MCA vide notification dated June 29, 2017 has amended the Companies (Transfer of Pending Proceedings) Rules, 2016. The key takeaways of these rules are:

  • Pending proceeding relating to voluntary winding up- As per the amendment, all proceedings relating to voluntary winding up of a company where notice of the resolution by advertisement has been given, but the company has not been dissolved before the 1st day of April, 2017 shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 (“Act”)

 

  • Transfer of pending proceedings of Winding up on the ground of inability to pay debt- All petitions relating to winding up of a company under clause (e) of section 433 of the Act on the ground of inability to pay its debts pending before a High Court, and, where the petition has not been served on the respondent under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Companies Act, 2013 exercising territorial jurisdiction to be dealt with in accordance with Part II of the Insolvency and Bankruptcy Code, 2016