This Ministry vide General Circular No. 10/2020 dated 23.03.2020 clarified that spending of CSR funds for COVID-19 is an eligible CSR activity. In continuation to the said circular, it is further clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees and their families, is an eligible CSR activity under item no. (i) of Schedule VII of the Companies Act, 2013 relating to promotion of health care including preventive health care and item no. (xii) relating to disaster management.
Category: Notifications & Circulars-Main
Monetary Penalties to be imposed by an Insolvency Professional Agency – IBBI Circular No. IBBI/IPA/43/2021 dated 28.07.2021
In the interest of objectivity and uniformity, it has been decided that an IPA shall amend its Bye-laws to provide for the maximum and minimum monetary penalty, where the Disciplinary Committee decides to impose such penalty on its professional members, under Clause 24(2)(d) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016(see table). Further, the IPA shall amend its Bye- Laws to incorporate Clause 24(5) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 as inserted by IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021.
Allotment of a new name to the existing company under section 16(3) of the Act – MCA Notification No. GSR 503(E) dated 22.07.2021
MCA vide Notification No. GSR 503(E) dated 22.07.2021 inserts a new rule 33A in Companies(Incorporation) Rules, 2014 which states that in case a company fails to change its name or new name in accordance with the direction issued under sub-section (1) of section 16 of the Act within a period of three months from the date of issue of such direction, the letters “ORDNC” (“Order of Regional Director Not Complied”), the year of passing of the direction, the serial number and the existing Corporate Identity Number (CIN) of the company shall become the new name of the company without any further act or deed by the company, and the Registrar shall accordingly make entry of the new name in the register of companies and issue a fresh certificate of incorporation in Form No.INC-11C.
IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2021 – No. IBBI/2021-22/GN/REG077 dated 22.07.2021
INSOLVENCY AND BANKRUPTCY BOARD OF INDIANOTIFICATIONNew Delhi, the 22nd July, 2021Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021 No. IBBI/2021-22/GN/REG077.- In exercise of the powers conferred by sections 196, 207 and 208 read with section 240…
IBBI (Model Bye-Laws and Governing Board of IPAs) (Third Amendment) Regulations, 2021
INSOLVENCY AND BANKRUPTCY BOARD OF INDIANOTIFICATIONNew Delhi, the 22nd July, 2021Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021 No. IBBI/2021-22/GN/REG076.- In exercise of the powers conferred by sections 196,…
Read More IBBI (Model Bye-Laws and Governing Board of IPAs) (Third Amendment) Regulations, 2021
e-filing of pleading before DRT & DRAT shall be mandatory where the debt to be recovered is Rs. 100 crore and above – GSR-501(E) dated 22.07.2021
As per sub-rule (2) of Rule 3 of The DRT and DRAT Electronic Filing Rules, 2020, the e-filing of pleadings by applicants shall be optional. Now, a proviso has been inserted that e-filing of pleading shall be mandatory where the debt to be recovered, as mentioned in the application, is rupees one hundred crore and above.
Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – IBBI Circular No.IBBI/CIRP/42/2021 dt. 20.07.2021
Regulation 35A of the IBBI (CIRP Regulations) Regulations, 2016 requires the resolution professional to form an opinion on transactions covered under sections 43, 45, 50 and 66 by 75th day, make determination on such transactions by 115th day, and file an application before the AA by 135th day of the insolvency commencement date. Sub-regulation (1B) of regulation 40B of the CIRP Regulations requires the resolution professional to file Form CIRP 8 intimating details of his opinion and determination under regulation 35A, by 140th day of the insolvency commencement date. The Form CIRP 8 is required to be filed for all corporate insolvency resolution processes ongoing or commencing on or after 14th July 2021 and it shall be filed in accordance with regulation 40B of the CIRP Regulations on the Board’s website, like other CIRP Forms.
Transfer of pending Appeals (arising from the Jurisdiction of Chennai Bench) from Principal Bench to Chennai Bench
Since the Bench at Chennai became operational and present status, directed withdrawal of portion of Order as reproduced above-S.O. No. 01/2021 dated 11th January, 2021 and it has been directed that all pending Appeals (including TAs, Contempt Cases etc. arising out of the Appeals) at the Principal Bench (except part-heard cases and those reserved for Judgments) arising from the Jurisdiction of Chennai Bench in terms of Notification dated 13th March, 2020 issued by the Central Government shall stand transferred and will be taken up and heard before Chennai Bench. Appeal(s) (as mentioned above) in which fixed date(s) has been given would be taken up by Chennai Bench on the concerned date(s). Appeal(s) (as mentioned above) in which fixed date(s) is not there or date is over, would be listed before Chennai Bench for “Directions- To settle Date”.
Changed the name of J&K High Court to “High Court of Jammu and Kashmir and Ladakh” – SO-2860(E) dt. 16.07.2021
The Jammu and Kashmir Reorganisation Act, 2019 was enacted to provide for reorganisation of existing State of Jammu and Kashmir into the Union Territory of Jammu and Kashmir and the Union Territory of Ladakh. Clause (a) of sub-section (1) of section 75 of the Jammu and Kashmir Reorganisation Act, 2019 declared that the High Court of Jammu and Kashmir shall be the Common High Court for the Union Territory of Jammu and Kashmir and Union Territory of Ladakh. The present nomenclature is found to be rather long-winding and cumbersome, the said nomenclature, may be substituted as High Court of Jammu and Kashmir and Ladakh, which besides being convenient would also be in consonance with the name pattern followed in other common High Courts, namely, Punjab and Haryana High Court, which has jurisdiction over the States of Punjab and Haryana and the Union Territory of Chandigarh. Now, vide the Jammu and Kashmir Reorganisation (Removal of Difficulties) Order, 2021, President of India changes the In section 75, in sub-section (1), in clause (a) for the words "Common High Court for the Union Territory of Jammu and Kashmir and Union Territory of Ladakh" the words "High Court of Jammu and Kashmir and Ladakh" shall be substituted.
Sitting time of NCLT Benches – File No. 10/03/2021-NCLT dt. 15.07.2021
The order under reference is hereby amended with regard to sitting time of Principal Bench at New Delhi (Court No. I), Mumbai Bench (Court No. I), Amravati and Bengaluru. The Hon'ble Members shall attend the Bench from Court Rooms at their respective Headquarters through video conference. The Constitution of Bench is as per section 419 (3) of the companies Act, 2013. This shall come into force w.e.f 19.07.2021 till further order.
