In force · As amended up to 2026-08
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.".
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);
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—
(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.]
"(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:
1. Ins. by Act 26 of 2018, s. 38 (w.e.f. 6-6-2018).
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 24[th] May 2017.
THE NINTH SCHEDULE
( See section 253)
AMENDMENTS TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
(51 OF 2007)
(6) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (5).
(7) The Adjudicating Authority shall communicate—
(a) the order under clause (a) of sub-section (5) to the financial creditor and the corporate debtor;
(b) the order under clause (b) of sub-section (5) to the financial creditor,
within seven days of admission or rejection of such application, as the case may be.
Source: India Code