Companies (Removal of Difficulties) Order 2017

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....13 Act) provides that on a date which may be notified by the Central Government for the purpose of transfer of pending proceedings, all proceedings under the Companies Act, 1956 (hereinafter referred to as the 1956 Act) including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately before such date before any District Cou....

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....rovisions of the 1956 Act and the Companies (Court) Rules, 1959; And, whereas, in accordance with the said third proviso read with rule 4 of Companies (Transfer of Pending Proceedings) Rules, 2016, all applications and petitions relating to voluntary winding up of companies pending before a High Court as on 1^st April, 2017 shall continue with and dealt with by the High Court in accordance with....

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....persons who may be appointed as liquidators and for making of an application for dissolution by the liquidator. While under the 1956 Act, any person could be appointed as a liquidator, only an insolvency professional registered with the Insolvency and Bankruptcy Board of India can be appointed as a liquidator subject to certain conditions. Further, under the 1956 Act, liquidator is required to mak....

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.... 1. Short title and commencement.- (1) This Order may be called the Companies (Removal of Difficulties) Order, 2017. (2) It shall come into force with effect from the 29th day of June, 2017. 2. In the Companies Act, 2013, in section 434, in sub-section (1), in clause (c),- (a)     in the third proviso, for "Provided further that-", the following shall be substituted,....