MINISTRY OF CORPORATE AFFAIRS (MCA) Aviation Ministry, MCA take different flight paths on IBC moratorium The Ministry of Civil Aviation (MoCA) has requested that leased aircraft be exempted from the asset moratorium rule enforced by India’s Insolvency and Bankruptcy Code (IBC) during the insolvency resolution of an airline, due to fears it could increase leasing...

MINISTRY OF CORPORATE AFFAIRS(MCA) Moratorium Inapplicable To Contracts Entered Into By The CD Under Oilfields (Regulation And Development) Act The Ministry of Corporate Affairs, Government of India, has issued a notification dated 14.06.2023, notifying that Section 14(1) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) would be inapplicable to agreements/transactions/arrangements entered into by the Corporate...

MINISTRY OF CORPORATE AFFAIRS (MCA) MCA notifies Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023 The Ministry of Corporate Affairs has issued an amendment to the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. The amendment introduces streamlined procedures for handling objections and suggestions regarding schemes of merger or amalgamation. It sets clear timelines for the...

Ministry of Corporate Affairs Government to set up Centre for Processing Accelerated Corporate Exit The Indian government has announced plans to set up a Centre for Processing Accelerated Corporate Exit (PACE) to facilitate the expedited closure of unviable companies. The PACE will act as a single-window clearance system for companies seeking to wind up their...

Ministry of Corporate Affairs   Circular issued by for the extension of time for filing of 45 company e-forms A circular has recently been issued by the Ministry of Corporate Affairs for extending time till 31st March, 2023, for filing of 45 company e-Forms, PAS-03 and SPICE+Part A, in MCA 21 Version 3.0 without any...

Ministry of Corporate affairs    The new MCA portal simplifies filing   For quicker and faster filing, the Minister of Corporate Affairs (MCA) has made more than 46 forms available on the current version-3 of its portal. The Companies Incorporation Rules, 2014, and the Companies – Authorized to Register Rules, 2014, have been amended. In the...

INSOLVENCY AND BANKRUPTCY RECOVERY THROUGH IBC TO GET BETTER AS MACROS LOOKUP The Reserve Bank of India (RBI) believes that the Insolvency and Bankruptcy Code (IBC) is probably the best mechanism for creditors to recover their dues and said that the right way to look at its effectiveness would be to compare the resolution value...

MINISTRY OF CORPORATE AFFAIRS (MCA) TWO DIRECTORS NOMINATED ON THE BOARD OF IL&FS The Ministry of Corporate Affairs (MCA) has nominated two directors — G Mahalingam and Deepak Mohanty — to the board of IL&FS. The appointment of these two directors has been approved by both the MCA and National Company Law Tribunal. Both Mahalingam...