March 16, 2020
1. Revisions to e-Forms GNL- 2 and INC- 28 vide Companies (Registration Offices and Fees) Second Amendment Rules, 2020 and Companies Incorporation (Second Amendment) Rules, 2020 respectively
Further to the circulars issued by MCA on 17/02/2020 and 06/03/2020, directing Insolvency Professionals to file necessary forms with it, the e-forms GNL-2 and INC-28 have been revised so that they are in-line with the requirement mandated by the aforementioned circulars.
2. MCA notifies NCLAT Chennai bench to handle appeals arising from Southern States of India with effect from 18th March 2020
Through this notification, MCA has notified the constitution of NCLAT Chennai bench which will hear the appeals against the orders of the benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana,Lakshadweep and Puducherry. Further, the Bench of the NCLAT at New Delhi shall be known as the Principal Bench of the NCLAT which shall continue to hear appeals other than those in the jurisdiction of Chennai Bench of the NCLAT.
3. Ministry of Law and Justice notifies Insolvency and Bankruptcy Code (Amendment) Act, 2020 dated 13th March 2020
Through this amendment act, Ministry has replicated the amendments brought into place by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 which was in effect from December 28, 2019.
This amendment act shall be deemed to be in force from December 28, 2019. The highlights of this amendment act are to fill critical gaps by incorporating the following:
- to give the highest priority for repayment of last mile funding to corporate debtor to prevent insolvency,
- to provide immunity against prosecution of the corporate debtor,
- to prevent action against the property of such corporate debtor and successful resolution applicant subject to fulfilment of certain conditions
All the 12 sections amended by this Act are integrated with the IB Code and are available in our site CAIRR (www.ca2013.com).