The Insolvency and Bankruptcy Code (Amendment) Act, 2019 : 06 Aug, 2019 : The Insolvency and Bankrutpcy Code, 2016 (Upto 06.08.2019) 17 Aug, 2018 : The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 : 17 Aug, 2018 : The Insolvency and Bankruptcy Code, 2016 (Upto 17.08.2018) 08 Jun, 2018 M���Ǿ�[�ɝS��'��ڷ��_$��!�D1c���L�����"X8�F�-���߳�����2�"at-����(�� �1�;�$:c�z/��}�����D�.畫+9�g@Q |>�� � c^s�Q�P�X� �{�\C�.L)�?G�b N3Û�#Ɋ��f�CH��O��Q��O���B�&�6���-;��|^�. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 has been repealed. � ]�h�p?��5��oM3T�[�^g�=���v�r0T� The Insolvency Act, 1916 (Act 32 of 1916), the Insolvency Act, 1916, Amendment Act, 1926 (Act 29 of 1926) (except the title and preamble thereof and sections one , seventy-one , An Act further to amend the Insolvency and Bankruptcy Code, 2016. (2) It shall be deemed to have come in force on the 28th day of December, 2019. (1) This Act may be called the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018. The Hungarian government has proposed an amendment to Act XLIX of 1991 on bankruptcy and liquidation proceedings (Insolvency Act) aiming to modernise the procedural rules of insolvency proceedings, for example by introducing communication via email and video conferences. DR. G. NARAYANA RAJU, 32 OF 1995: INSOLVENCY AMENDMENT ACT, 1995. Insolvency Amendment Act. 2 Commencement (1) Section 56 (which enables the making of regulations) comes into force on the day after the date of Royal assent. “Explanation.—For the removal of doubts, it is hereby clarified that the insolvency and liquidation proceedings for financial service providers or categories of financial service providers may be conducted with such modifications and in such manner as may be prescribed.”. Explanation.—For the purposes of this sub-section, it is hereby clarified that,—. These include provisions for the process by … In section 11 of the principal Act, the Explanation shall be numbered as Explanation I and after Explanation I as so numbered, the following Explanation shall be inserted, namely:—. Clause 2(a) of the Insolvency Bill seeks to amend the Insolvency Act 1967 “Act”) by increasing the minimum debt threshold for the presentation of a bankruptcy petition, from RM50,000 to RM100,000. (AMENDMENT) ACT, 2020. In section 5 of the Insolvency and Bankruptcy Code, 2016 (hereafter referred to as the principal Act),—. (i) an action against the property of the corporate debtor in relation to an offence shall include the attachment, seizure, retention or confiscation of such property under such law as may be applicable to the corporate debtor; (ii) nothing in this sub-section shall be construed to bar an action against the property of any person, other than the corporate debtor or a person who has acquired such property through corporate insolvency resolution process or liquidation process under this Code and fulfils the requirements specified in this section, against whom such an action may be taken under such law as may be applicable. Landmark Judgements by the … 1062. 5 Amendment of section 35 2. 2. Interpretation Part I VOLUNTARY ARRANGEMENT AND PROCEEDINGS IN BANKRUPTCY Voluntary Arrangement 2a. January 2, 2020 by Admin in IBC; Previous Important Amendments to Liquidation Process under IBC Next Insolvency And Bankruptcy Code (Amendment) Ordinance, 2019 AAA Latest News. (ii) a person with regard to whom the relevant investigating authority has, on the basis of material in its possession reason to believe that he had abetted or conspired for the commission of the offence, and has submitted or filed a report or a complaint to the relevant statutory authority or Court. %���� <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;”; (b) after sub-section (2), the following sub-section shall be inserted, namely:—. This Act is the Insolvency, Restructuring and Dissolution (Amendment) Act 2020 and comes into operation on a date that the Minister appoints by notification in the Gazette. KUALA LUMPUR: The Insolvency (Amendment) Bill 2020 aimed at amending the Insolvency Act 1967 (Act 360) was passed with … '��j�N����,��v�vQ�ہZ��� �K_9_;[hE���b��&Ĥ 2 0 obj MINISTRY OF LAW AND JUSTICE 2. of the total number of such allottees under the same real estate project, whichever is less: Provided also that where an application for initiating the corporate insolvency resolution process against a corporate debtor has been filed by a financial creditor referred to in the first and second provisos and has not been admitted by the Adjudicating Authority before the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, such application shall be modified to comply with the requirements of the first or second proviso within thirty days of the commencement of the said Act, failing which the application shall be deemed to be withdrawn before its admission.”. Insolvency 3 LAWS OF MALAYSIA Act 360 INSOLVENCY ACT 1967 ARRANGEMENT OF SECTIONS PRELIMINARY Section 1. ACT … (2) No action shall be taken against the property of the corporate debtor in relation to an offence committed prior to the commencement of the corporate insolvency resolution process of the corporate debtor, where such property is covered under a resolution plan approved by the Adjudicating Authority under section 31, which results in the change in control of the corporate debtor to a person, or sale of liquidation assets under the provisions of Chapter III of Part II of this Code to a person, who was not—, (i) a promoter or in the management or control of the corporate debtor or a related party of such a person; or. Short title and application Interpretation 2. <> Amendments to SARFAESI Act, 2002 Home / News / AMENDMENT-TO-SARFAESI-ACT-2002-2-1. � ��q���D�I�b%�@�ev|���X~|t~s|tr��������C׀q~�����!��C�>G��Ǎ�f�/y���c���}�?�ˠб�#�Z��|�f��l5�����l:P^���_ne�U���-&����2s�V��*y+[p��݌�wm���\�]^W�,M>?NSnj%ҏ�`�[.��v����O,��e��!��xH���b{I;N�0�?��A�˸����g=.|!������0�n>^���`y���!`�It�y�N� 4 0 obj In section 21 of the principal Act, in sub-section (2), in the second proviso, after the words “convertible into equity shares”, the words “or completion of such transactions as may be prescribed,” shall be inserted. (1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2020. This will be useful regarding the further amendments required to the Insolvency Rules and perhaps to the time periods of … It shall be deemed have come into force on … (1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2018.” Section 2: Amendment of section: “2. KUALA LUMPUR, Aug 25 — The Insolvency (Amendment) Bill 2020 aimed at amending the Insolvency Act 1967 (Act 360) has been passed with a simple voice majority in the Dewan Rakyat. After section 32 of the principal Act, the following section shall be inserted, namely:—, “32A. The Insolvency Act, 1916 (Act 32 of 1916), the Insolvency Act, 1916, Amendment Act, 1926 (Act 29 of 1926) (except the title and preamble thereof and sections 1, 71, 72 and 74 thereof) and section 20 of the Land Bank Amendment Act, 1934 (Act 58 of 1934) are hereby repealed: Provided that if an estate was sequestrated or assigned before the commencement of this Act … Despite subclause (1)(a), a person who is the liquidator of a company and who, on the first anniversary, is not a licensed insolvency practitioner must resign on the first anniversary, and section 283 of the Companies Act 1993 (as amended by Part 1 of the Insolvency Practitioners Regulation (Amendments) Act 2019) applies … The Insolvency (Transitional Provisions) Regulations, 2004 (the “Regulations”) deal with transitional matters. 26 OF 2018 [17th August, 2018.] “Provided that the resolution professional shall continue to manage the operations of the corporate debtor after the expiry of the corporate insolvency resolution process period, until an order approving the resolution plan under sub-section (1) of section 31 or appointing a liquidator under section 34 is passed by the Adjudicating Authority.”. “(2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.”; (c) in sub-section (3), for clause (a), the following clause shall be substituted, namely:—. (i) in clause (c), in the second proviso, in Explanation I, after the words, “convertible into equity shares”, the words “or completion of such transactions as may be prescribed,” shall be inserted; (ii) in clause (j), in Explanation I, in the second proviso, after the words “convertible into equity shares”, the words “or completion of such transactions as may be prescribed,” shall be inserted. CG-DL-E-23092020-221917 notified the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020. The Insolvency Act, 2003 and the Insolvency (Amendment and Consequential Provisions) Act, 2004 were proclaimed in force as of August 16, 2004. Insolvency and Bankruptcy Code (Second Amendment) Act, 2020. After section 10 of the principal Act, the … “(ia) circumstances in which supply of critical goods or services may be terminated, suspended or interrupted during the period of moratorium under sub-section (2A) of section 14;”. (2) It shall be deemed to have come into force on the 6th day of June, 2018. requirements of this sub-section having been fulfilled: Provided further that every person who was a “designated partner” as defined in clause (j) of section 2 of the Limited Liability Partnership Act, 2008, or an “officer who is in default”, as defined in clause (60) of section 2 of the Companies Act, 2013, or was in any manner incharge of, or responsible to the corporate debtor for the conduct of its business or associated with the corporate debtor in any manner and who was directly or indirectly involved in the commission of such offence as per the report submitted or complaint filed by the investigating authority, shall continue to be liable to be prosecuted and punished for such an offence committed by the corporate debtor notwithstanding that the corporate debtor’s liability has ceased under this sub-section. NO. An Act further to amend the Insolvency and Bankruptcy Code, 2016. (b) a person with regard to whom the relevant investigating authority has, on the basis of material in its possession, reason to believe that he had abetted or conspired for the commission of the offence, and has submitted or filed a report or a complaint to the relevant statutory authority or Court: Provided that if a prosecution had been instituted during the corporate insolvency resolution process against such corporate debtor, it shall stand discharged from the date of approval of the resolution plan subject to of India. (1) The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 is hereby repealed. In section 240 of the principal Act, in sub-section (2), after clause (i), the following clause shall be inserted, namely:-. 32 of 1995] - G 16556 PRESIDENT'S OFFICE No. Recent amendments made to the Insolvency and Bankruptcy Code 2016. Section 1: Short title and commencement: “1. 1 January 2003 “(fa) the transactions under the second proviso to sub-section (2) of section 21; (fb) the transactions under Explanation I to clause (c) of section 29A; (fc) the transactions under the second proviso to clause (j) of section 29A;”. “(a) such transactions, agreements or other arrangements as may be notified by the Central Government in consultation with any financial sector regulator or any other authority;”. Statements; Documents; Events; … endobj An Act further to amend the Insolvency and Bankruptcy Code, 2016.BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:— 1. (1) Notwithstanding anything to the contrary contained in this Code or any other law for the time being in force, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the Adjudicating Authority under section 31, if the resolution plan results in the change in the management or control of the corporate debtor to a person who was not—, (a) a promoter or in the management or control of the corporate debtor or a related party of such a person; or. The Insolvency (Amendment) Act 2020 commenced on the 1st June 2020 with the moratorium period being from 16th March 2020 to 31st December 2020 [1] The Bill defines ‘company’ “as a company to which the Insolvency Act applies and which is licensed or authorised in Gibraltar under the Fair Trading Act or any other … Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Insolvency and Bankruptcy Code (Amendment) Act, 2020, IRDAI informs public on revision in Health Insurance Premium, India, USA sign MoU on Intellectual Property cooperation, Top 5 key reasons for getting legal compliance management, SC directs Investigation Agencies to install CCTV camera in interrogation room & record the same, IBBI bars IP till he is exonerated of Criminal charges against him, Join Certification Courses on GST, Customs & FTP and Income Tax, No Bail to person accused of floating bogus firms in alleged GST Evasion case, Private financial institutions performing public duties cannot be treated as ‘State’, CENVAT Credit eligible on Sales Commission, ITAT allows credit of taxes paid in UK for remuneration received in UK, Assessment u/s 153C cannot be made in absence of incriminating documents discovered during search, CBIC revokes ADD on imports of Nylon Tyre Cord Fabric from China, CBIC notifies Rate of Exchange of Foreign Currencies wef 03.12.2020, Pension Adalat 2020 – IncomeTax Office Kerala Through Video Conference, All States except Jharkhand choose Option-1 to meet GST implementation shortfall, Due Date Compliance Calendar December 2020, Statutory and Tax Compliance Calendar for December, 2020, Extension of date of Filing of Accounts to Charity Commissioner in Maharashtra, Show Cause Notices to Taxpayers Under GST Act Mandatory to Upload on Website – Mere E-Mail is not Suffice, New GST Return Scheme for Small Taxpayers. endobj 1 Repeal of laws. (2) It shall be deemed to have come into force on the 5th day of June, 2020. The new Act will bring about significant changes to the law and, along with these, possible uncertain ramifications. �P2�<<<5�N o�Z�S�K�X��r��wSd����6qy�A�=�R�F���A�a�g?����5��C��¢s��P"Hڮ However, notwithstanding such repeal, anything done or any action taken under the Insolvency and Bankruptcy Code, 2016, as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the said Code, as amended by this Act. (2) Notwithstanding such repeal, anything done or any action taken under the Insolvency and Bankruptcy Code, 2016, as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the said Code, as amended by this Act. The Regulations provide that the Court may make an order in … The Insolvency (Amendment) Bill 2020 aimed at amending the Insolvency Act 1967 (Act 360) has been passed with a simple voice majority in the Dewan Rakyat. EXPOSURE DRAFT EXPOSURE DRAFT No. Related links: - Amends Insolvency Act 24 of 1936 - Amends Deeds Registries Act 47 of 1937 - Amends Matrimonial Property Act 88 of 1984. (2) It shall be deemed to have come in force on the 28th day of December, 2019. (1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2020. This represents the fourth amendment to the minimum debt threshold since the Act … ACT. 2 Clause 2 (a) of the Insolvency (Amendment) Bill 2020 which amends section 5 (1) (a) of the Insolvency Act 1967. Copyright © TaxGuru. In section 16 of the principal Act, in sub-section (1), for the words “within fourteen days from the insolvency commencement date”, the words “on the insolvency commencement date” shall be substituted. “Explanation II.—For the purposes of this section, it is hereby clarified that nothing in this section shall prevent a corporate debtor referred to in clauses (a) to (d) from initiating corporate insolvency resolution process against another corporate debtor.”. 2. Your email address will not be published. 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