MCA
MCA notifies April 1, 2017 as the date on which provisions of clause (a) to (d) of Sec. 2 of the Insolvency and Bankruptcy Code, 2016, relating to voluntary liquidation / bankruptcy shall come into force. Section 2 provides that the Code shall be applicable to (a) any company incorporated under the Companies Act, 2013/ under any previous company law, (b) any other company governed by any special Act, (c) any Limited Liability Partnership (‘LLP’) incorporated under the LLP Act, 2008, (d) such other body incorporated under any law as notified by the Govt., and (e) partnership firms and individuals, in relation to their insolvency, liquidation, voluntary liquidation / bankruptcy. MCA further, clarifies by way of explanatory memorandum that by giving retrospective effect to the notification, “no one is being adversely affected and giving retrospective effect to this notification is purely procedural in nature”.
MCA
The Ministry of Corporate Affairs had issued clarification regarding applicability of Section 16 (1)(a) of the Companies Act, 2013 with reference to cases under corresponding provisions of Companies Act, 1956 and clarified that applications that were rejected by Regional Directors under section 22(1)(ii)(b) of the Companies Act, 1956 on the grounds that such applications were made after the requisite period of twelve months specified therein, cannot apply afresh under Section 16(1)(a) of the Companies Act, 2013, as the extinguished limitation cannot be considered to be received even if no limitation period has been prescribed/ laid down in said section. Section 16 is relating to Rectification of name by the Central Government.
News from NIRC of ICSI
NIRC is organising one day Seminar on "Opportunities & Prospects For Company Secretaries Under IBC" on Saturday, the 20th May, 2017 Registration: 9.00 AM onwards at Hotel Radisson Blu, H – 3, Sector – 14, Kaushambi – 201010 (Near Kaushambi Metro Station); Fee: Rs.1600/- per delegate inclusive of service tax (Rs.1000/- for students); FREE for Corporate Members of NIRC(2017-18); PCH – 4.
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