Mills Limited and another [CP/IB/221/ KB/2018]

13

Avinash Raj Constructions Private Ltd. [CP (IB) 994/KB/2018]

14

M/s Karpagam Spinners Private Ltd and Anr [MA/99/2018 in TCP/225 (IB)/2017]

15

Small industries Development Bank of India Vs. Tirupati Jute industries Limited [CP(IB) 508/KB/18]

16

Asset Reconstruction Company (India) Pvt. Ltd. Vs. Shivam Water Treaters Pvt. Ltd. [CP(IB)-1882/MB/2018]

17

Edelweiss Asset Reconstruction Company Ltd. Vs. Bharati Defence and Infrastructure Ltd. [CP 292/I&B/NCLT/MAH/2017]

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Various Forms Prescribed under the Insolvency Code and other Acts, Rules and Regulations – At a Glance Various Forms Prescribed under the: •

Insolvency and Bankruptcy Code, Rules and Regulations

•

Companies Act, 2013 and its Rules

• LLP • SARFAESI Form No. Particulars

Form 1

Form 2 Form 3 Form 4 Form 5

Form 6

Form A Form B

Relevant Rule/ Regulation No.

The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 Application by Financial Creditor(s) to initiate Rule 4(1) Corporate Insolvency Resolution Process under Chapter II of Part II/ under Chapter IV of Part II of the Code Written communication by proposed Interim Rule 9(1) Resolution Professional Form of Demand Notice/Invoice demanding Rule 5(1)(a) payment under the Insolvency and Bankruptcy Code, 2016 Form of Notice with which invoice demanding Rule 5(1)(b) payment is to be attached Application by Operational Creditor(s) to Rule 6(1) initiate Corporate Insolvency Resolution Process under Chapter II of Part II/ under Chapter IV of Part II of the Code Application by Corporate Applicant to initiate Rule 7(1) Corporate Insolvency Resolution Process under Chapter II of Part II/ under Chapter IV of Part II of the Code The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016) Application for Certificate of Registration Regulation 4 Certificate of Registration No Regulation 5

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A Comprehensive Guide to Insolvency Professional Examination

Form No.

Form A Form B Form C Form D Form E Form F

Form G

Relevant Rule/ Regulation No. The Insolvency and Bankruptcy Board of India (Insolvency Professionals )Regulations, 2016 Application for registration as an Insolvency Regulation 6 Professional Certificate of Registration - IP Registration Regulation 7 No. Application for Recognition as an Insolvency Regulation 12 Professional Entity Certificate of Recognition - Insolvency Regulation 7(2)(ca) Professional Entity Recognition No. Annual statement of professional fee of Regulation 6 Insolvency Professional Information of cessation/joining of a Director Regulation / Partner in an Insolvency Professional Entity. 13 (2) (b) and

Particulars

13 (2) (c)

Annual statement of turnover of Insolvency Regulation Professional Entity 13 (2) (ca) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Form A Public Announcement - For the attention of Regulation 6 the Creditors of [Name of Corporate Debtor] Form AA Written consent to act as Resolution Regulation 3(1A Professional Form AB written consent to act as Authorised Regulation 4A(3) Representative Form B Proof Of Claim By Operational Creditors Regulation 7 Except Workmen And Employees Form C Submission of claim by Financial Creditors Regulation 8 Form CA submission of claim by Financial Creditors in Regulation 8A a Class Form D Proof of Claim by a Workman or an Employee Regulation 9 Form E Proof of Claim Submitted By Authorised Regulation 9 Representative of Workmen and Employees Form F Proof of claim by creditors (other than Regulation 9A Financial Creditors and Operational Creditors Form FA Application for withdrawal of Corporate Regulation 30A Insolvency Resolution Process Form G Invitation for Expression of Interest Regulation 36A (1) Form H Compliance Certificate Regulation 39(4)

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Various Forms Prescribed under the Insolvency Code...

Relevant Rule/ Regulation No. The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

Form A Proforma for Reporting Consultations with Regulation 8 Stakeholders Form B Public Announcement Regulation 12 Form C Proof of claim by Operational Creditors except Regulation 17 Workmen and Employees Form D Proof of Claim by Financial Creditors Regulation 18 Form E Proof of Claim by a Workman or Employee Regulation 19 Form F Proof of Claim by Authorised Representative Regulation 19 of Workmen or Employees Form G Proof of Claim by any other Stakeholder Regulation 20 The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 Form A Application for Certificate of Registration Regulation 41 Form B Certificate of Registration No. Regulation 41 The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.

Form A For the attention of the Creditors of [Name of Regulation 6 Corporate Debtor] Form B Proof of Claim By Operational Creditors Regulation 7 Except Workmen And Employees Form C Proof of Claim By Financial Creditors Regulation 8 Form D Proof of Claim by a Workman or an Employee Regulation 9 Form E Proof of Claim Submitted By Authorised Regulation 9 Representative of Workmen and Employees Form F Proof of Claim by Creditors (other than Regulation 9A Financial Creditors and Operational creditors) Form G Invitation of Resolution Plans Regulation 35A(5) The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

Form A Application for Certificate of Registration Regulation 4 Form B Certificate of Registration No Regulation 5 Form No.

1

Particulars

Under Regulation 4 of the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016)

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A Comprehensive Guide to Insolvency Professional Examination

Relevant Rule/ Regulation No. Form C Information may be accepted in this form with Regulation 20 such modifications as the information utility deems fit.

A. Details relating to Creation of Debt B. Details relating to Creation of Security on Debt (If not applicable, please write NA) C. Details relating to Default of Debt (If not applicable, please write NA) The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.

Form A Claim under Order No… dated ………. under Regulation 14(3) section 220(4) of the Code The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

Form A Public Announcement Regulation 14 Form B Proof of Claim by Operational Creditors Regulation 16 except Workmen and Employees Form C Proof of Claim by Financial Creditors Regulation 17 Form D Proof of Claim by a Workman or Employee Regulation (1) Form E Proof of Claim by Authorised Representative Regulation 18(2) of Workmen or Employees Form F Proof of Claim by any other Stakeholder Regulation 19 The Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017.

Form A Complaint against [name of the service Regulation 3(3) provider/associated person] The Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018 Form A Form of Financial Statements Rule 3(1) and 4(1) The Companies (Prospectus and Allotment of Securities) Rules, 2014 PAS 1 Advertisement giving details of notice of Rule 7(2) special resolution for varying the terms of any contract referred to in the prospectus or altering the objects for which the prospectus was issued PAS 2 Information Memorandum Rule 10 PAS 3 Return of Allotment Rule 12 and 14 PAS 4 Private Placement Offer cum Application Rule 14(3) Letter PAS 5 Details of Private Placement Offer Rule 14(4)

Form No.

xl

Particulars

Various Forms Prescribed under the Insolvency Code...

Relevant Rule/ Regulation No. The Companies (Share Capital and Debentures) Rules, 2014 SH-1 Share Certificate Rule 5(2) SH-2 Register of Renewed and Duplicate Share Rule 6(3)(a) Certificates SH-3 Register of Sweat Equity Shares Rule 8(14) SH-4 Securities Transfer Form Rule 11(1) SH-5 Notice for transfer of partly paid securities Rule 11(3) SH-6 Register of Employee Stock Options Rule 12(10) SH-7 Notice to Registrar of any alteration of share capital Rule 15 SH-8 Letter of Offer Rule 17(2) SH-9 Declaration of Solvency Rule 17(3) SH-10 Register of shares or other securities bought- Rule 17(12) back SH-11 Return in respect of buy-back of securities Rule 17(13) SH-12 Debenture Trust Deed Rule 11 SH-13 Nomination Form Rule 19(1) SH-14 Cancellation or Variation of Nomination Rule 19(9) SH-15 Certificate of compliance in respect of buy- Rule 17 back of securities The Companies (Acceptance of Deposits) Rules, 2014 DPT-1 Circular or Circular in the Form of Rule 4(1) & (2) Advertisement inviting Deposits DPT-2 Deposit Trust Deed Rule 7(2) DPT-3 Return of Deposits Rule 3 & 16 DPT-4 Statement regarding deposits existing on the Rule 20 commencement of the Act The Companies (Registration of Charges) Rules, 2014 CHG-1 Application for registration of creation, Rule 3 modification of charge (other than those related to debentures) including particulars of modification of charge by Asset Reconstruction Company in terms of Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI_ CHG-2 Certificate of registration of charge Rule 6(1) CHG-3 Certificate of registration of modification of Rule 6(2) charge CHG-4 Particulars for satisfaction of charge thereof Rule 8(1) CHG-5 Memorandum of satisfaction of charge Rule 8(2)

Form No.

Particulars

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A Comprehensive Guide to Insolvency Professional Examination

Relevant Rule/ Regulation No. CHG-6 Notice of appointment or cessation of receiver Rule 9 or manager CHG-7 Register of charges Rule 10(1) CHG-8 Application to Central Government for Rule 12 extension of time for filing particulars of registration of satisfaction of charge OR for rectification of omission or misstatement of any particular in respect of creation/ modification/ satisfaction of charge The Companies (Accounts) Rules, 2014 AOC-1 Statement containing salient features of the Rule 5 financial statement of subsidiaries or associate companies or Joint ventures AOC-2 Form for disclosure of particulars of contracts/ Rule 8(2) arrangements AOC-3 Statement containing salient features of Rule 10 Balance Sheet and P and L Account AOC-3A Form of Abridged Financial Statements Rule 10 AOC-4 Form for filing financial statement and other Rule 12 documents with the Registrar AOC-4 CFS Form for filing consolidated financial statement Rule 12 and other documents with the Registrar AOC-5 Notice of address at which books of account Rule 2A are to be maintained The Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

CAA-1 Creditor's Responsibility Statement Rule 2(1)(c) & 4 CAA-2 Notice and Advertisement of notice of the Rule 6 & 7 meeting of creditors or members CAA-3 Notice to Central Government, Regulatory Rule 8 Authorities CAA-4 Report of result of meeting by Chairperson Rule 14 CAA-5 Petition to sanction compromise or Rule 15(1) arrangement CAA-6 Order on petition Rule 17(3) CAA-7 Order under section 232 Rule 20 CAA-8 Statement to be filed with Registrar of Rule 21 Companies CAA-9 Notice of the scheme inviting objections or Rule 25(1) suggestions CAA-10 Declaration of solvency Rule 25(2) Form No.

xlii

Particulars

Various Forms Prescribed under the Insolvency Code...

Relevant Rule/ Regulation No. CAA-11 Notice of approval of the scheme of merger Rule 25(4) CAA-12 Confirmation order of scheme of merger or Rule 25(5) amalgamation between Ms . . . . . . . . . . . . . and Ms . . . . . . . . . . . . . . .

CAA-13 Application by the Central Government to the Rule 25(6) Tribunal CAA-14 Notice to dissenting shareholders Rule 26 CAA-15 Information to be furnished along with circular Rule 28 in relation to any scheme or contract involving the transfer of shares or any class of shares in the transferor company to the transferee company The Companies (Registered Valuers And Valuation) Rules, 2017 FORM A Application for registration as a valuer by an Rule 6(1) individual FORM B Application for registration as a valuer by a Rule 6(2) partnership entity/Company FORM C Certificate of Registration Rule 6(6) FORM D Application for Recognition Rule 13(1) FORM E Certificate of Recognition Registered Valuers Rule 13(5) Organisation The Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 STK-1 Notice by Registrar for removal of name of a Rule 3 company from the register of companies STK-2 Application by company to ROC for removing Rule 4(1) its name from register of companies STK-3 Indemnity Bond Rule 4(3) STK-4 AFFIDAVIT Rule 4(3) STK-5 Public Notice Rule 7 STK-5A Public Notice Rule 7(1) STK-6 Public Notice Rule 7 STK-7 Notice of Striking Off and Dissolution Rule 9 STK-8 Statement of Account Rule 4(3)(ii) The Companies (Management and Administration) Rules, 2014 MGT-1 Register of members Rule 3(1) MGT-2 Register of debenture holders/ other securities Rule 4 holders MGT-3 Notice of situation or change of situation or Rule 7(2) discontinuation of situation, of place where foreign register shall be kept

Form No.

Particulars

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A Comprehensive Guide to Insolvency Professional Examination

Form No. MGT-4 MGT-5

MGT-6 MGT-7 MGT-8 MGT-9 MGT-10 MGT-11 MGT-12 MGT-13 MGT-14 MGT-15 Form 1 Form 2 Form 3 Form 4

Form 5 Form 6 Form 7 Form 8 Form 9 Form 10 Form 11

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Relevant Rule/ Regulation No. Declaration by the registered owner of shares Rule 9(1) who does not hold the beneficial interest in such shares Declaration by the beneficial owner who holds Rule 9(2) or acquires beneficial interest in shares but whose name is not entered in the register of members Return to the Registrar in respect of declaration Rule 9(3) under section 89 received by the company Annual Return Rule 11 Certificate by a Company Secretary in Practice Rule 11(2) Extract of Annual Return Rule 12(1) [***] Proxy Form Rule 19(3) Polling Paper Rule 21(1)(c) Report of Scrutinizer(s) Rule 21(2) Filing of Resolutions and Agreements to be Section 94(1), Registrar 117(1) Form for filing Report on Annual General Rule 31(2) Meeting The Limited Liability Partnership Rules, 2009 Application for reservation or change of name Incorporation Document and Subscriber’s Rule 8 & 11 Statement Information with regard to LLP Agreement Rule 21(1) & (2) and changes, if any made therein Notice of appointment, cessation, change in Rule 8, 10(8), 22(2) name/ address/ designation of a designated and 2293) partner and consent to become a partner/ designated partner Notice of change of name Rule 20(2) Intimation of particulars of name and address Rule 22(1) of a partner / change in such particulars by Partner to the LLP [Omitted] Statement of Account & Solvency Rule 24 Consent to act as Designated Partner Rule 7 & 10(8) [Omitted] Annual Return of LLP Rule 25(1) Particulars

Various Forms Prescribed under the Insolvency Code...

Form No. Form 12 Form 13 Form 14 Form 15 Form 16 Form 17 Form 18 Form 19 Form 20 Form 21 Form 22 Form 23 Form 24 Form 25 Form 26 Form 27 Form 28 Form 29 Form 30 Form 31 Form 32

Relevant Rule/ Regulation No. Form for intimating other address for service Rule 16(3) of documents Specimen of notice of cessation by a ceasing Rule 24(1) partner to other Partners Form for intimating the Registrar by a ceasing Rule 33 partner to other Partners Notice of change of place of registered office Rule 17 Certificate of Incorporation Rule 11(3) Application and statement for the conversion Rule 38(1) of a firm into LLP Application and Statement for conversion of Rule 39(1) and a private company / unlisted public company 40(1) into LLP Certificate of Registration on Conversions Rule 32(1) Affidavit in support of Summons Rule 35(1) Summons for directions to convene a meeting Rule 35(2) under Section 60(1) Notice of intimation of Order of Court / Rule 35(11), 35(17) Tribunal / CLB/ Central Government to the & 41(4) Registrar Application for direction to LLP to change its Rule 19(1) name Application to the Registrar for striking off Rule 37(1)(b) & name 37(1A) Application for reservation / renewal of name Rule 18(3) by a Foreign LLP / Foreign Company Form of Proxy Rule 35(4) Form for registration by FLLP Rule 34(1) Form for filing alteration in incorporation Rule 34(3) document, registered or principal office, partner or designated partner, etc.

Form for filing alteration in the certificate, Rule 34(3) name or address, principal place of business Certificate for Establishment of Place of Rule 34(10) Business in India Application for compounding of an offence Rule 41(1) under the act Form for filing addendum for rectification of Rule 36(6) defects or incompleteness

Particulars

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A Comprehensive Guide to Insolvency Professional Examination

Relevant Rule/ Regulation No. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011 Form I Particulars of creation or modification of Rule 4(2) security interest by way of mortgage by deposit of title deeds.

Form I Particulars of creation or modification of Rule 4(2A) security interest by way of mortgage of immovable property other than by deposit of title deeds Form I Particulars of creation or modification of Rule 4(2B) security interest in hypothecation of plant and machinery, stocks, debt including book debt or receivables, whether existing or future.

Form I Particulars of creation or modification of Rule 4(2C) security interest in intangible assets, being know- how, patent, copyright, trade mark, licence, franchise or any other business or commercial right of similar nature Form I Particulars of creation or modification of Rule 4(2D) security interest in any under construction residential or commercial building or a part thereof by an agreement or instrument other than by mortgage.

Form II Particulars of satisfaction of charge for Rule 4(2), (2A), security interest filed under sub-rules (2) and (2B), (2C) & (2D) (2A) to (2D) of rule 4 Form III Particulars of securitisation or reconstruction of financial assets Form IV Particulars of satisfaction of securitisation or reconstruction transactions Form No.

xlvi

Particulars