Discussion paper on amendments to IBBI Insolvency Resolution Process for Corporate Process) Regulations, 2016

Discussion paper on amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Process) Regulations, 2016 1st November, 2023 This discussion paper solicits comments on following issues, namely: - A. Approval of committee of creditors (CoC) for…

Enforcement of amendment in Section 23 of Companies Act, 2013 by Companies (Amendment) Act, 2020 – MCA Notification SO-4744(E) dated 30.10.2023

On 30.10.2023, MCA notifies the amendments in Section 23- "Public offer and private placement", of the Companies Act, 2013 w.e.f. 30.10.2023. By the Companies (Amendment) Act, 2020 (s.5), the following two sub-sections were inserted: “(3) Such class of public companies may issue such class of securities for the purposes of listing on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed. (4) The Central Government may, by notification, exempt any class or classes of public companies referred to in sub-section (3) from any of the provisions of this Chapter, Chapter IV, section 89, section 90 or section 127 and a copy of every such notification shall, as soon as may be after it is issued, be laid before both Houses of Parliament.” The above provisions enforced w.e.f 30.10.2023 vide the notification no. S.O. 4744(E) dated 30th October, 2023.

No bench of NCLT will deny access to video conferencing facilities or hearing through the hybrid mode to any member of the Bar or litigant desirous of availing of such a facility – NCLT Order dated 31.10.2023

File No. 25/02/2023-NCLTNATIONAL COMPANY LAW TRIBUNAL 6th Floor, Block-3,CGO Complex, Lodhi Road,New Delhi- 110003Dated: 31st October 2023 ORDER 1. Reference may be made to the directions by Hon'ble Supreme Court of India, in Writ Petition(s)(Criminal) No(s). 351/2023, titled "Sarvesh Mathur Vs.…

NCLT will be holding a joint Colloquium with MCA, IBBI and NeSL from 03rd November 2023 to 5th November 2023, the matters listed for 03.11.2023 be notified

NCLT will be holding a joint Colloquium with Ministry of Corporate Affairs(MCA) , Insolvency Bankruptcy Board of India (IBBI) and National E-Governance Services Ltd (NeSL) from 03rd November 2023 to 5th November 2023. In view of the proposed Colloquium it is ordered: a. The matters listed for 03rd November 2023 be renotified at all the benches of NCLT, whose members are participating in such joint Colloquium. b. Urgent matters listed for hearing on 03rd November 2023, may be mentioned timely before the concerned Benches by the Ld. Counsels prior to 03rd November 2023 for early hearing, if required. c. It is to be clarified that in any Hon’ble member at any of the Bench is not participating in such joint Colloquium, she/he would continue to hold her/his court as usual.

Shifting of Registered Office after the approval of Resolution Plan under IBC – The Companies (Incorporation) Third Amendment Rules, 2023, G.S.R. 790(E) dated 20.10.2023

Th First proviso to Rule 30(9) of the Companies (Incorporation) Rules, 2014 provide that the shifting of registered office shall not be allowed if any inquiry, inspection or investigation has been initiated against the company or any prosecution is pending against the company under the Act. On 20.10.2023, MCA inserts second proviso to Rule 30(9) that where the management of the company has been taken over by new management under a resolution plan approved under section 31 of the Insolvency Bankruptcy Code, 2016 and no appeal against the resolution plan is pending in any Court or Tribunal and no inquiry, inspection, investigation is pending or initiated after the approval of the said resolution plan, the shifting of the registered office may be allowed. The new proviso enforce w.e.f. 21.10.2023.

Shri Ashok Kumar Bhardwaj to perform the functions of President of NCLT for the period 25.10.2023 to 27.10.2023 – NCLT order dated 23.10.2023

File No. 10/03/2023-NCLTNATIONAL COMPANY LAW TRIBUNAL 6th Floor, Block-3, CGO Complex, Lodhi Road New Delhi- 110003 Dated: 23rd October 2023 ORDER 1. Hon'ble Chief Justice (Retd) Shri Sudhakar Ramalingam, President National Company Law Tribunal shall be availing leave from 25.10.2023…

Full Story: Contempt proceedings by Supreme Court against NCLAT Members in Orbit Electricals Pvt. Ltd. case, Issue, Enquiry Report of NCLAT Chairperson, Statements of NCLAT Members, Show Cause Notice to NCLAT Members etc.

Hon’ble Supreme Court held that NCLAT is subject to the jurisdiction of this Court. It was duty bound to comply with the order of this Court. It is necessary for this Court to ensure that the dignity of the Court is maintained. A party cannot be allowed by recourse to devious means to obviate compliance with a solemn order passed by this Court. The story covers in this article: 1. Issue in Orbit Electricals Pvt. Ltd. 2. Issue before NCLT 3. Decision of the NCLAT on 21.09.2023 4. The matter before Supreme Court 5. Contempt Petition before Supreme Court on 13.10.2023 6. Morning Session Order of Supreme Court on 13.10.2023 7. NCLAT delivered judgment on 13.10.2023 despite the order of Supreme Court in morning session 8. Communication of Supreme Court Order of morning session dated 13.10.2023 to NCLAT 9. Initiation of enquiry by Supreme Court against the Members of NCLAT 10. Suspending the Judgment dated 13.10.2023 by NCLAT 11. Report of the Chairperson and statements of the Members 12. Supreme Court decision on the Report submitted by the Chairperson of the NCLAT 1 3. Issued show cause notice to Members of NCLAT under the Contempt of Courts Act, 1971 14. Set aside the judgment of NCLAT dated 13.10.2023 exercising of the jurisdiction under Article 142 of the Constitution.

The IBBI invites suggestions to simplify, ease and reduce cost of compliance of Regulations notified under IBC, 2016

Insolvency and Bankruptcy Board of India No. IBBI/PR/2023/1412th October, 2023 PRESS RELEASE The Insolvency and Bankruptcy Board of India invites suggestions to simplify, ease and reduce cost of compliance of Regulations notified under the Insolvency and Bankruptcy Code, 2016 Section…

Enforcement of Sections of Mediation Act, 2023 – SO-4384(E) dated 09.10.2023

The Central Government appoints the 9th day of October, 2023 as the date on which the provision of the following sections of the Mediation Act, 2023 (32 of 2023) shall come into force, namely:- (1) Section 1; (2) Section 3; (3) Section 26; (4) Sections 31 to 38 (both inclusive); (5) Sections 45 to 47 (both inclusive); (6) Sections 50 to 54 (both inclusive); and (7) Sections 56 to 57 (both inclusive). The Complete Act is available here: https://ibclaw.in/mediation-act-2023-section-wise-bare-act/