AMENDMENTS BY INSOLVENCY AND BANKRUPTCY CODE 2016 IN – 1.) LIMITED LIABILITY PARTNERSHIP ACT 2008 AND 2.) COMPANIES ACT 2013 CA. UDAYRAJ PATWARDHAN FOR PALNITKAR AND PATWARDHAN CHARTERED ACCOUNTANTS SHOP NO. 2, PATIL LANE NO.1, MALERIYA STOP, COLLEGE ROAD, NASHIK-422005 MOBILE NO. 91 7588306751
ACTS AMENDED BY INSOLVENCY AND BANKRUPTCY CODE 2016 (IBC) Section of IBC Act Amended Schedule 245 The Indian Partnership Act,1932 First 246 The Central Excise Act, 1944 Second 247 The Income Tax Act,1961 Third 248 The Customs Act, 1962 Fourth 249 Fifth The Recovery of Debts due to Banks and Financial Institutions Act,1993 250 The Finance Act, 1994 Sixth
ACTS AMENDED BY INSOLVENCY AND BANKRUPTCY CODE 2016 (IBC) Section of IBC Act Amended Schedule 251 Seventh The Securitisation and Reconstruction of Financial Assets and Enforcement of security Interest Act, 2002 252 Eight The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 253 Ninth The Payment and Settlement Systems Act, 2007 254 Tenth The Limited Liability Partnership Act, 2008 255 The Companies Act, 2013 Eleventh
LIMITED LIABILITY PARTNERSHIP (LLP) ACT 2008 AMENDED BY INSOLVENCY AND BANKRUPTCY CODE 2016 - Section 254 Section Before Amendment After Amendment 64(C) A LLP may be wound up by the tribunal- Omitted. a) If LLP decides that LLP be wound up by Tribunal b) if, for a period of more than six months, the number of partners of LLP is reduced below two, c) If LLP is unable to pay its debts; d) If LLP has acted against the interests of the sovereignity and integrity of India, the security of the State or public order e) If LLP has made a default in filing with the Registrar the Statement of Account and solvency or annual return for any five consecutive financial years or f) If the Tribunal is of the opinion that it is just and equitable that LLP be wound up.
COMPANIES ACT 2013 AMENDED BY INSOLVENCY AND BANKRUPTCY CODE 2016- Section 255 Section Before Amendment After Amendment 2(23) “Company Liquidator” means a “Company Liquidator” means a person appointed by- person appointed by the Tribunal a) The Tribunal in case of winding up as the Company Liquidator in by tribunal; or accordance with the provisions of b) The Company or creditors in case section 275 for the winding up of of voluntary winding up a company under this Act;” 2(94A) New insertion. “Winding up” means winding up under this Act or liquidation under the Insolvency and Bankruptcy Code, 2016, as applicable
Section Before Amendment After Amendment 8(9) If on the winding up or dissolution of If on the winding up or a company registered under this dissolution of a company section, there remains, after the registered under this section, satisfaction of its debts and there remains, after the liabilities, any asset, they may be satisfaction of its debts and transferred to another company liabilities, any asset, they may be registered under this section and transferred to another company having similar objects, subject to registered under this section and such conditions as the Tribunal may having similar objects, subject to impose, or may be sold and such conditions as the Tribunal proceeds thereof credited to the may impose, or may be sold and Rehabilitation and Insolvency Fund proceeds thereof credited to the formed under section 269. Rehabilitation and Insolvency Fund formed under section 269 Insolvency and Bankruptcy Fund formed under section 224 of the Insolvency and Bankruptcy Code, 2016 .
Section Before Amendment After Amendment 66(8) Where the name of any creditor Where the name of any creditor entitled to object to the reduction of entitled to object to the share capital under this section is, reduction of share capital under by reason of his ignorance of the this section is, by reason of his proceedings for reduction or of their ignorance of the proceedings for nature and effect with respect to his reduction or of their nature and debt or claim, not entered on the effect with respect to his debt or list of creditors, and after such claim, not entered on the list of reduction, the company is unable, creditors, and after such within the meaning of sub-section reduction, the company is (2) of section 271, to pay the unable, within the meaning of amount of his debt or claim, — sub-section (2) of section 271, to pay the amount of his debt or claim commits a default, within the meaning of section 6 of the Insolvency and Bankruptcy Code, 2016, in respect of the amount of his debt or claim, —
Section Before Amendment After Amendment 77(3) Notwithstanding anything contained Notwithstanding anything in any other law for the time being contained in any other law for in force, no charge created by a the time being in force, no charge company shall be taken into account created by a company shall be by the liquidator or any other taken into account by the creditor unless it is duly registered liquidator appointed under this under sub-section ( 1 ) and a Act or the Insolvency and certificate of registration of such Bankruptcy Code, 2016, as the charge is given by the Registrar case may be or any other under sub-section ( 2 ). creditor unless it is duly registered under sub-section ( 1 ) and a certificate of registration of such charge is given by the Registrar under sub-section ( 2 ).
Section Before Amendment After Amendment The provisions of this section shall 117(3)(f) The provisions of this section apply to — shall apply to — resolutions requiring a company to resolutions requiring a company be wound up voluntarily passed in to be wound up voluntarily pursuance of section 304; passed in pursuance of section 304 section 59 of the Insolvency and Bankruptcy Code, 2016; If any company or other body 224(2) If any company or other body corporate is liable to be wound up corporate is liable to be wound under this Act and it appears to the up under this Act or under the Central Government from any such Insolvency and Bankruptcy Code, report made under section 223 that 2016 and it appears to the it is expedient so to do by reason of Central Government from any any such circumstances as are such report made under section referred to in section 213, the 223 that it is expedient so to do Central Government may, unless the by reason of any such company or body corporate is circumstances as are referred to already being wound up by the in section 213, the Central Tribunal, cause to be presented to Government
Section Before Amendment After Amendment the Tribunal by any person may, unless the company or body authorised by the Central corporate is already being wound Government in this behalf — up by the Tribunal, cause to be ( a ) a petition for the winding up of presented to the Tribunal by any the company or body corporate on person authorised by the Central the ground that it is just and Government in this behalf — equitable that it should be wound ( a ) a petition for the winding up up; of the company or body ( b ) an application under section 241; corporate on the ground that it is or just and equitable that it should ( c ) both. be wound up; ( b ) an application under section 241; or ( c ) both. Where a compromise or 230(1) Where a compromise or arrangement is proposed — arrangement is proposed —
Section Before Amendment After Amendment ( a ) between a company and its ( a ) between a company and its creditors or any class of them; or creditors or any class of them; or ( b ) between a company and its ( b ) between a company and its members or any class of them, members or any class of them, the Tribunal may, on the application the Tribunal may, on the of the company or of any creditor or application of the company or of member of the company, or in the any creditor or member of the case of a company which is being company, or in the case of a wound up, of the liquidator , order a company which is being wound meeting of the creditors or class of up, of the liquidator appointed creditors, or of the members or class under this Act or under the of members, as the case may be, to Insolvency and Bankruptcy Code, be called, held and conducted in 2016, as the case may be, order a such manner as the Tribunal directs. meeting of the creditors or class of creditors, or of the members or class of members, as the case may be, to be called, held and conducted in such manner as the Tribunal directs.
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