ENFORCEMENT NOTIFICATION OF CERTAIN SECTIONS OF INSOLVENCY AND BANKRUPTCY CODE 2016
The Central Govt. on 15th November 2016 notified the enforcement of certain sections (mentioned below) which shall be effective prospectively (i.e. from 15th November 2016 itself).
Sections notified are:
(1) section 199 to section 207 [both inclusive]
CHAPTER III INSOLVENCY PROFESSIONAL AGENCIES
199. No person to function as insolvency professional agency without valid certificate of registration.
200. Principles governing registration of insolvency professional agency.
201. Registration of insolvency professional agency.
202. Appeal to National Company Law Appellate Tribunal.
203. Governing Board of insolvency professional agency.
204. Functions of insolvency professional agencies.
205. Insolvency professional to make bye-laws.
CHAPTER IV INSOLVENCY PROFESSIONALS
206. Enrolled and registered persons to act as insolvency professionals.
207. Registration of insolvency professionals.
208. Functions and obligations of insolvency professionals
(2) sub-section (1) of section 208- (i) clause (c); (ii) clause (e);
(3) sub-section (2) of section 208;
(4) section 217 to section 220 [both inclusive];
CHAPTER VI INSPECTION AND INVESTIGATION
217. Complaints against insolvency professional agency or its member or information utility.
218. Investigation of insolvency professional agency or its member or information utility.
219. Show cause notice to insolvency professional agency or its member or information utility.
220. Appointment of disciplinary committee.
(5) section 251;
251. Amendments of Act 54 of 2002.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be amended in the manner specified in the Seventh Schedule
(6) section 253;
253. Amendments of Act 51 of 2007.The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in the manner specified in the Eighth Schedule.
(7) section 254;
254. Amendments of Act 6 of 2009. The Limited Liability Partnership Act, 2008 shall be amended in the manner specified in the Tenth Schedule.
(8) section 255.
255. Amendments of Act 18 of 2013. shall be amended in the manner specified in the Eleventh Schedule.
Sections notified are:
(1) section 199 to section 207 [both inclusive]
CHAPTER III INSOLVENCY PROFESSIONAL AGENCIES
199. No person to function as insolvency professional agency without valid certificate of registration.
200. Principles governing registration of insolvency professional agency.
201. Registration of insolvency professional agency.
202. Appeal to National Company Law Appellate Tribunal.
203. Governing Board of insolvency professional agency.
204. Functions of insolvency professional agencies.
205. Insolvency professional to make bye-laws.
CHAPTER IV INSOLVENCY PROFESSIONALS
206. Enrolled and registered persons to act as insolvency professionals.
207. Registration of insolvency professionals.
208. Functions and obligations of insolvency professionals
(2) sub-section (1) of section 208- (i) clause (c); (ii) clause (e);
(3) sub-section (2) of section 208;
(4) section 217 to section 220 [both inclusive];
217. Complaints against insolvency professional agency or its member or information utility.
218. Investigation of insolvency professional agency or its member or information utility.
219. Show cause notice to insolvency professional agency or its member or information utility.
220. Appointment of disciplinary committee.
(5) section 251;
251. Amendments of Act 54 of 2002.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be amended in the manner specified in the Seventh Schedule
(6) section 253;
253. Amendments of Act 51 of 2007.The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in the manner specified in the Eighth Schedule.
254. Amendments of Act 6 of 2009. The Limited Liability Partnership Act, 2008 shall be amended in the manner specified in the Tenth Schedule.
255. Amendments of Act 18 of 2013. shall be amended in the manner specified in the Eleventh Schedule.
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