Category Archives: Notifications

National Highways Fee collection : pre-paid payment instruments allowed

MINISTRY OF ROAD TRANSPORT AND HIGHWAYS NOTIFICATION New Delhi, the 2nd December, 2016 G.S.R. 1114(E).—In exercise of the powers conferred by section 9 of the National Highways Act, 1956 (48 of 1956), the Central Government hereby makes the following rules further to amend the National Highways Fee (Determination of Rates and Collection) Rules, 2008 namely:-… Read More »

Income Tax Exemption u/s 10(46) to Maharashtra Electricity Regulatory Commission

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st December, 2016 S.O. 3605(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the ‘Maharashtra Electricity Regulatory… Read More »

Action against bank officials carrying out irregular transactions

Action taken in cases of bank officials involved in carrying out irregular transactions violative of RBI’s instructions post demonetisation of Specific Bank Notes by the Government w.e.f. midnight of 8th November 2016 Pursuant to the decision of the Government to demonetise Specified Bank Notes w.e.f. midnight of 8th November 2016, Banks have done commendable work… Read More »

Exemption from fitment of speed governor to certain transport vehicles till 31.01.2017

MINISTRY OF ROAD TRANSPORT AND HIGHWAYS NOTIFICATION New Delhi, the 1st December, 2016 S.O. 3604(E).—In exercise of the powers conferred by clause (a) of sub-section (3) of section 110 of the Motor Vehicles Act, 1988 (59 of 1988), the Central Government hereby exempts the transport vehicles notified by the State Government under sub-rule (2) of… Read More »

Benches of NCLT to be Adjudicating Authority under Insolvency and Bankruptcy Code 2016 w.e.f 01.12.2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th November, 2016 S.O. 3591(E).—In exercise of the powers conferred by sub-section (4) of section 419 of the Companies Act, 2013 (18 of 2013), read with clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the Code),… Read More »

Section 238 of Insolvency and Bankruptcy Code 2016

Section 238 of Insolvency and Bankruptcy Code 2016 [ Note : Section 238 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Provisions of this Code to override other laws. 238. The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for… Read More »

Section 237 of Insolvency and Bankruptcy Code 2016

Section 237 of Insolvency and Bankruptcy Code 2016 [ Note : Section 237  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appeal and revision. 237. The High Court may exercise, so far as may be applicable, all the powers conferred by Chapters XXIX and XXX of the Code… Read More »

Section 236 of Insolvency and Bankruptcy Code 2016

Section 236 of Insolvency and Bankruptcy Code 2016 [ Note : Section 236 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Trial of offences by Special Court. 236. (1) Notwithstanding anything in the Code of Criminal Procedure, 1973 (2 of 1974), offences under of this Code shall be… Read More »

Section 231 of Insolvency and Bankruptcy Code 2016

Section 231 of Insolvency and Bankruptcy Code 2016 [ Note : Section 231  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Bar of jurisdiction. 231. No civil court shall have jurisdiction in respect of any matter in which the Adjudicating Authority is empowered by, or under, this Code… Read More »

Section 198 of Insolvency and Bankruptcy Code 2016

Section 198 of Insolvency and Bankruptcy Code 2016 [ Note : Section 198  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Condonation of delay. 198. Notwithstanding anything contained in this Code, where the Board does not perform any act within the period specified under this Code, the relevant… Read More »

Section 77 of Insolvency and Bankruptcy Code 2016

Section 77 of Insolvency and Bankruptcy Code 2016 [ Note : Section 77  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for providing false information in application made by corporate debtor. 77. Where— (a) a corporate debtor provides information in the application under section 10 which is… Read More »

Section 76 of Insolvency and Bankruptcy Code 2016

Section 76 of Insolvency and Bankruptcy Code 2016 [ Note : Section 76  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for non-disclosure of dispute or repayment of debt by operational creditor. 76. Where— (a) an operational creditor has wilfully or knowingly concealed in an application under… Read More »

Section 75 of Insolvency and Bankruptcy Code 2016

Section 75 of Insolvency and Bankruptcy Code 2016 [ Note : Section 75  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for false information furnished in application. 75. Where any person furnishes information in the application made under section 7, which is false in material particulars, knowing… Read More »

Section 74 of Insolvency and Bankruptcy Code 2016

Section 74 of Insolvency and Bankruptcy Code 2016 [ Note : Section 74  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for contravention of moratorium or the resolution plan. 74. (1) Where the corporate debtor or any of its officer violates the provisions of section 14, any… Read More »

Section 73 of Insolvency and Bankruptcy Code 2016

Section 73 of Insolvency and Bankruptcy Code 2016 [ Note : Section 73  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for false representations to creditors. 73. Where any officer of the corporate debtor— (a) on or after the insolvency commencement date, makes a false representation or… Read More »

Section 72 of Insolvency and Bankruptcy Code 2016

Section 72 of Insolvency and Bankruptcy Code 2016 [ Note : Section 72  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for wilful and material omissions from statements relating to affairs of corporate debtor. 72. Where an officer of the corporate debtor makes any material and wilful… Read More »

Section 70 of Insolvency and Bankruptcy Code 2016

Section 70 of Insolvency and Bankruptcy Code 2016 [ Note : Section 70  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Punishment for misconduct in courses of corporate insolvency resolution process. 70. (1) On or after the insolvency commencement date, where an officer of the corporate debtor— (a)… Read More »

Section 69 of Insolvency and Bankruptcy Code 2016

Section 69 of Insolvency and Bankruptcy Code 2016 [ Note : Section 69  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Punishment for transactions defrauding creditors. 69. On or after the insolvency commencement date, if an officer of the corporate debtor or the corporate debtor— (a) has made… Read More »

Section 68 of Insolvency and Bankruptcy Code 2016

Section 68 of Insolvency and Bankruptcy Code 2016 [ Note : Section 68  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. CHAPTER VII OFFENCES AND PENALTIES Punishment for concealment or property. 68. Where any officer of the corporate debtor has,— (i) within the twelve months immediately preceding the… Read More »

Section 67 of Insolvency and Bankruptcy Code 2016

Section 67 of Insolvency and Bankruptcy Code 2016 [ Note : Section 67  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Proceedings under section 66. 67. (1) Where the Adjudicating Authority has passed an order under sub-section (1) or sub-section (2) of section 66, as the case may… Read More »

Section 66 of Insolvency and Bankruptcy Code 2016

Section 66 of Insolvency and Bankruptcy Code 2016 [ Note : Section 66  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Fraudulent trading or wrongful trading. 66. (1) If during the corporate insolvency resolution process or a liquidation process, it is found that any business of the corporate… Read More »

Section 65 of Insolvency and Bankruptcy Code 2016

Section 65 of Insolvency and Bankruptcy Code 2016 [ Note : Section 65  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Fraudulent or malicious initiation of proceedings. 65. (1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose… Read More »

Section 64 of Insolvency and Bankruptcy Code 2016

Section 64 of Insolvency and Bankruptcy Code 2016 [ Note : Section 64  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Expeditious disposal of applications. 64. (1) Where an application is not disposed of or an order is not passed within the period specified in this Code, the… Read More »

Section 63 of Insolvency and Bankruptcy Code 2016

Section 63 of Insolvency and Bankruptcy Code 2016 [ Note : Section 63  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Civil court not to have jurisdiction. 63. No civil court or authority shall have jurisdiction to entertain any suit or proceedings in respect of any matter on… Read More »

Section 62 of Insolvency and Bankruptcy Code 2016

Section 62 of Insolvency and Bankruptcy Code 2016 [ Note : Section 62  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Appeal to Supreme Court. 62. (1) Any person aggrieved by an order of the National Company Law Appellate Tribunal may file an appeal to the Supreme Court… Read More »

Section 61 of Insolvency and Bankruptcy Code 2016

Section 61 of Insolvency and Bankruptcy Code 2016 [ Note : Section 61  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appeals and Appellate Authority. 61. (1) Notwithstanding anything to the contrary contained under the Companies Act, 2013 (36 of 1963), any person aggrieved by the order of… Read More »

Section 60 of Insolvency and Bankruptcy Code 2016

Section 60 of Insolvency and Bankruptcy Code 2016 [ Note : Section 60  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. CHAPTER VI ADJUDICATING AUTHORITY FOR CORPORATE PERSONS Adjudicating Authority for corporate persons. 60. (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons… Read More »

Section 31 of Insolvency and Bankruptcy Code 2016

Section 31 of Insolvency and Bankruptcy Code 2016 [ Note : Section 31  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Approval of resolution plan. 31. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of… Read More »

Section 30 of Insolvency and Bankruptcy Code 2016

Section 30 of Insolvency and Bankruptcy Code 2016 [ Note : Section 30  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Submission of resolution plan. 30. (1) A resolution applicant may submit a resolution plan to the resolution professional prepared on the basis of the information memorandum. (2)… Read More »

Section 29 of Insolvency and Bankruptcy Code 2016

Section 29 of Insolvency and Bankruptcy Code 2016 [ Note : Section 29  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Preparation of information memorandum. 29. (1) The resolution professional shall prepare an information memorandum in such form and manner containing such relevant information as may be specified… Read More »

Section 28 of Insolvency and Bankruptcy Code 2016

Section 28 of Insolvency and Bankruptcy Code 2016 [ Note : Section 28  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Approval of committee of creditors for certain actions. 28. (1) Notwithstanding anything contained in any other law for the time being in force, the resolution professional, during… Read More »

Section 27 of Insolvency and Bankruptcy Code 2016

Section 27 of Insolvency and Bankruptcy Code 2016 [ Note : Section 27  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Replacement of resolution professional by committee of creditors. 27. (1) Where, at any time during the corporate insolvency resolution process, the committee of creditors is of the… Read More »

Section 25 of Insolvency and Bankruptcy Code 2016

Section 25 of Insolvency and Bankruptcy Code 2016 [ Note : Section 25  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Duties of resolution professional. 25. (1) It shall be the duty of the resolution professional to preserve and protect the assets of the corporate debtor, including the… Read More »

Section 24 of Insolvency and Bankruptcy Code 2016

Section 24 of Insolvency and Bankruptcy Code 2016 [ Note : Section 24  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Meeting of committee of creditors. 24. (1) The members of the committee of creditors may meet in person or by such electronic means as may be specified.… Read More »

Section 23 of Insolvency and Bankruptcy Code 2016

Section 23 of Insolvency and Bankruptcy Code 2016 [ Note : Section 23  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Resolution professional to conduct corporate insolvency resolution process. 23. (1) Subject to section 27, the resolution professional shall conduct the entire corporate insolvency resolution process and manage… Read More »

Section 22 of Insolvency and Bankruptcy Code 2016

Section 22 of Insolvency and Bankruptcy Code 2016 [ Note : Section 22  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appointment of resolution professional. 22. (1) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of… Read More »

Section 21 of Insolvency and Bankruptcy Code 2016

Section 21 of Insolvency and Bankruptcy Code 2016 [ Note : Section 21  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Committee of creditors. 21. (1) The interim resolution professional shall after collation of all claims received against the corporate debtor and determination of the financial position of… Read More »

Section 19 of Insolvency and Bankruptcy Code 2016

Section 19 of Insolvency and Bankruptcy Code 2016 [ Note : Section 19  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Personnel to extend cooperation to interim resolution professional. 19. (1) The personnel of the corporate debtor, its promoters or any other person associated with the management of… Read More »

Section 18 of Insolvency and Bankruptcy Code 2016

Section 18 of Insolvency and Bankruptcy Code 2016 [ Note : Section 18  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Duties of interim resolution professional. 18. (1) The interim resolution professional shall perform the following duties, namely:— (a) collect all information relating to the assets, finances and… Read More »

Section 17 of Insolvency and Bankruptcy Code 2016

Section 17 of Insolvency and Bankruptcy Code 2016 [ Note : Section 17  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Management of affairs of corporate debtor by interim resolution professional. 17. (1) From the date of appointment of the interim resolution professional,— (a) the management of the… Read More »

Section 16 of Insolvency and Bankruptcy Code 2016

Section 16 of Insolvency and Bankruptcy Code 2016 [ Note : Section 16  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Appointment and tenure of interim resolution professional. 16. (1) The Adjudicating Authority shall appoint an interim resolution professional within fourteen days from the insolvency commencement date. (2)… Read More »

Section 15 of Insolvency and Bankruptcy Code 2016

Section 15 of Insolvency and Bankruptcy Code 2016 [ Note : Section 15  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ]. Public announcement of corporate insolvency resolution process. 15. (1) The public announcement of the corporate insolvency resolution process under the order referred to in section 13 shall… Read More »

Section 14 of Insolvency and Bankruptcy Code 2016

Section 14 of Insolvency and Bankruptcy Code 2016 [ Note : Section 14  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Moratorium. 14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all… Read More »

Section 12 of Insolvency and Bankruptcy Code 2016

Section 12 of Insolvency and Bankruptcy Code 2016 [ Note : Section 12  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Time-limit for completion of insolvency resolution process. 12. (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred… Read More »

Section 10 of Insolvency and Bankruptcy Code 2016

Section 10 of Insolvency and Bankruptcy Code 2016 [ Note : Section 10  comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ] Initiation of corporate insolvency resolution process by corporate applicant. 10. (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for… Read More »