(7)o4/0007/2003-_20

78 · focit, Thar; 4N 13, 2020/ WCJV 23, 1941 PG _

2 · In section 5 of the Insolvency and Bankruptcy Code, 2016 (hereafter referred to as the principal Act), in clause (12), the proviso shall be omitted; (ii) in clause (15), after the words "during the insolvency resolution process period" occurring at the end, the words and such other debt as may be notified shall be inserted_ 3. In section 7 of the principal Act, in sub-section (1), before the Explanation, the following provisos shall be inserted, namely: 'Provided that for the financial creditors, referred t0 in clauses and (b of sub-section (64) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class O not less than ten per cent: of the total number of such creditors in the same class, whichever is less:

31 · of 2016_

4 · In section 11 of the principal Act; the Explanation shall be numbered as Explanation I and after Explanation I as So numbered, the following Explanation shall be inserted, namely:

5 · In section 14 of the principal Act; 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 O 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 O continuation of the license, permit, registration, quota, concession, clearances O a& similar grant or right during the moratorium period;' (b) after sub-section (2), the following sub-section shall be inserted, namely: "(2A Where the interim resolution professional O resolution professional, as the case may be, considers the supply of goods Or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as going concern, then the supply of such goods o

7 · In section 21 of the principal Act, in sub-section (2), in the second proviso, after the Amendment words "convertible into equity shares' the words "or completion of such transactions as of section 21. may be prescribed; shall be inserted. 8. In section 23 of the principal Act; in sub-section (1), for the proviso, the following Amendment proviso shall be substituted, namely- of section 23_ 'Provided that the resolution professional shall continue t0 manage the operations of the corporate debtor after the expiry ofthe corporate insolvency resolution process period, until an order approving the resolution plan under sub-section (1) of section 31 or appointing a liquidator under section 34 is passed by the Adjudicating Authority. ' 9. In section 29A of the principal Act; Amendment of section 29A_ in clause (c), in the second proviso, in Explanation 1, after the words convertible into equity shares" the words "or completion of such transactions as may be prescribed, shall be inserted;

12 · In section 239 of the principal Act, in sub-section (2), after clause (f ), the following Amendment of clauses shall be inserted, namely: section 239 (fa) the transactions under the second proviso to sub-section (2) of section 21; (fb the transactions under Explanation to clause (c) of section 29A; (fc_ the transactions under the second proviso to clause (j) of section 29A;" 13. In section 240 of the principal Act; in sub-section (2). after clause (i), the following Amendment of clause shall be inserted, namely: section 240 "'(ia) circumstances in which supply of critical goods o services may be terminated, suspended O interrupted during the period of moratorium under sub-section (2A) of section 14;' 14. (1) The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 is hereby Repeal and repealed: savings_ (2) Notwithstanding such repeal, anything done or any action taken under the Insolvency and Bankruptcy Code, 2016,as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the said Code, as amended by this Act.

31 · of 2016.