Institution and/or continuation of proceedings under Foreign Trade (Development & Regulation) Act, 1992 and Rules thereunder against companies/firms against whom proceedings have been instituted in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Industry Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110011 Dated: 20th March 2020 EC-A Circular No.32/2015-20 To All Regional Authorities/SEZs Subject: Institution and/or continuation of proceedings under Foreign Trade (Development & Regulation) Act, 1992 and Rules thereunder against companies/firms against whom proceedings have been instituted in the National Company Law ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(1) "Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:- (k) to institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate debtor" 3. The matter was taken up with the Department of Legal Affairs who opined that: Unless there are specific d....