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MCA Notification dt. 29.06.2017 notified Companies (Transfer of Pending Proceedings) Second Amendment Rules, 2017:

MCA vide Notification No. G.S.R. ………(E) on Thursday, 29th June, 2017, has notified the Companies (Transfer of Pending Proceedings) Second Amendment Rules, 2017 which shall come into force on the date of publication in Official Gazette, unless otherwise provided.

Vide said notification Rule 4 and Rule 5 has been amended as below:

  • Rule 4: Pending proceeding relating to Voluntary Winding up: by amending the said rule it has been clarified that where notice of the resolution by advertisement has been given, but the company has not been dissolved before the 1st April, 2017, shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 & rules thereunder.
  • Rule 5: Transfer of pending proceedings of Winding up on the ground of inability to pay debts: Winding up petitions on ground of inability to pay debts, which were transferred to the tribunal, records other than forming part of the records transferred in accordance with Rule 7, including details of the proposed insolvency professional shall be submitted to the Tribunal upto 15th July, 2017, failing which the petition shall stand abated.

Further, any party or parties to the petitions shall, after 1st July, 2017, be eligible to file fresh applications under sections 7 or 8 or 9 of the Code.

Also, where a petition relating to winding up of a company is not transferred and remains in the High Court and where there is another petition for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to the Tribunal, even if the petition has not been served on the respondent.

The said Notification can be accessed from the following link:Co(TrfrPendingProceeding)2ndAmdtRules2017_29.06.2017

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