Companies Act, 2013
The Parliament passes yet another amendment to
the Companies Act, 2013 titled ‘Companies (Amendment) Bill, 2017’. The bill
although passed by Parliament on December 19, 2017, is still pending official
notification in the official gazette.
the Companies Act, 2013 titled ‘Companies (Amendment) Bill, 2017’. The bill
although passed by Parliament on December 19, 2017, is still pending official
notification in the official gazette.
Insolvency and Bankruptcy
Code
Code
The lower house of the Parliament, Lok Sabha,
has passed an important amendment to the new law on Insolvency and Bankruptcy. The
bill is titled ‘The Insolvency and Bankruptcy Code (Amendment) Bill, 2017’
which is still required to be passed by the upper house and officially notified
in the official gazette. The Bill prohibits certain persons from submitting a
resolution plan in case of defaults. These include: (i) wilful defaulters, (ii)
promoters or management of the company if it has an outstanding non-performing
debt for over a year, and (iii) disqualified directors, among others. Further,
it bars the sale of property of a defaulter to such persons during liquidation.
has passed an important amendment to the new law on Insolvency and Bankruptcy. The
bill is titled ‘The Insolvency and Bankruptcy Code (Amendment) Bill, 2017’
which is still required to be passed by the upper house and officially notified
in the official gazette. The Bill prohibits certain persons from submitting a
resolution plan in case of defaults. These include: (i) wilful defaulters, (ii)
promoters or management of the company if it has an outstanding non-performing
debt for over a year, and (iii) disqualified directors, among others. Further,
it bars the sale of property of a defaulter to such persons during liquidation.
