CAIRR Update October 31,2019

October 31, 2019

Summary of Notification issued by IBBI on 25/10/2019
1. IBBI notification on the requirement to submit Compliance Certificate by Insolvency Professional Entities to the Board under Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016:

• Clause (cb) is inserted in the Regulation 13(2), dealing with conditions pre-requisite to recognition of the Insolvency Professional Entity (IPE) under the said regulations. As per the new clause, recoginsed IPEs as on 31/03/2019 shall submit compliance certificate for FY 2018-19 in Form H (whose format is also introduced in Schedule II of the said regulations) by 31/12/2019. From FY 2019-20 onwards, Form H for the preceding FY has to be submitted by October 15th of every year.
• Further, following forms in Schedule II of the said regulation have been substituted.
  (i) Form A – Application for registration as an insolvency professional
  (ii) Form C– Application for recognition as an insolvency professional entity
  (iii) Form F – Information of cessation/joining of a Director / Partner in an insolvency professional entity

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Summary of notifications issued by MCA on 30/10/2019, which shall come into effect from 31/10/2019

2. Consequent to the declaration of Jammu and Kashmir and Ladakh as Union Territories of India, MCA notifies Registrar of Companies, Regional Director and Adjudication Officer for Union Territories Jammu and Kashmir and Ladakh under the Companies Act, 2013.

• • Registrar of companies shall have jurisdiction in respect of Union territories of Jammu and Kashmir, and Ladakh for the purpose of registration of companies and discharging the functions under the Act. (Read more…)
  • Regional Director, North Region Directorate, Headquarter at New Delhi, shall discharge the functions conferred upon them by the Companies Act, 2013 or delegated to them by the Central Government under that Act for the Jammu and Kashmir jurisdiction, in addition to States of Haryana, Punjab, Himachal Pradesh, Uttar Pradesh, Uttarakhand and Union territory of Chandigarh, and National Capital territory of Delhi. (Read more…)
  • Registrar of Companies-cum-Official Liquidator, Jammu, shall act as the Adjudication Officer for Union Territories of Jammu and Kashmir, and Ladakh for the purposes of the Companies Act, 2013. (Read more…)