MCA reduces time to 60 days to file information with NCLT
Published: Mar 03, 2017
NEW DELHI, MAR 03, 2017: MCA has notified the Companies (Transfer of Pending Proceedings) Amendment Rules, 2017 which shall come into force from the date of publication in the Official Gazette. The Petitions relating to winding up due to inability to pay debts, pending before a High Court, which have not been served to the concerned respondent, shall be transferred to the Benches of the NCLT in accordance with their territorial jurisdiction.
However, the concerned petitioner shall be required to submit the requisite information, including details of the proposed insolvency professional, now within 6 months (instead of 60 days) of the Notification, failing which, the petition would abate. Further, according to the Rules, no fees shall be payable for proceedings transferred.