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MCA exempts foreign companies and companies incorporated outside India from the provisions of sections 387 to 392 (both inclusive) insofar as they relate to the offering for subscription in the securities, requirements related to the prospectus, and all matters incidental thereto in the International Financial Services Centres – MCA Notification No. SO-3156(E) dated 05.08.2021

MCA exempts foreign companies and companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India, from the provisions of sections 387 to 392 (both inclusive) insofar as they relate to the offering for subscription in the securities, requirements related to the prospectus, and all matters incidental thereto in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005.

The Companies (Registration of Foreign Companies) Amendment Rules, 2021 dated 05.08.2021

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 5th August, 2021 G.S.R. 538(E).—In exercise of the powers conferred by clause (c) and clause (h) of sub-section (1) and sub-section (3) of section 380, clause (a) of sub-section (1) and sub-section (3) of…

The Companies (Specification of definitions details) Third Amendment Rules, 2021 dated 05.08.2021

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 5th August, 2021 G.S.R. 539(E).—In exercise of the powers conferred by sub-clause (ix) of clause (76), sub-clause (iii) of clause (77) of section 2, read with sub-sections (1) and (2) of section 469 of…

When Adjudicating Authority exercised discretion not to pass order of liquidation and wait, NCLAT will not interfere in the discretion- West Bengal Financial Corporation Vs. Bijoy Murmuria RP of Dimension Steel & Alloys Pvt. Ltd. – NCLAT New Delhi

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After CIRP was initiated, former Promoter/Director cannot suppress from IRP/RP and apply for MSME Certificate and tide over ineligibility under Section 29A of the Code – Digambar Anandrao Pingle Shareholder of M/s Pingle Builders Pvt. Ltd. Vs. Shrikant Madanlal Zawar RP of M/s Pingle Builders Pvt. Ltd. – NCLAT New Delhi

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The Insolvency and Bankruptcy Code, 2016 is a complete Code, all concerned are required to comply with the express provisions of the Code without any deviation – M.P. Industrial Development Corporation Vs. Mr. Jagdish Parulkar RP for Madhya Pradesh Phosphate Pvt. Ltd. – NCLAT New Delhi

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There is no bar in law to the amendment of pleadings in an application under Section 7 of the IBC, or to the filing of additional documents, apart from those initially filed along with application under Section 7 of the IBC – Dena Bank (now Bank of Baroda) Vs. C. Shivakumar Reddy and Anr – Supreme Court

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As per definition of Corporate Person under Section 3(7) of the Code, the Societies cannot be said to be Corporate Persons – Asset Reconstruction Company (India) Ltd. Vs. Mohammadiya Educational Society – NCLAT New Delhi

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