In Schedule V, in Part II, in section III, for clause (b), the following clause shall be substituted, namely:— — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

In Schedule V, in Part II, in section III, for clause (b), the following clause shall be substituted, namely:—

37. In Schedule V, in Part II, in section III, for clause (b), the following clause shall be substituted, namely:— " (b) where the company— (i) is a newly incorporated company, for a period of seven years from the date of its incorporation, or (ii) is a sick company, for whom a scheme of revival or rehabilitation has been ordered by the Board for Industrial and Financial Reconstruction for a period of five years from the date of sanction of scheme of revival, or (iii) is a company in relation to which a resolution plan has been approved by the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 for a period of five years from the date of such approval, it may pay remuneration up to two times the amount permissible under section II. " .

Section 37