Insolvency resolution and bankruptcy: Debt Recovery Tribunals and Appellate Tribunals given jurisdiction under IBC Part III. Amendments insert insolvency resolution and bankruptcy into the Act, authorize the Central Government to establish Debt Recovery Tribunals and Debt Recovery Appellate Tribunals to exercise the jurisdiction, powers and authority of the Adjudicating Authority under Part III of the Insolvency and Bankruptcy Code, 2016, require Tribunals to hear Part III applications (including circuit sittings) from dates appointed by the Central Government, and mandate that applications be dealt with in the manner provided under the Code, with a cross reference to align Act procedures with the Code.
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Insolvency resolution and bankruptcy: Debt Recovery Tribunals and Appellate Tribunals given jurisdiction under IBC Part III.
Amendments insert insolvency resolution and bankruptcy into the Act, authorize the Central Government to establish Debt Recovery Tribunals and Debt Recovery Appellate Tribunals to exercise the jurisdiction, powers and authority of the Adjudicating Authority under Part III of the Insolvency and Bankruptcy Code, 2016, require Tribunals to hear Part III applications (including circuit sittings) from dates appointed by the Central Government, and mandate that applications be dealt with in the manner provided under the Code, with a cross reference to align Act procedures with the Code.
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