Initiation of Liquidation.

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....nnouncement stating that the corporate debtor is in liquidation; ^5[****] (iii) require such order to be sent to the authority with which the corporate debtor is registered. ^6[(iv) subject to the provisions of section 52, declare a moratorium for the purposes referred to in clauses (a) and (c) of sub-section (1) read with sub-section (3) of section 14, which shall, mutatis mutandis, apply to the proceedings under this Chapter: Provided that provisions of this sub-clause shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; and (v) pass an order appointing a liquidator for the liqui....

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...., the provisions of sub-sections (1A) and (1B) shall also apply to the corporate insolvency resolution process of a corporate debtor initiated under Chapter II before such date of commencement, where the Adjudicating Authority has not passed a liquidation order under sub-section (1) of this section, and shall not apply where the liquidation order is passed. (1B) The corporate insolvency resolution process of a corporate debtor may be restored in accordance with sub-section (1A) only once. Explanation.-For the purposes of this section, it is hereby clarified that where the Adjudicating Authority does not receive a resolution plan under sub-section (6) of section 30 within the period provided under clause (a) or clause (b) of sub-sectio....

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....e case may be, to initiate the liquidation process under this section: Provided that if the Adjudicating Authority has not passed an order within such period, it shall record the reasons for such delay in writing.] (3) Where the resolution plan approved by the Adjudicating Authority ^3[under section 31 or under sub-section (1) of section 54L,] is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order as referred to in sub-clauses (i), ^14[(ii), (iii), (iv) and (v)] of clause (b) of sub-section (1). (4) On receipt of an application under sub-section (....

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....ptcy Code (Amendment) Act, 2019 w.e.f. 16-08-2019 3. Inserted vide Section 6 of the Insolvency and Bankruptcy Code (Amendment) Act, 2021 w.e.f. 04-04-2021 4. Omitted vide Section 20 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 w.e.f. 26-05-2026 (Notified vide Notification No. S.O. 2625(E) dated 22-05-2026) before it was read as, "or the fast track corporate insolvency resolution process under section 56" 5.  Omitted vide Section 20 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 w.e.f. 26-05-2026 (Notified vide Notification No. S.O. 2625(E) dated 22-05-2026) before it was read as, "and" 6.  Inserted vid....

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....ied vide Notification No. S.O. 2625(E) dated 22-05-2026)  13.  Inserted vide Section 20 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 w.e.f. 26-05-2026 (Notified vide Notification No. S.O. 2625(E) dated 22-05-2026)  14.  Substituted vide Section 20 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 w.e.f. 26-05-2026 (Notified vide Notification No. S.O. 2625(E) dated 22-05-2026) before it was read as,  "(ii) and (iii)" 15.  Substituted vide Section 20 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 w.e.f. 26-05-2026 (Notified vide Notification No. S.O. 2625(E) da....