rz} ro Sto QeTo_ 07)o4/0007/2003-_19

ordinance · 2016 · State unknown

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Parent: THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021 (db08e302dbdafa64a086f6402e52a1b3b84827d6)

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rz} ro Sto QeTo_ 07)o4/0007/2003-_19 REGISTERED NQ. DL_(N040007/2003_19 9RT 465R 757 @he Gazette f Zndia 3THTMRU EXTRAORDNNARY H10T MI = *ug 1 PART II- Section 1 gifuaR # 4ara PUBLISHED BY AUTHORITY Fo 76] 7 fvct, PIR; favrar 28, 2019/t 7, 1941 (?a No: 76] NEW DELHL; SATURDAY, DECEMBER 28, 2019/PAUSHA 7, 1941 (SAKA) 5 H # fiF7 9r3 7CA & va & fiRA f4 4 3TrTTT 7oTTV & 7q 4 7u M 745 | Separate paging is given to this Part in order that it may be filed as a separate compilation: MINISTRY OFLAWAND JUSTICE (Legislative Department) New Delhi, the 28th December; 2019/Pausha 7, 1941 (Saka) THE INSOLVENCYAND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2019 No. 16 OF 2019 Promulgated by the President in the Seventieth Year of the Republic of India. An Ordinance further to amend the Insolvency and Bankruptcy Code, 2016. WHEREAS a need was felt to give the highest priority in repayment to last mile funding to corporate debtors to prevent insolvency in case the company goes into corporate insolvency resolution process Or liquidation, to provide immunity against prosecution of the corporate debtor, to prevent action against the property of such corporate debtor and the successful resolution applicant subject to fulfilment of' certain conditions and to fill the critical gaps in the corporate insolvency framework; it has become necessary to amend certain provisions of the Insolvency and Bankruptcy Code, 2016; THE GAZETTE OF INDIAEXTRAORDINARY [PART II AND WHEREAS the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 has been introduced in the House of the People on the 12th day of December; 2019; AND WHEREAS the aforesaid Bill could not be taken up for consideration and passing in the House of the People; AND WHEREAS Parliament is not in session and the President is satisfied that

Rule TOC

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1 · (I) This Ordinance may be called the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019.

2 · In section 5 of the Insolvency and Bankruptcy Code, 31 0f 2016. 2016, (hereinafter referred to as the principal Act);

3 · In section 7 of the principal Act; in sub-section (1), before the Explanation, the following provisos shall be inserted, namely:

4 · In section 11 of the principal Act, the Explanation shall Amendment of be numbered as Explanation I and after Explanation ] as So section 11. re-numbered, the following Explanation shall be inserted, namely:

5 · In section 14 of the principal Act; Amendment of section 14_ (a) in sub-section (1), the following Explanation shall be inserted, namely: Explanation For the purposes of this sub- section; it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant Or right given by the Central Government; State Government;, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession; clearances r similar grant Or right during the moratorium period;

6 · In section 16 of the principal Act; in sub-section (1), for the words " within fourteen days from the insolvency commencement date" the words son the insolvency commencement date"' shall be substituted:

7 · In section 21 of the principal Act; in sub-section (2), in the second proviso, after the words "convertible into equity shares" the words "or completion of such transactions as may be prescribed; shall be inserted:

8 · In section 23 of the principal Act; in sub-section (1), for the proviso, the following proviso shall be substituted, namely:

9 · In section 29A of the principal Act;

10 · After section 32 of the principal Act, the following Insertion of new section shall be inserted, namely: section 32A

11 · In section 227 of the principal Act;

12 · In section 239 of the principal Act, in sub-section (2), Amendment of after clause (f), the following clauses shall be inserted, section 239. namely:

13 · In section 240 of the principal Act; in sub-section (2), after clause (i), the following clause shall be inserted, namely: _