Companies (Transfer of Pending Proceedings) Amendment Rules, 2017 notified by MCA

MCA Notifies “Companies (Transfer of Pending Proceedings) Amendment Rules, 2017”

The MCA has notified “Companies (Transfer of Pending Proceedings) Amendment Rules, 2017” to make amendment in proviso to Rule 5(1), substituting the words ‘sixty days’ to ‘six months’ for submission of petition/ information, as under:

Companies (Transfer of Pending Proceedings) Amend. Rules, 2017: MCA Notification 3 Mar. 2017

G.S.R. 175(E).—In exercise of the powers conferred under sub-sections (1) and (2) of section 434 of the Companies Act, 2013 (18 of 2013) read with sub-section (1) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the Code), the Central Government hereby makes the following rules further to amend the Companies (Transfer of Pending Proceedings) Rules, 2016, namely:—

1. Short title and Commencement.—(1) These rules may be called the Companies (Transfer of Pending Proceedings) Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Transfer of Pending Proceedings) Rules, 2016, in rule 5, in sub-rule (1) in the proviso for the words “sixty days” the words “six months” shall be substituted.

Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification number G.S.R 1119(E), dated the 7th December, 2016.

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