Companies (Transfer of Pending Proceedings) Amendment Rules, 2017

The Companies (Transfer of Pending Proceedings) Amendment Rules, 2017 has been notified further to amend the Companies (Transfer of Pending Proceedings) Rules, 2016. These Amendment Rules shall come into force on the date of their publication in the Official Gazette. [F. No. 1/5/2016-CL-V – Dated 28-2-2017]

The Amendment provides that:

In the proviso of Sub-Rule (1) of Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016, the words “six months” shall be substituted in place of the words “sixty days”.

It implies that:

The Petitions relating to winding up on the ground of inability to pay debts, pending before a High Court, where the petition have not been served to the concerned respondent, shall be transferred to the Benches of the NCLT in accordance with their territorial jurisdiction. However, the concerned petitioner shall be required to submit the requisite information; including details of the proposed insolvency professional, within 6 months (instead of 60 days) of the Notification, failing which, the petition would abate.

The Companies (Transfer of Pending Proceedings) Amendment Rules, 2017- http://www.mca.gov.in/Ministry/pdf/CoTransferofProcedingsAmdtRules_01032017.pdf

The Companies (Transfer of Pending Proceedings) Rules, 2016-http://www.mca.gov.in/Ministry/pdf/CompaniesTransferofPending_08122016.pdf

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

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