The Insolvency and Bankruptcy Code, 2016.

THE FIRST SCHEDULE

(See section 245)

AMENDMENT TO THE INDIAN PARTNERSHIP ACT, 1932

( 9 OF 1932)

1. In section 41, clause (a) shall be omitted.

THE SECOND SCHEDULE

(See section 246)

AMENDMENT TO THE CENTRAL EXCISE ACT, 1944

(1 OF 1944)

1. In section 11E, for the words, figures and brackets “and the Securitisation and Reconstruction of

Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002) “, the words, figures

and brackets “the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security

Interest Act, 2002 (54 of 2002) and the Insolvency and Bankruptcy Code, 2016” shall be substituted.

THE THIRD SCHEDULE

(See section 247)

AMENDMENT TO THE INCOME-TAX ACT, 1961

(43 OF 1961)

In sub-section (6) of section 178, after the words “for the time being in force”, the words and figures

“except the provisions of the Insolvency and Bankruptcy Code, 2016” shall be inserted.

THE FOURTH SCHEDULE

(See section 248)

AMENDMENT TO THE CUSTOMS ACT, 1962

(52 OF 1962)

In section 142A, for the words, figures and brackets “and the Securitisation and Reconstruction of

Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)”, the words, and figures

and brackets “ the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security

Interest Act, 2002 and the Insolvency and Bankruptcy Code, 2016” shall be substituted.

THE FIFTH SCHEDULE

(See section 249)

AMENDMENTS TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993

(51 OF 1993)

1. In the long title, after the words “financial institutions”, the words “, insolvency resolution and

bankruptcy of individuals and partnership firms” shall be inserted, namely:—.

2. In section 1,—

(a) in sub-section (1), for the words “Due to Banks and Financial Institutions” the words “and

Bankruptcy” shall be substituted;

(b) in sub-section (4), for the words “The provision of this Code”, the words “Save as otherwise

provided, the provisions of this Code”, shall be substituted.

3. In section 3, after sub-section (1), the following sub-section shall be inserted, namely:—

“(1A) The Central Government shall by notification establish such number of Debts Recovery

Tribunals and its benches as it may consider necessary, to exercise the jurisdiction, powers and

authority of the Adjudicating Authority conferred on such Tribunal by or under the Insolvency and

Bankruptcy Code, 2016.”.

4. In section 8, after sub-section (1), the following section shall be inserted, namely:—

“(1A) The Central Government shall, by notification, establish such number of Debt Recovery

Appellate Tribunals to exercise jurisdiction, powers and authority to entertain appeal against the order

made by the Adjudicating Authority under Part III of the Insolvency and Bankruptcy Code, 2016.”.

5. In section 17,—

(i) after sub-section (1), the following sub-section shall be inserted, namely:—

“(1A) Without prejudice to sub-section (1),—

(a) the Tribunal shall exercise, on and from the date to be appointed by the Central

Government, the jurisdiction, powers and authority to entertain and decide applications under

Part III of Insolvency and Bankruptcy Code, 2016.

(b) the Tribunal shall have circuit sittings in all district headquarters.”.

(ii) after sub-section (2), the following sub-section shall be inserted, namely:—

“(2A) Without prejudice to sub-section (2), the Appellate Tribunal shall exercise, on and from

the date to be appointed by the Central Government, the jurisdiction, powers and authority to

entertain appeals against the order made by the Adjudicating Authority under Part III of the

Insolvency and Bankruptcy Code, 2016.”.

6. After section 19, the following section shall be inserted, namely:—

“19A. The application made to Tribunal for exercising the powers of the Adjudicating Authority

under the Insolvency and Bankruptcy Code, 2016 shall be dealt with in the manner as provided under

that Code.”.

7. In section 20, in sub-section (4) , after the word, brackets and figure “sub-section (1)”, the words,

brackets and figures “or under sub-section (1) of section 181 of the Insolvency and Bankruptcy Code,

2016” shall be inserted.

THE SIXTH SCHEDULE

(See section 250)

AMENDMENT TO THE FINANCE ACT, 1994

(32 OF 1994)

In section 88, for the words, figures and brackets “and the Securitisation and Reconstruction of

Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)”, the words and figures

“the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest

Act, 2002 and the Insolvency and Bankruptcy Code, 2016” shall be substituted.

THE SEVENTH SCHEDULE

(See section 251)

AMENDMENT TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND

ENFORCEMENT OF SECURITY INTEREST ACT, 2002

(54 OF 2002)

In section 13, in sub-section (9), for the words “In the case of”, the words and figures “Subject to the

provisions of the Insolvency and Bankruptcy Code, 2016, in the case of” shall be substituted.

THE EIGHTH SCHEDULE

(See section 252)

AMENDMENT TO THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003

(1 OF 2004)

In section 4, for sub-clause (b), the following sub-clause shall be substituted, namely—

“(b) On such date as may be notified by the Central Government in this behalf, any appeal

preferred to the Appellate Authority or any reference made or inquiry pending to or before the Board

or any proceeding of whatever nature pending before the Appellate Authority or the Board under the

Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) shall stand abated:

Provided that a company in respect of which such appeal or reference or inquiry stands abated

under this clause may make reference to the National Company Law Tribunal under the Insolvency

and Bankruptcy Code, 2016 within one hundred and eighty days from the commencement of the

Insolvency and Bankruptcy Code, 2016 in accordance with the provisions of the Insolvency and

Bankruptcy Code, 2016:

Provided further that no fees shall be payable for making such reference under Insolvency and

Bankruptcy Code, 2016 by a company whose appeal or reference or inquiry stands abated under this

clause.
1[Provided also that any scheme sanctioned under sub-section (4) or any scheme under

implementation under sub-section (12) of section 18 of the Sick Industrial Companies (Special

Provisions) Act, 1985 shall be deemed to be an approved resolution plan under sub-section (1) of

section 31 of the Insolvency and Bankruptcy Code, 2016 and the same shall be dealt with, in

accordance with the provisions of Part II of the said Code:

Provided also that in case, the statutory period within which an appeal was allowed under the

Sick Industrial Companies (Special Provisions) Act, 1985 against an order of the Board had not

expired as on the date of notification of this Act, an appeal against any such deemed approved

resolution plan may be preferred by any person before National Company Law Appellate Tribunal

within ninety days from the date of publication of this order.]”

1. Ins. by Notification No. S.O. 1683(E) dated 24th May 2017.

THE NINTH SCHEDULE

(See section 253)

AMENDMENTS TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007

(51 OF 2007)

1. In section 23, in sub-sections (4), (5) and (6), after the words, figures and brackets “the Banking

Regulation Act, 1949 (10 of 1949)” “the Companies Act, 2013 (18 of 2013)”, the words and figures “or

the Insolvency and Bankruptcy Code, 2016” shall be inserted.

2. In section 23A, in sub-section (3), after the words, figures and brackets “the Companies Act,

2013”, the words and figures “or the Insolvency and Bankruptcy Code, 2016” shall be inserted.

THE TENTH SCHEDULE

(See section 254)

AMENDMENT TO THE LIMITED LIABILITY PARTNERSHIP ACT, 2008

(6 OF 2009)

In section 64, clause (c) shall be omitted.

THE ELEVENTH SCHEDULE

(See section 255)

AMENDMENTS TO THE COMPANIES ACT, 2013

(18 OF 2013)

1. In section 2,—

(a) for clause (23), the following clause shall be substituted, namely:—

“(23) “Company Liquidator” means a person appointed by the Tribunal as the Company

Liquidator in accordance with the provisions of section 275 for the winding up of a company

under this Act;”;

(b) after clause (94) , the following clause shall be inserted, namely:—

“(94A) “winding up” means winding up under this Act or liquidation under the Insolvency

and Bankruptcy Code, 2016, as applicable.”.

2. In section 8, in sub-section (9), for the words and figures “the Rehabilitation and Insolvency Fund

formed under section 269”, the words and figures “Insolvency and Bankruptcy Fund formed under

section 224 of the Insolvency and Bankruptcy Code, 2016” shall be substituted.

3. In section 66, in sub-section (8), for the words, brackets and figures “is unable, within the meaning

of sub-section (2) of section 271, to pay the amount of his debt or claim,”, the words and figures

“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,” shall be substituted.

4. In section 77, in sub-section (3), after the words “the liquidator”, the words and figures “appointed

under this Act or the Insolvency and Bankruptcy Code, 2016, as the case may be,” shall be inserted.

5. In section 117, in sub-section (3), in clause (f), for the word and figures “section 304”, the words

and figures “section 59 of the Insolvency and Bankruptcy Code, 2016” shall be substituted.

6. In section 224, in sub-section (2), after the words “wound up under this Act”, the words and figures

“or under the Insolvency and Bankruptcy Code, 2016” shall be inserted.

7. In section 230,—

(a) in sub-section (1), after the word “liquidator”, the words and figures “appointed under this Act

or under the Insolvency and Bankruptcy Code, 2016, as the case may be,” shall be inserted;

(b) in sub-section (6), after the words “on the liquidator”, the words and figures “appointed under

this Act or under the Insolvency and Bankruptcy Code, 2016, as the case may be,” shall be inserted;

8. In section 249, in sub-section (1), for clause (e), the following clause shall be substituted,

namely:—

“(e) is being wound up under Chapter XX of this Act or under the Insolvency and Bankruptcy

Code, 2016.”.

9. Sections 253 to 269 shall be omitted.

10. For section 270, the following section shall be substituted, namely:—

“270. Winding up by Tribunal.—The provisions of Part I shall apply to the winding up of a

company by the Tribunal under this Act.”.

11. For section 271, the following section shall be substituted, namely:—

“271. Circumstances in which company may be wound up by Tribunal.—A company may, on a

petition under section 272, be wound up by the Tribunal,—

(a) if the company has, by special resolution, resolved that the company be wound up by the

Tribunal;

(b) if the company has acted against the interests of the sovereignty and integrity of India, the

security of the State, friendly relations with foreign States, public order, decency or morality;

(c) if on an application made by the Registrar or any other person authorised by the Central

Government by notification under this Act, the Tribunal is of the opinion that the affairs of the

company have been conducted in a fraudulent manner or the company was formed for fraudulent

and unlawful purpose or the persons concerned in the formation or management of its affairs have

been guilty of fraud, misfeasance or misconduct in connection therewith and that it is proper that

the company be wound up;

(d) if the company has made a default in filing with the Registrar its financial statements or

annual returns for immediately preceding five consecutive financial years; or

(e) if the Tribunal is of the opinion that it is just and equitable that the company should be

wound up.”.

12. For section 272, the following section shall be substituted, namely:—

“272. Petition for winding up.—(1) Subject to the provisions of this section, a petition to the

Tribunal for the winding up of a company shall be presented by—

(a) the company;

(b) any contributory or contributories;

(c) all or any of the persons specified in clauses (a) and (b);

(d) the Registrar;

(e) any person authorised by the Central Government in that behalf; or

(f) in a case falling under clause (b) of section 271, by the Central Government or a State

Government.

(2) A contributory shall be entitled to present a petition for the winding up of a company,

notwithstanding that he may be the holder of fully paid-up shares, or that the company may have no

assets at all or may have no surplus assets left for distribution among the shareholders after the

satisfaction of its liabilities, and shares in respect of which he is a contributory or some of them were

either originally allotted to him or have been held by him, and registered in his name, for at least six

months during the eighteen months immediately before the commencement of the winding up or have

devolved on him through the death of a former holder.

(3) The Registrar shall be entitled to present a petition for winding up under section 271, except

on the grounds specified in clause (a) or clause (e) of that sub-section:

Provided that the Registrar shall obtain the previous sanction of the Central Government to the

presentation of a petition:

Provided further that the Central Government shall not accord its sanction unless the company

has been given a reasonable opportunity of making representations.

(4) A petition presented by the company for winding up before the Tribunal shall be admitted

only if accompanied by a statement of affairs in such form and in such manner as may be prescribed.

(5) A copy of the petition made under this section shall also be filed with the Registrar and the

Registrar shall, without prejudice to any other provisions, submit his views to the Tribunal within

sixty days of receipt of such petition.”.

13. In section 275,—

(a) for sub-section (2), the following sub-section shall be substituted, namely:—

“(2) The provisional liquidator or the Company Liquidator, as the case may, shall be

appointed by the Tribunal from amongst the insolvency professionals registered under the

Insolvency and Bankruptcy Code, 2016;”;

(b) sub-section (4) shall be omitted.

14. For section 280, the following section shall be substituted, namely:—

“280. Jurisdiction of Tribunal.—The Tribunal shall, notwithstanding anything contained in any

other law for the time being in force, have jurisdiction to entertain, or dispose of,—

(a) any suit or proceeding by or against the company;

(b) any claim made by or against the company, including claims by or against any of its

branches in India;

(c) any application made under section 233;

(d) any question of priorities or any other question whatsoever, whether of law or facts,

including those relating to assets, business, actions, rights, entitlements, privileges, benefits,

duties, responsibilities, obligations or in any matter arising out of, or in relation to winding up of

the company,

whether such suit or proceeding has been instituted, or is instituted, or such claim or question has arisen

or arises or such application has been made or is made or such scheme has been submitted, or is

submitted, before or after the order for the winding up of the company is made.”.

15. Section 289 shall be omitted.

16. The heading “Part II.—Voluntary winding up” shall be omitted.

17. Sections 304 to 323 shall be omitted.

18. Section 325 shall be omitted.

19. For section 326, the following section shall be substituted, namely:—

“326. Overriding preferential payments.—(1) In the winding up of a company under this Act, the

following debts shall be paid in priority to all other debts:—

(a) workmen’s dues; and

(b) where a secured creditor has realised a secured asset, so much of the debts due to such

secured creditor as could not be realised by him or the amount of the workmen’s portion in his

security (if payable under the law), whichever is less, pari passu with the workmen’s dues:

Provided that in case of the winding up of a company, the sums referred to in sub-clauses (i)

and (ii) of clause (b) of the Explanation, which are payable for a period of two years preceding

the winding up order or such other period as may be prescribed, shall be paid in priority to all

other debts (including debts due to secured creditors), within a period of thirty days of sale of

assets and shall be subject to such charge over the security of secured creditors as may be

prescribed.

(2) The debts payable under the proviso to sub-section (1) shall be paid in full before any

payment is made to secured creditors and thereafter debts payable under that sub-section shall be paid

in full, unless the assets are insufficient to meet them, in which case they shall abate in equal

proportions.

Explanation.—For the purposes of this section, and section 327—

(a) “workmen”, in relation to a company, means the employees of the company,

being workmen within the meaning of clause (s) of section 2 of the Industrial Disputes

Act, 1947 (14 of 1947);

(b) “workmen’s dues”, in relation to a company, means the aggregate of the following sums

due from the company to its workmen, namely:—

(i) all wages or salary including wages payable for time or piece work and salary earned

wholly or in part by way of commission of any workman in respect of services rendered to

the company and any compensation payable to any workman under any of the provisions of

the Industrial Disputes Act, 1947 (14 of 1947);

(ii) all accrued holiday remuneration becoming payable to any workman or, in the case of

his death, to any other person in his right on the termination of his employment before or by

the effect of the winding up order or resolution;

(iii) unless the company is being wound up voluntarily merely for the purposes of

reconstruction or amalgamation with another company or unless the company has, at the

commencement of the winding up, under such a contract with insurers as is mentioned in

section 14 of the Workmen’s Compensation Act, 1923 (19 of 1923), rights capable of being

transferred to and vested in the workmen, all amount due in respect of any compensation or

liability for compensation under the said Act in respect of the death or disablement of any

workman of the company;

(iv) all sums due to any workman from the provident fund, the pension fund, the gratuity

fund or any other fund for the welfare of the workmen, maintained by the company;

(c) “workmen’s portion’’, in relation to the security of any secured creditor of a company,

means the amount which bears to the value of the security the same proportion as the amount of

the workmen’s dues bears to the aggregate of the amount of workmen’s dues and the amount of

the debts due to the secured creditors.

Illustration

The value of the security of a secured creditor of a company is Rs. 1,00,000. The total amount

of the workmen’s dues is Rs. 1,00,000. The amount of the debts due from the company to its

secured creditors is Rs. 3,00,000. The aggregate of the amount of workmen’s dues and the

amount of debts due to secured creditors is Rs. 4,00,000. The workmen’s portion of the security

is, therefore, one-fourth of the value of the security, that is Rs. 25,000.”.

20. In section 327,—

(a) after sub-section (6), the following sub-section shall be inserted, namely:—

“(7) Sections 326 and 327 shall not be applicable in the event of liquidation under the

Insolvency and Bankruptcy Code, 2016.”;

(b) in the Explanation, for clause (c), the following clause shall be substituted, namely:—

“(c) the expression “relevant date” means in the case of a company being wound up by the

Tribunal, the date of appointment or first appointment of a provisional liquidator, or if no such

appointment was made, the date of the winding up order, unless, in either case, the company had

commenced to be wound up voluntarily before that date under the Insolvency and Bankruptcy

Code, 2016;”.

21. For section 329, the following section shall be substituted, namely:—

“329. Transfers not in good faith to be void.—Any transfer of property, movable or immovable,

or any delivery of goods, made by a company, not being a transfer or delivery made in the ordinary

course of its business or in favour of a purchaser or encumbrancer in good faith and for valuable

consideration, if made within a period of one year before the presentation of a petition for winding up

by the Tribunal under this Act shall be void against the Company Liquidator.”.

22. For section 334, the following section shall be substituted, namely:—

“334. Transfer, etc., after commencement of winding up to be void.—In the case of a winding up

by the Tribunal, any disposition of the property including actionable claims, of the company and any

transfer of shares in the company or alteration in the status of its members, made after the

commencement of the winding up shall, unless the Tribunal otherwise orders, be void.”.

23. In section 336, in sub-section (1), in the opening paragraph, for the words “whether by the

Tribunal or voluntarily, or which is subsequently ordered to be wound up by the Tribunal or which

subsequently passes a resolution for voluntary winding up”, the words “by the Tribunal under this Act or

which is subsequently ordered to be wound up by the Tribunal under this Act” shall be substituted.

24. In section 337, for the words “or which subsequently passes a resolution for voluntary winding

up,”, the words “under this Act”, shall be substituted.

25. In section 342, sub-sections (2), (3) and (4) shall be omitted.

26. In section 343, for sub-section (1), the following sub-section shall be substituted, namely—

“(1) The Company Liquidator may, with the sanction of the Tribunal, when the company is being

wound up by the Tribunal,—

(i) pay any class of creditors in full;

(ii) make any compromise or arrangement with creditors or persons claiming to be creditors,

or having or alleging themselves to have any claim, present or future, certain or contingent,

against the company, or whereby the company may be rendered liable; or

(iii) compromise any call or liability to call, debt, and liability capable of resulting in a debt,

and any claim, present or future, certain or contingent, ascertained or sounding only in damages,

subsisting or alleged to subsist between the company and a contributory or alleged contributory or

other debtor or person apprehending liability to the company, and all questions in any way

relating to or affecting the assets or liabilities or the winding up of the company, on such terms as

may be agreed, and take any security for the discharge of any such call, debt, liability or claim,

and give a complete discharge in respect thereof.”.

27. In section 347, for sub-section (1), the following sub-section shall be substituted, namely—

“(1) When the affairs of a company have been completely wound up and it is about to be

dissolved, the books and papers of such company and those of the Company Liquidator may be

disposed of in such manner as the Tribunal directs.”.

28. In section 348, for sub-section (1), the following sub-section shall be substituted, namely—

“(1) If the winding up of a company is not concluded within one year after its commencement,

the Company Liquidator shall, unless he is exempted from so doing, either wholly or in part by the

Central Government, within two months of the expiry of such year and thereafter until the winding up

is concluded, at intervals of not more than one year or at such shorter intervals, if any, as may be

prescribed, file a statement in such form containing such particulars as may be prescribed, duly

audited, by a person qualified to act as auditor of the company, with respect to the proceedings in, and

position of, the liquidation, with the Tribunal:

Provided that no such audit as is referred to in this sub-section shall be necessary where the

provisions of section 294 apply;”.

29. For section 357, the following section shall be substituted, namely:—

“357. Commencement of winding up by Tribunal.—The winding up of a company by the

Tribunal under this Act shall be deemed to commence at the time of the presentation of the petition

for the winding up.”.

30. In section 370, in the proviso, after the words “obtained for the winding up the company”, the

words and figures “in accordance with the provisions of this Act or of the Insolvency and Bankruptcy

Code, 2016” shall be inserted.

31. In section 372, after the words “The provisions of this Act”, the words and figures “or of the

Insolvency and Bankruptcy Code, 2016, as the case may be,” shall be inserted.

32. In section 419, for sub-section (4), the following sub-section shall be substituted, namely:—

“(4) The Central Government shall, by notification, establish such number of benches of the

Tribunal, as it may consider necessary, to exercise the jurisdiction, powers and authority of the

Adjudicating Authority conferred on such Tribunal by or under Part II of the Insolvency and

Bankruptcy Code, 2016.”.

33. In section 424,—

(i) in sub-section (1), after the words, “other provisions of this Act”, the words and figures “or of

the Insolvency and Bankruptcy Code, 2016” shall be inserted;

(ii) in sub-section (2), after the words, “under this Act”, the words and figures “or under the

Insolvency and Bankruptcy Code, 2016” shall be inserted.

34. In section 429, for sub-section (1), the following sub-section shall be substituted, namely:—

“(1) The Tribunal may, in any proceedings for winding up of a company under this Act or in any

proceedings under the Insolvency and Bankruptcy Code, 2016, in order to take into custody or under

its control all property, books of account or other documents, request, in writing, the Chief

Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector within whose jurisdiction

any such property, books of account or other documents of such company under this Act or of

corporate persons under the said Code, are situated or found, to take possession thereof, and the Chief

Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector, as the case may be, shall,

on such request being made to him,—

(a) take possession of such property, books of account or other documents; and

(b) cause the same to be entrusted to the Tribunal or other persons authorised by it.”.

35. For section 434, the following section shall be substituted, namely:—

“434. (1) On such date as may be notified by the Central Government in this behalf,—

(a) all matters, proceedings or cases pending before the Board of Company Law

Administration (herein in this section referred to as the Company Law Board) constituted under

sub-section (1) of section 10E of the Companies Act, 1956 (1 of 1956), immediately before such

date shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters,

proceedings or cases in accordance with the provisions of this Act;

(b) any person aggrieved by any decision or order of the Company Law Board made before

such date may file an appeal to the High Court within sixty days from the date of communication

of the decision or order of the Company Law Board to him on any question of law arising out of

such order:

Provided that the High Court may if it is satisfied that the appellant was prevented by

sufficient cause from filing an appeal within the said period, allow it to be filed within a further

period not exceeding sixty days; and

(c) all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings

relating to arbitration, compromise, arrangements and reconstruction and winding up of

companies, pending immediately before such date before any District Court or High Court, shall

stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings

from the stage before their transfer:

Provided that only such proceedings relating to the winding up of companies shall be

transferred to the Tribunal that are at a stage as may be prescribed by the Central Government.

(2) The Central Government may make rules consistent with the provisions of this Act to ensure

timely transfer of all matters, proceedings or cases pending before the Company Law Board or the

courts, to the Tribunal under this section.”.

 36. In section 468, for sub-section (2), the following sub-section shall be substituted, namely:—

“(2) In particular, and without prejudice to the generality of the foregoing power, such rules may

provide for all or any of the following matters, namely:—

(i) as to the mode of proceedings to be held for winding up of a company by the Tribunal

under this Act;

(ii) for the holding of meetings of creditors and members in connection with proceedings

under section 230;

(iii) for giving effect to the provisions of this Act as to the reduction of the capital;

(iv) generally for all applications to be made to the Tribunal under the provisions of this Act;

(v) the holding and conducting of meetings to ascertain the wishes of creditors and

contributories;

(vi) the settling of lists of contributories and the rectifying of the register of members where

required, and collecting and applying the assets;

(vii) the payment, delivery, conveyance, surrender or transfer of money, property, books or

papers to the liquidator;

(viii) the making of calls; and

(ix) the fixing of a time within which debts and claims shall be proved.”.

37. In Schedule V, in Part II, in section III, for clause (b), the following clause shall be substituted,

namely:—

“(b) where the company—

(i) is a newly incorporated company, for a period of seven years from the date of its

incorporation, or

(ii) is a sick company, for whom a scheme of revival or rehabilitation has been ordered by the

Board for Industrial and Financial Reconstruction for a period of five years from the date of

sanction of scheme of revival, or

(iii) is a company in relation to which a resolution plan has been approved by the National

Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 for a period of five

years from the date of such approval,

it may pay remuneration up to two times the amount permissible under section II.”.

1[THE TWELFTH SCHEDULE

[See clause (d) of section 29A]

ACTS FOR THE PURPOSES OF CLAUSE (d) OF SECTION 29A

(1) The Foreign Trade (Development and Regulation) Act, 1922 (22 of 1922);

(2) The Reserve Bank of India Act, 1934 (2 of 1934);

(3) The Central Excise Act, 1944 (1 of 1944);

(4) The Prevention of Food Adulteration Act, 1954 (37 of 1954);

(5) The Essential Commodities Act, 1955 (10 of 1955);

(6) The Securities Contracts (Regulation) Act, 1956 (42 of 1956);

(7) The Income-tax Act, 1961 (43 of 1961);

(8) The Customs Act, 1962 (52 of 1962);

(9) The Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974);

(10) The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974

(52 of 1974);

(11) The Air (Prevention and Control of Pollution) Act, 1981 (14 of 1981);

(12) The Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986);

(13) The Environment (Protection) Act, 1986 (29 of 1986);

(14) The Prohibition of Benami Property Transactions Act, 1988 (45 of 1988);

(15) The Prevention of Corruption Act, 1988 (49 of 1988);

(16) The Securities and Exchange Board of India Act, 1992 (15 of 1992);

(17) The Foreign Exchange Management Act, 1999 (42 of 1999);

(18) The Competition Act, 2002 (12 of 2003);

(19) The Prevention of Money-laundering Act, 2002 (15 of 2003);

(20) The Limited Liability Partnership Act, 2008 (6 of 2009);

(21) The Foreign Contribution (Regulation) Act, 2010 (42 of 2010);

(22) The Companies Act, 2013 (18 of 2013) or any previous company law;

(23) The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

(22 of 2015);

(24) The Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(25) The Central Goods and Services Tax Act, 2017 (12 of 2017) and respective State Acts

imposing State goods and services tax;

(26) such other Acts as may be notified by the Central Government.

Every notification issued under this Schedule shall be laid, as soon as may be after it is issued, before

each House of Parliament.]

1. Ins. by Act 26 of 2018, s. 38 (w.e.f. 6-6-2018).