Thursday 8 December 2016

MCA UPDATES



MCA Notifies 15 Dec. 2016  as the Commencement Date of Certain Sections of the Companies Act (CA), 2013



S.O. 3677(E).-In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 15th day of December, 2016 as the date on which the following provisions of the said Act shall come into force, namely :-

Sl. No.Section
1Clause (23) of section 2
2Clause (c) and (d) of sub-section (7) of section 7
3Sub-section (9) of section 8
4Section 48
5Section 66
6Sub-section (2) of section 224
7Section 226
8Section 230 [except sub-section (11) and (12)], and Sections 231 to 233
9Sections 235 to 240
10Sections 270 to 288
11Sections 290 to 303
12Section 324
13Sections 326 to 365
14Proviso to section 370
15Sections 372 to 373
16Sections 375 to 378
17Sub-section (2) of section 391
18Clause (c) of sub-section (1) of section 434


MCA Notifies 

‘Companies (Transfer of Pending Proceedings) Rules, 2016’



G.S.R. 1119(E).— In exercise of the powers conferred under sub-sections (1) and (2) of section 434 of the Companies Act, 2013 (18 of 2013) read with sub-section (1) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the Code), the Central Government hereby makes the following rules, namely:—


1. Short title and Commencement
(1) These rules may be called the Companies (Transfer of Pending Proceedings) Rules, 2016.
(2) They shall come into force with effect from the 15th December, 2016, except rule 4, which shall come into force from 1st April, 2017.

2. Definitions
(1) In these rules, unless the context otherwise requires-
(a) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(b) “Tribunal” means the National Company Law Tribunal constituted under section 408 of the Companies Act, 2013.
(2) Words and expressions used in these rules and not defined, but defined in the Companies Act, 1956 (1 of 1956) (herein referred to as the Act), the Companies Act, 2013 (18 of 2013) or the Companies (Court) Rules, 1959 or the Code shall have the meanings respectively assigned to them in the respective Act or rules or the Code, as the case may be.

3. Transfer of pending proceedings relating to cases other than Winding up
All proceedings under the Act, including proceedings relating to arbitration, compromise, arrangements and reconstruction, other than proceedings relating to winding up on the date of coming into force of these rules shall stand transferred to the Benches of the Tribunal exercising respective territorial jurisdiction:
Provided that all those proceedings which are reserved for orders for allowing or otherwise of such proceedings shall not be transferred.

4. Pending proceeding relating to Voluntary Winding up
All applications and petitions relating to voluntary winding up of companies pending before a High Court on the date of commencement of this rule, shall continue with and dealt with by the High Court in accordance with provisions of the Act.

5. Transfer of pending proceedings of Winding up on the ground of inability to pay debts
(1) All petitions relating to winding up under clause (e) of section 433 of the Act on the ground of inability to pay its debts pending before a High Court, and where the petition has not been served on the respondent as required under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Act, exercising territorial jurisdiction and such petitions shall be treated as applications under sections 7, 8 or 9 of the Code, as the case may be, and dealt with in accordance with Part II of the Code:

Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with Rule 7, required for admission of the petition under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal within sixty days from date of this notification, failing which the petition shall abate.

(2) All cases where opinion has been forwarded by Board for Industrial and Financial Reconstruction, for winding up of a company to a High Court and where no appeal is pending, the proceedings for winding up initiated under the Act, pursuant to section 20 of the Sick Industrial Companies (Special Provisions) Act, 1985 shall continue to be dealt with by such High Court in accordance with the provisions of the Act.

6. Transfer of pending proceedings of Winding up matters on the grounds other than inability to pay debts
 All petitions filed under clauses (a) and (f) of section 433 of the Companies Act, 1956 pending before a High Court and where the petition has not been served on the respondent as required under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal exercising territorial jurisdiction and such petitions shall be treated as petitions under the provisions of the Companies Act, 2013 (18 of 2013).

7. Transfer of Records
Pursuant to the transfer of cases as per these rules the relevant records shall also be transferred by the respective High Courts to the National Company Law Tribunal Benches having jurisdiction forthwith over the cases so transferred.

8. Fees not to be paid
Notwithstanding anything contained in the National Company Law Tribunal Rules, 2016, no fee shall be payable in respect of any proceedings transferred to the Tribunal in accordance with these rules.



MCA Clarification reg. likely simplification of process and extension of due date for transfer of shares to IEPF Authority

 

MCA has received various representations from Companies for Simplification of transfer process of shares under IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016, notified on 5 Sept. 2016 including for extension of the due date prescribed for transferring the shares to IEPF Authority.
The MCA has clarified that simplification of transfer process of shares to IEPF Authority and extension of due date for such transfer, are under review. The rules are likely to be revised and shall be notified in due course.



MCA
 

Form INC-27 is likely to be revised on MCA21 Company Forms Download page w.e.f. 10th December, 2016. Stakeholders are advised to check the latest version before filing.



Additional fees payable by the companies having registered offices in the State of Jammu & Kashmir on eforms AOC-4, AOC-4 XBRl, AOC-4 CFS and MGT-7 has been waived  till 31st Dec’2016 vide general circular no.  14/2016 dated 07/12/2016. Stakeholders may take note of the same and plan accordingly.



Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional 

 

Insolvency and Bankruptcy Board of India
30th November, 2016


Limited Insolvency Examination

The Board hereby publishes the syllabus, format and frequency of the “Limited Insolvency Examination” under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016:

I. Syllabus for Examination
The syllabus for the “Limited Insolvency Examination” is as under:

Sl. No Coverage Weight (%)
a. The Insolvency and Bankruptcy Code, 2016 (Entire Code) 30
b. Rules and Regulations under the Bankruptcy Code (All Rules and Regulations notified under the Code till 30th November, 2016) 25
c. Report of the Bankruptcy Law Reforms Committee (Entire Report) 05
d.
(I) The Companies Act, 2013
  • Chapter III Prospectus and Allotment of Securities
  • Chapter IV Share Capital and Debentures
  • Chapter V Acceptance of Deposits by Companies
  • Chapter VI Registration of Charges
  • Chapter VII Management and Administration
  • Chapter IX Accounts of Companies
  • Chapter XV Compromises, Arrangements and Amalgamations
  • Chapter XVII Registered Valuers
  • Chapter XVIII Removal of names of the companies from the register of companies
  • Chapter XX Winding-up of the companies
  • Chapter XXVII NCLT and NCLAT
(II) The Partnership Act, 1932, and
(III) The Limited Liability Partnership Act, 2008
(Nature of LLP; Partners and their Relations; Limitation of Liability;  Financial Disclosures)
 10
e.
(i) The Indian Contracts Act, 1872 (Void, Voidable and Contingent Contracts; Novation, Rescission and Alteration of Contracts; Damages for breach; Indemnity, Guarantee, Surety, Bailment and Pledge; Set off)
(II) Transfer of Property Act, 1882;
(III) The Sale of Goods Act, 1930 (Sale, Warranties, Lien and Damages).
 05
f.
(I) The Recovery of Debts due to Banks and Financial Institutions Act, 1993;
(II) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002; and
(III) Corporate Debt Restructuring Scheme, Strategic Debt Restructuring, and Scheme for Sustainable Structuring of Stressed Assets (S4A) (of RBI)
05
g. General Awareness (Constitution, Economy, Finance, Code of Conduct for Insolvency Professionals, and Rights of Workmen) 05
h.
Finance and Accounts
(Corporate Finance, and Financial Analysis)
 05
i. Case Study (Cases on Corporate Insolvency Resolution, Corporate Liquidation, Fresh Start, Individual Insolvency Resolution and Individual Bankruptcy) 10
Total 100

This syllabus will hold good for examinations conducted from 31st December, 2016 to 30thJune, 2017.

II. Format of Examination
The format of examination is as under:
  1. The examination will be conducted online (computer-based in a proctored environment); with objective multiple choice questions;
  2. The duration of the examination will be two hours;
  3. A candidate will be required to answer 90 questions in two hours for a total of 100 marks;
  4. There will be negative marking of 25% of the marks assigned for the question;
  5. Passing mark for the examinationis 60%;
  6. Passing candidates will be awarded a certificate by the Board;
  7. A candidate will be issued a temporary mark sheet on submission of test paper; and
  8. No workbook or study material will be provided.
III. Frequency of Examination
The frequency of Examination is as under:
  1. The examination will be available from 100 + locations in the country;
  2. The examination will be available from 31st December, 2016 between 9:30 AM and 5:30 PM;
  3. The enrollment for examination will be open from 15th December, 2016.
  4. A candidate needs to enroll for examination at . He needs to select IBBI-Limited Insolvency Examination and enroll himself for the examination by choosing the time, the day and the examination centre for his examination;
  5. A candidate needs to provide PAN and Aadhaar to enroll for the examination; and
  6. A candidate needs to pay examination fee of Rs.1000 (Rupees one thousand only) online on every enrollment.


Thanks & Regards,
CS Meetesh Shiroya
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