IBC Regulations, Companies Act & NCLT/NCLAT Rules

Section 5(8) focuses on the statutory financial-debt definition, including the time-value principle and specified inclusions. Labels are not conclusive.

Section 5(8)(i) encompasses liabilities in respect of a guarantee or indemnity for transactions specified in clauses (a)–(h).

The 24 September 2026 circular applies a fee of ₹500 plus applicable GST per month of delay to covered liquidation-form filings, including corrections and updates.

The Fifth Amendment substituted regulation 31(3) and 31(4), requiring intimation of a modification of the stakeholder list to the Adjudicating Authority within 30 days.

The special filing threshold for specified classes of financial creditors is the lower of 100 or 10% of the total number in that class/project.

The Mobilox test examines whether a plausible contention/dispute existed before receipt of the demand notice; it is not a merits trial.

Section 65 targets fraudulent or malicious initiation, not a mere unsuccessful application.

The 2026 Amendment Act introduces an explanation to section 3(31) excluding interest created merely by operation of law. Check commencement for application to a particular case.

Explanation II to substituted section 7(5) addresses sufficiency of an authenticated record of default. Commencement must be separately verified.

Substituted section 12A bars withdrawal before CoC constitution and after the first invitation of resolution plans. Verify commencement.

The revised statutory text retains a 90% CoC voting-share requirement for eligible withdrawal.

The substituted provision states 30 days and requires recorded reasons where that period is exceeded.

Section 1(2) expressly permits the Central Government to notify different commencement dates for different provisions.

The amended section 5(26) illustration includes sales of one or more assets through one or multiple plans, as specified.

Section 96 interim moratorium begins on filing of an application under sections 94 or 95 and is distinct from a later section 101 moratorium.

The Supreme Court distinguished corporate-debtor moratorium from a guarantor’s own proceedings.

Section 60(2) directs guarantor applications to the NCLT where the corporate debtor insolvency/liquidation is pending.

Section 238 resolves inconsistency by overriding contrary legal provisions to the extent of conflict.

Section 238A expressly applies limitation law to specified IBC forums.

The Supreme Court confirmed Article 137’s general three-year period with ordinary limitation-law principles.

Swiss Ribbons upheld the basic IBC classification and resolution-oriented scheme.

Judicial review of CoC commercial wisdom is limited by the Code and cannot become a merits-based renegotiation.

A binding approved plan gives the successful applicant a fresh start, subject to the legal framework and applicable transitional rules.

Section 29A contains disqualifications; its connected-person tests require careful application rather than treating all affiliates identically.

The relevant time is two years for related parties and one year for others preceding insolvency commencement.

Section 43 preference tests include benefit that puts a creditor/surety/guarantor in a better liquidation position, subject to exceptions.

Section 46 specifies a two-year related-party period and one-year other-party period.

Section 49 targets undervalued transactions deliberately entered to keep assets beyond creditors or adversely affect claimants.

Section 50 covers specified extortionate credit arrangements entered into within two years before insolvency commencement.

Section 66 addresses fraudulent trading and specified wrongful-trading liability with contribution orders.

A section 52(4)–(8) realisation election is governed by verification, proceeds application, cost contribution and surplus remittance.

Relinquishment brings the secured creditor into section 53 distribution; separate enforcement proceeds differently.

Workmen dues for the specified 24-month period and relinquishing secured creditors share the statutory priority tier.

Section 53(1)(b) specifies workmen’s dues for 24 months preceding liquidation commencement.

Employee dues other than workmen’s dues at section 53(1)(c) refer to 12 months preceding commencement.

Section 53 ranks government dues in its stated tier, subject to specific statutory interpretation and security classification questions.

Costs identified in section 53(1)(a) have first priority to the extent provided there.

Statutory payment floors under section 30(2)(b) must be met irrespective of commercial preference of CoC.

The CoC votes on plans; the adjudicating authority examines legal compliance before approval.

Section 31(1), as amended, expressly includes governmental and statutory authorities and other relevant stakeholders.

Section 32A provides conditional protection to the corporate debtor, while liability of individuals involved in offences may continue.

The newly inserted section 3(31A) expressly covers the specified registered categories, subject to commencement.

Section 54H generally retains management with the corporate debtor, subject to oversight and possible statutory vesting orders.

Section 54D prescribes completion within 120 days, with plan submission to NCLT within 90 days, subject to the statutory scheme.

The debtor supplies a base resolution plan for evaluation under the pre-pack framework.

Information utilities provide information services and IPs take professional assignments under the Code and relevant regulations.

Registration under IBBI and assignment authorisation under the professional-agency framework are distinct compliance requirements.

The moratorium is a statutory stay with defined scope and exclusions, not an extinguishment or group-wide transfer rule.

Shareholders/partners receive residual amounts only after the preceding section 53 priorities.

Regulation 4F requires at least 66% voting share for a recorded recommendation and an application to the Adjudicating Authority. Regulation 4D separately requires project-wise bank accounts and financial information with RERA-compliant fund use.