MAR 02, 2017

MCA amends the Transfer of Pending Proceedings Rules, 2016

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MCA vide Notification dated February 28, 2017, has amended the Companies (Transfer of Pending Proceedings) Rules, 2016 w.e.f. 28.02.2017: -

In the Companies (Transfer of Pending Proceedings) Rules, 2016, in Rule 5, in sub-rule (1) in the proviso for the words “sixty days” the words “six months” shall be substituted.

Impact: Now, in case of Transfer of pending proceedings of Winding up on the ground of inability to pay debts, the petitioner shall submit all additional information, required for admission of the petition under sections 7, 8 or 9 of the Insolvency Code, as the case may be, including details of the proposed insolvency professional to the NCLT within six months (instead of sixty days) from date of enforcement notification of the Companies (Transfer of Pending Proceedings) Rules, 2016 i.e. 15.12.2016.

Click here to download the amended rules.