Corporate Updates – 09-03-2017


MCA has altered the Territorial Jurisdiction of National Company Law Tribunal Bench vide notification issued on 03-02-2017. All cases pertaining to State of Haryana, shall be omitted from the Jurisdiction of National Company Law Tribunal, New Delhi Bench and shall be a under the jurisdiction of National Company Law Tribunal, Chandigarh Bench. Further, NCLT has now issued an order (copy here) stating that all pending matters at NCLT, New Delhi Bench pertaining to the State of Haryana shall now transferred to NCLT, Chandigarh Bench with immediate effect i.e 06-03-2017.


The Insolvency and Bankruptcy Board of India (Board) has recognises two Delhi based entities as Insolvency Professional Entities under the provisions of the Insolvency and Bankruptcy Code, 2016. The Code offers a market determined, time bound mechanism for orderly resolution of insolvency, wherever possible, and orderly exit, wherever required. It envisages an ecosystem comprising National Company Law Appellate Tribunal (NCLAT), National Company Law Tribunal (NCLT), Debt Recovery Appellate Tribunal (DRAT), Debt Recovery Tribunal (DRT), Insolvency and Bankruptcy Board of India (Board), Information Utilities (IUs), Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs) and Insolvency Professional Entities (IPEs) for implementation of the Code. A limited liability partnership, a registered partnership firm or a company may be recognised by the Board as an IPE if (a) a majority of the partners of the limited liability partnership or registered partnership firm are registered as insolvency professionals; or (b) a majority of the whole-time directors of the company are registered as insolvency professionals, as the case may be. An IPE is jointly and severally liable for all acts or omissions of its partners or directors as IPs committed during such partnership or directorship.

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