**Policy Summary:**
This notification, issued by the Ministry of Corporate Affairs on June 14, 2017, concerns the Insolvency and Bankruptcy Code, 2016. Specifically, it enacts two key provisions.
Firstly, Notification S.O. 1910(E) appoints June 14, 2017, as the date on which sections 55 to 58 (inclusive) of the Insolvency and Bankruptcy Code, 2016, come into force. These sections relate to fast track corporate insolvency resolution processes.
Secondly, Notification S.O. 1911(E) specifies the categories of corporate debtors eligible for the fast track corporate insolvency resolution process. These include:
* A small company as defined under clause (85) of section 2 of the Companies Act, 2013.
* A Startup (other than a partnership firm) as defined in notification number G.S.R. 501(E), dated May 23, 2017, of the Ministry of Commerce and Industry.
* An unlisted company with total assets, as reported in the financial statement of the immediately preceding financial year, not exceeding Rupees One Crore.
The notifications were issued under the authority of the Central Government, in exercise of the powers conferred by subsection (3) of section 1 and subsection (2) of section 55 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).
For further information, contact Amardeep Singh Bhatia, Joint Secretary, Ministry of Corporate Affairs, File No. 3042017-Insolvency.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: A law enacted in 2016 related to insolvency and bankruptcy proceedings.
Companies Act, 2013: An act related to companies in India.
Ministry of Corporate Affairs: The Indian government ministry responsible for corporate affairs.
New Delhi: The location where the notification was issued, New Delhi, Delhi.
AMARDEEP SINGH BHATIA: Joint Secretary who signed the notification.
Gazette of India: The official journal of the government of India, publishing official rules and regulations.
Startup: Startups as defined by the Ministry of Commerce and Industry notification G.S.R. 501E, dated the 23rd May, 2017
Central Government: The governing authority issuing the notification.
REGD. NO. D. L.-33004/99
EXTRAORDINARY
II— 3— (ii)
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
. 1697]
No. 1697] NEW DELHI, WEDNESDAY, JUNE 14, 2017/ JYAISTHA 24, 1939
कारपोरेट काय यमत्रं ालय
अधिसचू ना
नई दिल्ली, 14 जून, 2017
का.आ. 1910 (अ).– केन्द्रीय सरकार, दिवाला और शोिन अक्षमता संधहता, 2016 (2016 की 31) की िारा 1 की उपिारा (3)
द्वारा प्रित्त शधियों का प्रयोग करते हुए तारीख 14 जून, 2017 को उि संधहता की िारा 55 से िारा 58 (िोनों िाराओं सधहत) के उपबंि
प्रवृत्त करने के रूप में धनयत करती ह।ै
[फा.सं. 30/4/2017-इंसोल्वेंसी अनुभाग]
अमरिीप ससह भाटटया,संयुि सधचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 14th June, 2017
S.O.1910(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and
Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 14th day of June, 2017 as the date on
which the provisions of section 55 to section 58 (both inclusive) of the said Code shall come into force.
[F.N. 30/4/2017-Insolvency]
AMARDEEP SINGH BHATIA, Jt. Secy.
3739 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
अधिसचू ना
नई दिल्ली, 14 जून, 2017
का.आ.1911(अ).– केन्द्रीय सरकार, दिवाला और शोिन अक्षमता संधहता, 2016 (2016 की 31) की िारा 55 की उपिारा (2)
द्वारा प्रित्त शधियों का प्रयोग करते हुए यह अधिसूधचत करती है दक धनम्नधलधखत कारपोरेट ऋधियों के संबंि में फास्ट ट्रैक कारपोरेट
दिवाला समािान प्रदिया के धलए आवेिन दकया जा सकता ह,ै अर्ायत्:-
(क) लघु कंपनी जैसा दक कंपनी अधिधनयम, 2013 (2013 का 18) की िारा 2(85) के अिीन पटरभाधषत है; या,
(ख) एक स्टाटय-अप कंपनी (धजसमें भागीिारी फमय से धभन्न है) जैसा दक वाधिज्य और उद्योग मंत्रालय में भारत सरकार, असािारि,
भाग-II, खंड-3, उप-खंड (i) तारीख 23 मई, 2017 में प्रकाधशत अधिसूचना संख्या सा.का.धन. 501(अ) तारीख 23 मई, 2017
में पटरभाधषत है; या,
(ग) असूचीबद्ध कंपनी धजसकी कुल आधस्तयां तत्काल पूवयवती धवत्तीय वषय के धवत्तीय कर्न में िी गई ज्ञाधपत के अऩुसार एक करोड़
रुपए से अधिक न हो।
[फा.सं. 30/4/2017-इंसोल्वेंसी अनुभाग]
अमरिीप ससह भाटटया, संयुि सधचव
NOTIFICATION
New Delhi, the 14th June, 2017
S.O.1911(E).—In exercise of the powers conferred by sub-section (2) of section 55 of the Insolvency and
Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies that an application for fast track corporate
insolvency resolution process may be made in respect of the following corporate debtors, namely :-
(a) a small company as defined under clause (85) of section 2 of Companies Act, 2013 (18 of 2013); or
(b) a Startup (other than the partnership firm) as defined in the notification of the Government of India in the
Ministry of Commerce and Industry number G.S.R. 501(E), dated the 23rd May, 2017 published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i), dated the 23rd May, 2017; or
(c) an unlisted company with total assets, as reported in the financial statement of the immediately preceding
financial year, not exceeding rupees one crore.
[F.N. 30/4/2017-Insolvency]
AMARDEEP SINGH BHATIA, Jt. Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.