Section 88 in The Insolvency and Bankruptcy Code, 2016

Title: General duties of debtor.

Description: The debtor shall— (a) make available to the resolution professional all information relating to his affairs, attend meetings and comply with the requests of the resolution professional in relation to the fresh start process. (b) inform the resolution professional as soon as reasonably possible of— (i) any material error or omission in relation to the information or document supplied to the resolution professional; or (ii) any change in financial circumstances after the date of application, where such change has an impact on the fresh start process.

Title: Replacement of resolution professional.

Description: (1) Where the debtor or the creditor is of the opinion that the resolution professional appointed under section 82 is required to be replaced, he may apply to the Adjudicating Authority for the replacement of such resolution professional. (2) The Adjudicating Authority shall within seven days of the receipt of the application under sub-section (1) make a reference to the Board for replacement of the resolution professional. (3) The Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (2), recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. (4) The Adjudicating Authority shall appoint another resolution professional for the purposes of the fresh start process on the basis of the recommendation by the Board. (5) The Adjudicating Authority may give directions to the resolution professional replaced under sub-section (4)— (a) to share all information with the new resolution professional in respect of the fresh start process; and (b) to co-operate with the new resolution professional as may be required.

Title: Directions for compliances of restrictions, etc.

Description: (1) The resolution professional may apply to the Adjudicating Authority for any of the following directions, namely:— (a) compliance of any restrictions referred to in sub-section (3) of section 85, in case of non-compliance by the debtor; or (b) compliance of the duties of the debtor referred to in section 88, in case of non-compliance by the debtor. (2) The resolution professional may apply to the Adjudicating Authority for directions in relation to any other matter under this Chapter for which no specific provisions have been made.

Title: Revocation of order admitting application.

Description: (1) The resolution professional may submit an application to the Adjudicating Authority seeking revocation of its order made under section 84 on the following grounds, namely :— (a) if due to any change in the financial circumstances of the debtor, the debtor is ineligible for a fresh start process; or (b) non-compliance by the debtor of the restrictions imposed under sub-section (3) of section 85; or (c) if the debtor has acted in a mala fide manner and has wilfully failed to comply with the provisions of this Chapter. (2) The Adjudicating Authority shall, within fourteen days of the receipt of the application under subsection (1), may by order admit or reject the application. (3) On passing of the order admitting the application referred to in sub-section (1) , the moratorium and the fresh start process shall cease to have effect.(4) A copy of the order passed by the Adjudicating Authority under this section shall be provided to the Board for the purpose of recording an entry in the register referred to in section 196.

Title: Discharge order.

Description: (1) The resolution professional shall prepare a final list of qualifying debts and submit such list to the Adjudicating Authority at least seven days before the moratorium period comes to an end. (2) The Adjudicating Authority shall pass a discharge order at the end of the moratorium period for discharge of the debtor from the qualifying debts mentioned in the list under sub-section (1). (3) Without prejudice to the provisions of sub-section (2), the Adjudicating Authority shall discharge the debtor from the following liabilities, namely: (a) penalties in respect of the qualifying debts from the date of application till the date of the discharge order; (b) interest including penal interest in respect of the qualifying debts from the date of application till the date of the discharge order; and (c) any other sums owed under any contract in respect of the qualifying debts from the date of application till the date of the discharge order. (4) The discharge order shall not discharge the debtor from any debt not included in sub-section (2) and from any liability not included under sub-section (3). (5) The discharge order shall be forwarded to the Board for the purpose of recording an entry in the register referred to in section 196. (6) A discharge order under sub-section (2) shall not discharge any other person from any liability in respect of the qualifying debts.

PART 3 INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS CHAPTER 2 FRESH START PROCESS