FROM THE DESK OF CS S. DHANAPAL, F.C.S., B.Com, B.A.B.L.
|
|
Dear All,
After a long and arduous journey, The Insolvency and Bankruptcy Code 2016 has finally reached its destination! It has become a Code –
The Insolvency and Bankruptcy Code, 2016 has been passed by Lok Sabha on May 05, 2016 and by Rajya Sabha on May 11, 2016. The Insolvency & Bankruptcy Code, 2016 has received Presidential Assent on May 28, 2016 and is published in the Official Gazette. However, this code shall come into force on such date as the central government may, by notification in official gazette, appoint.
The Code seeks to amend the following 11 enactments while repealing Presidency Towns Insolvency Act, 1909 and Provincial Insolvency Act, 1920;
· The Indian Partnership Act 1932
· The Central Excise Act 1944
· The Income Tax Act 1961
· The Customs Act. 1962
· Recovery of Debts Due to Banks and Financial Institutions Act, 1993
· The Finance Act 1994
· SARFAESI Act 2002
· Sick Industrial Companies (Special Provisions) Repeal Act, 2003
· The payment and Settlement Systems Act 2007
· The Limited Liability Partnership Act 2008
· Companies Act, 2013
Ministry of Corporate Affairs has recently notified on 5th of August, 2016 the provisions of sections 188 to 194 (both inclusive). Sections 188 to 194 of the Insolvency and Bankruptcy Code, 2016 fall under Chapter I of Part IV (Regulation of Insolvency Professionals, Agencies and Information Utilities) of the Code and relate to the establishment, incorporation and constitution of The Insolvency and Bankruptcy Board of India (“Board”), and include provisions relating to powers of the chairman of the Board and meetings of the Board and also on 19th August 2016 following sections of the said Code came into force:—
SECTIONS NOTIFIED on 19th August 2016
Section 3 -
(i) clause (1);
(ii) clause (5);
(iii) clause (22);
(iv) clause (26);
(v) clause (28);
(vi) clause (37); |
section 221;
section 222;
section 225;
section 226;
section 230;
section 232;
section 233;. |
sub-section (1) and clause (zd) of sub-section(2) of sec 239;
sub-section (1) and clause (zt) of sub-section (2) of section 240;
section 241; and section 242 |
The Insolvency and Bankruptcy Code 2016 is a novel initiative which aims at a complete overhaul of the corporate debt legislation. It marks the dawn of a new era, an era of progressive thinking, greater transparency and stake holder activism. The new code seeks to repose lenders’ confidence in corporate debt structure and brings out legislation in line lenders and borrowers requirements and expectations.
Time has come where we need to let go off the old debt recovery laws and embrace the new legislation. The Insolvency and Bankruptcy Code 2016 brings with it an array of welcome changes in almost every aspect of debt recovery.
The new Code requires an indepth study and analysis to appreciate the intention of the legislature and to face the new opportunities and challenges with ample preparedness.
To start on this journey of fresh learning, I am sharing my recent article on the topic “The Insolvency and Bankruptcy Code 2016 - A dawn of new era of Debt Reforms” for the benefit of fellow professionals and others. Kindly go through the article and share your views to enrich and improve my knowledge in this new code.
Please click the button down to read complete article.
Thanks and Regards
S.Dhanapal
Sr. Partner
M/s. S D h a n a p a l & A s s o c i a t e s
(a Firm of Practising Company Secretaries)
Suite No.103, First Floor, Kaveri Complex,
96/104, Nungambakkam High Road,
(Next to NABARD and ICICI Bank),
Nungambakkam, Chennai - 600 034.
Land-line 044 - 4553 0256 / 0257
Dir-044-42652127 Cell-9677022712
Email Id. csdha...@gmail.com
Website. csdhanapal.com
PROFESSIONAL LIFE - ENDLESS POSSIBILITIES WITH BORDERLESS SUCCESSES
The information in this email and any attachments is privileged/confidential and unauthorised use of such information may call for legal action. It is intended solely for the attention and use of the named addressee(s). If you are not the intended recipient, please notify the sender immediately. We do not accept any liability or any errors or omissions in the contents of this message whether it is within the sender's control or not. The recipient should check this email or any attachments for the presence of viruses. We accept no liability whatsoever or for any damage caused by any virus if any transmitted by this email.
|
|
|
|
