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1 On 3rd February 2020 in New Delhi,
On 3rd February 2020 in New Delhi,
In the National Company Tribunal Rules, 2016 {here after referred to as the rule 80, the following rule shall e inserted namely:-
“80A. Application Under Section230- An application under sub-section (12) of section230 may be made in NCLT and shall be accompanied by such documents
In the Principal rules in the Schedule of fees,
Sec230(12) Application in cases of the takeover of companies that are not listed is Rs 5,000.
Sec230 (12) Application in cases of taking over the offer of companies that are not listed.
Affidavit verifying the petition
Memorandum of appearance with copy of the Board’s Resolution or the executed vakalatnama, as the case may be
Documents in support of the grievance against the takeover.
Any other relevant document. [1]
On 24th December 2020,
As we are aware that our Hon’ble Prime minister has launched a Digital India campaign to ensure the Government services are made available to citizens electronically by improving the online infrastructure.
It is hereby informed that the Competent Authority has decided that automatic case no. The generation should be mandatory started from 1st January 2021 in all the benches across the country. The automatic number has to b3 generated from the e-filing portal i.e. efiling.nclt.gov.in
This issues with the approval of hon’ble Acting President.
On 22nd December 2020
In exercise of the powers conferred by sec10A of the Insolvency and Bankruptcy Code, 2016 (31 Of 2016), The Central Government hereby notifies further period of three months from the 25th December 2020, the purposes of the said section.
On 12th March 2020
In exercise of the powers conferred by sections 396, 398, 399, 403, and 404 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration Offices and Fees) Rules, 2014, namely:-
These rules may be call the Companies (Registration Offices and Fees) Second Amendment Rules, 2020.
They shall come into force on the date of their publication in the Official Gazette.
In the Companies (Registration Offices and Fees) Rules, 2014, in the Annexure, in Form No.GNL-2,
in serial number 3, after item number “Form 159 of the Companies (Court) Rules,1959”, the following item shall be inserted, namely.-
“Filing under Insolvency and Bankruptcy Code, 2016”.
after the first verification column, the following shall be inserted.
On 30th January ,2020
- In exercise of the powers conferred by section 227 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and in pursuance of rule 10 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, the Central Government, in consultation with the Reserve Bank of India, hereby notifies the manner of dealing with the third party assets in custody or possession of such financial service providers, as referred to in the notification vide No. S.O. 4139(E), dated 18th November, 2019, by the Administrator appointed under clause (a) of rule 5 of the said rules, asunder:
- Receivables for ThirdParties:-Where a financial service provider is contractually obliged, as on the insolvency commencement date, to act as a servicing or collection agent on behalf of third parties in respect of a transaction such as securitisation or lending arrangement, the Administratorshall-
- prepare a statement of such transactions and respective agencycontract;
continue to discharge the obligations of the financial service provider as a servicing or collectionagent;
ensure that the receivables, in respect of such transactions, collect are deposit and maintain in a separate account and are not merge with the funds or other assets of such financial serviceprovider;
oversee the operation of the account referred to in item(c);
transfer such receivables collected and deposited in the account referred to in item (c) in accordance with the terms and conditions of suchcontract:
Explanation.-For the purpose of this item, any fee receive by the financial service provider as a servicing or collection agent shall not be transfer to the account refer to in item (c) and it shall be dealt with by the Administrator as forming part of the assets of such financial service provider.
Assets of ThirdParties
Where the financial service provider has, as on the insolvency commencement date, in its custody or possession assets owned by its customers or counterparties or by counterparties of its customers under a contract, and is under an obligation to return or transfer such assets in accordance with the terms and conditions of such contract, the Administratorshall-
prepare a statement of such assets and the respective contracts;
ensure that such assets are maintain in a separate and distinct manner, capable of identifying them contract-wise, and are not merge with those of financial serviceprovider;
return or transfer such assets to the person entitled to receive it in accordance with the terms and conditions of suchcontract:
Provided that when such assets shall not be return by the Administrator, due to breach of the terms of the contract, the financial service provider has become entitle to retain such assets for itself or dispose of the same to realise its dues.
On 18th November, 2019
National Company Law Tribunal
In exercise of the powers conferred by section 227 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government in consultation with the Reserve Bank of India hereby notifies as under:
The insolvency resolution and liquidation proceedings of the following categories of financial service providersshallbeundertakeninaccordancewiththeprovisionsoftheInsolvencyandBankruptcyCode, 2016 read with the
Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial ServiceProvidersandApplicationtoAdjudicatingAuthority)Rules,2019(inthisnotificationreferredto as the ‘Rules’) and
the applicableRegulations:
| Sl. No. | Category of Financial Service Provider (rule 2 of the Rules) | Appropriate Regulator [clause (a) of sub-rule (1) of rule 3 of the Rules] | Dealing with third-party assets (rule 10 of theRules) |
| (1) | (2) | (3) | (5) |
| 1 | Non-banking finance companies (which include housing finance companies) with asset size of Rs.500 crore or more, as per last audited balance sheet. | Reserve Bank of India | To be notified separately |
Reference
National Company Law Tribunal
[1]http://www.mca.gov.in/Ministry/pdf/Rules3_04022020.pdf
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