Section 42 of The Insolvency and Bankruptcy Code, 2016.
A creditor may appeal to the Adjudicating Authority against the decision of the liquidator 1 [accepting or] rejecting the claims within fourteen days of the receipt of such decision.
Summary
- This section has been completely omitted from the Act.
- It previously dealt with appeals against the decision of the liquidator.
- This section no longer governs any active appeal procedure under the Code.
Practical examples
FAQ
1. Can you find the rule on appealing liquidator decisions in Section 42 of the Insolvency and Bankruptcy Code, 2016?
No, Section 42 of the Insolvency and Bankruptcy Code, 2016 was omitted. It used to deal with the appeal against the decision of a liquidator. This means asking a higher authority to change what the person appointed to close the business decided.
Test yourself
Q1.Under Section 42 of the Insolvency and Bankruptcy Code, 2016, what was the subject matter of this section before its omission?
Q2.Under Section 42 of the Insolvency and Bankruptcy Code, 2016, which amending act omitted this provision?
Q3.Under Section 42 of the Insolvency and Bankruptcy Code, 2016, on which date did the omission of this section take effect?
Q4.Under Section 42 of the Insolvency and Bankruptcy Code, 2016, which other section in the range of Sections 38 to 42 was also omitted by the same 2026 amendment?