MCA
Ministry of Corporate Affairs has notified, the Companies (Transfer of Pending Proceedings) Rules, 2016 which shall come into force with effect from the 15th December, 2016, except rule 4, which shall come into force from 1st April, 2017. All proceedings under the Act, including proceedings relating to arbitration, compromise, arrangements and reconstruction, other than proceedings relating to winding up on the date of coming into force of these rules shall stand transferred to the Benches of the Tribunal exercising respective territorial jurisdiction. Provided that all those proceedings which are reserved for orders for allowing or otherwise of such proceedings shall not be transferred. Further, all pending applications and petitions relating to voluntary winding up of companies pending before a High Court on the date of commencement of this rule, shall continue with and dealt with by the High Court in accordance with provisions of the Act. No fee shall be payable in respect of any proceedings transferred to the Tribunal in accordance with these rules.
MCA
Ministry of Corporate Affairs has issued the Companies (Removal of Difficulties) Fourth Order, 2016 which shall come into force with effect from the 15th December, 2016. In the Companies Act, 2013, in Section 434(1)(c), after the proviso, the following provisos shall be inserted, namely:- Provided further that only such proceedings relating to cases other than winding-up, for which orders for allowing or otherwise of the proceedings are not reserved by the High Courts shall be transferred to the Tribunal. Provided further that all proceedings under the Companies Act, 1956 other than the cases relating to winding up of companies that are reserved for orders for allowing or otherwise such proceedings or the proceedings relating to winding up of companies which have not been transferred from the High Courts, shall be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959”.
Comments
Post a Comment