No. 3 of 2021-The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.

© [Regd. No. TN/CCN/467/2012-14. GOVeRNMeNT OF TaMiL NaDU [R. Dis. No. 197/2009. 2021 [Price: Rs. 21.60 Paise. TAMIL NADU GOVERNMENT GAZETTE PUBLISHED BY AUTHORITY No. 19] cheNNai, WeDNeSDay, May 12, 2021 chithirai 29, Saarvari, Thiruvalluvar aandu – 2052 Part IV—Section 4 CENTRAL ACTS AND ORDINANCES CONTENTS Pages. ORDiNaNce : No. 2 of 2021—The Tribunals Reforms (Rationalisation and conditions of Service) Ordinance, 2021. .. .. .. .. .. .. 9-30 No. 3 of 2021—The insolvency and Bankruptcy code (amendment) Ordinance, 2021. .. .. .. .. .. .. 31-59 [ 7 ] 19-iV-48 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—21 REGISTERED NO. DL—(N)04/0007/2003—21 1 May 12, 2021] TaMil nadu governMenT gazeTTe 9 सी.जी.-डी.xएxलx.-GअI.D-0H40x4x2x021-226364 CG-DL-E-04042021-226364 xxxGIDExxx vlk/kkj.k EXTRAORDINARY Hkkx II — [k.M 1 PART II—Section 1 izkf/kdkj ls izdkf'kr PUBLISHED BY AUTHORITY lañ 20] ubZ fnYyh] jfookj] vizSy 4] 2021@pS= 14] 1943 ¼'kd½ No. 20] NEW DELHI, SUNDAY, APRIL 4, 2021/CHAITRA 14, 1943 (SAKA) bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA Separate paging is given to this Part in order that it may be filed as a separate compilation. MINISTRY Of LAw AND jUSTICE (Legislative Department) MNIeNw IDSeTlhiR, thYe 4OthF A pLrilA 20W21 /A CNhaDitr aJ 1U4,S 1T94I3C (SEak a). (Legislative Department) The following central Ordinance promulgated by the President of india is hereby republished for general information: New Delhi, the 4th April, 2021/Chaitra 14, 1943 (Saka) THE TRIBUNALS REFORMS (RATIONALISATION AND CONDITIONS OF SERVICE) ORDINANCE, 2021 NO. 2 OF 2021 Promulgated by the President in the Seventy-Second Year of the Republic of India. An Ordinance further to amend the Cinematograph Act, 1952, the Customs Act, 1962, the Airports Authority of India Act, 1994, the Trade Marks Act, 1999 and the Protection of Plant Varieties and Farmers’ Rights Act, 2001 and certain other Acts. WHEREAS The Tribunal Reforms (Rationalisation and Conditions of Service) Bill, 2021 has been introduced in the House of the People on the 13th day of February, 2021;10 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 2 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— AND WHEREAS the aforesaid Bill could not be taken up for consideration and passing in the House of the People; AND WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action; NOW, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance:— CHAPTER I PRELIMINARY Short title and 1.(1) This Ordinance may be called the Tribunals commencement. Reforms (Rationalisation and Conditions of Service) Ordinance, 2021. (2) It shall come into force at once. Definitions. 2.In this Ordinance, unless the context otherwise requires,– (a) “notified date” means the date of commencement of this Ordinance; (b) “Schedule” means the Schedule appended to this Ordinance; CHAPTERII AMENDMENTS TO THE CINEMATOGRAPH ACT, 1952 Amendment of 3. In the Cinematograph Act, 1952, — Act 37 of 1952. (a) in section 2, clause(h) shall be omitted; (b) in section 5C,– (i) for the word “Tribunal”, at both the places where it occurs, the words “High Court” shall be substituted; (ii) sub-section (2) shall be omitted; (c) sections 5D and 5DD shall be omitted; (d) in section 6, the words “or, as the case may be, decided by the Tribunal (but not including any proceeding in respect of any matter which is pending before the Tribunal)” shall be omitted; (e) in sections 7A and 7C, for the word “Tribunal”, wherever it occurs, the words “High Court” shall be substituted;May 12, 2021] TaMil nadu governMenT gazeTTe 11 SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 3 (f) in sections 7D, 7E and 7F, the words “the Tribunal,”, wherever they occur, shall be omitted; (g) in section 8, in sub-section (2), clauses (h), (i), (j), and (k) shall be omitted. CHAPTER III AMENDMENTSTOTHECOPYRIGHTACT,1957 Amendment of 3.In the Copyright Act, 1957,— Act 14 of 1957. (a) in section 2,–– (i) clause (aa) shall be omitted; (ii) clause (fa) shall be re-lettered as clause (faa) and before the clause (faa) as so re-lettered, the following clause shall be inserted,namely:–– ‘(fa) “Commercial Court”, for the purposes of any State, means a Commercial Court constituted under section 3, or the Commercial Division of a High Court constituted under section 4, of the Commercial Courts Act, 2015;’; 4 of 2016. (iii) for clause (u), the following clause shall be substituted, namely:–– ‘(u) “prescribed” means,— (A) in relation to proceedings before a High Court, prescribed by rules made by the High Court; and (B) in other cases, prescribed by rules made under this Act;’; (b) in section 6,–– (i) for the words “Appellate Board”, wherever they occur, the words “Commercial Court” shall be substituted; (ii) the words “constituted under section 11 whose decision thereon shall be final” shall be omitted;12 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 4 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 5 (c) in Chapter II, in the Chapter heading, the words (4) In calculating the period of three months “AND APPELLATE BOARD” shall be omitted; provided for an appeal under this section, the time taken in granting a certified copy of the order or (d) sections 11 and 12 shall be omitted; record of the decision appealed against shall be excluded.”; (e) in sections 19A, 23, 31, 31A, 31B, 31C, 31D, 32, 32A and 33A, for the words “Appellate Board”, wherever (j) in sections 74 and 75, the words “and the they occur, the words “Commercial Court” shall be Appellate Board”, wherever they occur, shall be omitted; substituted; (k) in section 77, the words “and every member of (f) in section 50, for the words “Appellate Board”, the Appellate Board” shall be omitted; wherever they occur, the words “High Court” shall be substituted; (l) in section 78, in sub-section (2),–– (g) in section 53A,–– (i) clauses (cA) and (ccB) shall be omitted; (i) for the words “Appellate Board”, wherever (ii) in clause (f), the words “and the Appellate they occur, the words “Commercial Court” shall be Board” shall be omitted. substituted; CHAPTERIV (ii) in sub-section (2), the words “and the decision of the Appellate Board in this behalf shall AMENDMENTS TO THE CUSTOMS ACT, 1962 be final” shall be omitted; Amendment of 5.In the Customs Act, 1962,– (h) in section 54, for the words “Appellate Board”, Act 52 of 1962. the words “Commercial Court” shall be substituted; (a) in section 28E, clauses (ba), (f) and (g) shall be omitted; (i) for section 72, the following section shall be substituted, namely:–– (b) in section 28EA, the proviso shall be omitted; “72. (1) Any person aggrieved by any final Appeals against (c) in section 28F, sub-section (1) shall be omitted; decision or order of the Registrar of Copyrights may, orders of Registrar of within three months from the date of the order or Copyrights. (d) in section 28KA,–– decision, appeal to the High Court. (i) in sub-section (1), for the word “Appellate (2) Every such appeal shall be heard by a single Authority”, at both the places where they occur, the Judge of the High Court: words “High Court” shall be substituted; Provided that any such Judge may, if he so (ii) sub-section (2) shall be omitted; thinks fit, refer the appeal at any stage of the proceeding to a Bench of the High Court. (e) in section 28L, the words “or Appellate Authority”, wherever they occur, shall be omitted; (3) Where an appeal is heard by a single Judge, a further appeal shall lie to a Bench of the High (f) in section 28M,–– Court within three months from the date of decision or order of the single Judge. 6 (i) T inH E tG heA Z mET aT rgE iO naF lI N hD eI aA dE inX gT ,R A thO eR D wIN oA rdR sY “and [PARTII— Appellate Authority” shall be omitted; (ii) sub-section (2) shall be omitted. CHAPTERV AMENDMENTS TO THEPATENTSACT,1970 Amendment of 6. In the Patents Act, 1970,— Act 39 of 1970. (a) in section 2, in sub-section (1),–– (i) clause (a) shall be omitted; (ii) in clause (u), sub-clause (B) shall be omitted; (b) in section 52, the words “Appellate Board or”, wherever they occur, shall be omitted; (c) in section 58,–– (i) the words “the Appellate Board or”, wherever they occur, shall be omitted; (ii) the words “as the case may be” shall be omitted; (d) in section 59, the words “the Appellate Board or” shall be omitted; (e) in section 64, in sub-section (1), the words “by the Appellate Board” shall be omitted; (f) in section 71, for the words “Appellate Board” and “Board”, wherever they occur, the words “High Court” shall be substituted; (g) in section 76, the words “or Appellate Board” shall be omitted; (h) in section 113,–– (i) in sub-section (1),–– (A) the words “the Appellate Board or”, wherever they occur, shall be omitted;May 12, 2021] TaMil nadu governMenT gazeTTe 13 4 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 5 (c) in Chapter II, in the Chapter heading, the words (4) In calculating the period of three months “AND APPELLATE BOARD” shall be omitted; provided for an appeal under this section, the time taken in granting a certified copy of the order or (d) sections 11 and 12 shall be omitted; record of the decision appealed against shall be excluded.”; (e) in sections 19A, 23, 31, 31A, 31B, 31C, 31D, 32, 32A and 33A, for the words “Appellate Board”, wherever (j) in sections 74 and 75, the words “and the they occur, the words “Commercial Court” shall be Appellate Board”, wherever they occur, shall be omitted; substituted; (k) in section 77, the words “and every member of (f) in section 50, for the words “Appellate Board”, the Appellate Board” shall be omitted; wherever they occur, the words “High Court” shall be substituted; (l) in section 78, in sub-section (2),–– (g) in section 53A,–– (i) clauses (cA) and (ccB) shall be omitted; (i) for the words “Appellate Board”, wherever (ii) in clause (f), the words “and the Appellate they occur, the words “Commercial Court” shall be Board” shall be omitted. substituted; CHAPTERIV (ii) in sub-section (2), the words “and the decision of the Appellate Board in this behalf shall AMENDMENTS TO THE CUSTOMS ACT, 1962 be final” shall be omitted; Amendment of 5.In the Customs Act, 1962,– (h) in section 54, for the words “Appellate Board”, Act 52 of 1962. the words “Commercial Court” shall be substituted; (a) in section 28E, clauses (ba), (f) and (g) shall be omitted; (i) for section 72, the following section shall be substituted, namely:–– (b) in section 28EA, the proviso shall be omitted; “72. (1) Any person aggrieved by any final Appeals against (c) in section 28F, sub-section (1) shall be omitted; decision or order of the Registrar of Copyrights may, orders of Registrar of within three months from the date of the order or Copyrights. (d) in section 28KA,–– decision, appeal to the High Court. (i) in sub-section (1), for the word “Appellate (2) Every such appeal shall be heard by a single Authority”, at both the places where they occur, the Judge of the High Court: words “High Court” shall be substituted; Provided that any such Judge may, if he so (ii) sub-section (2) shall be omitted; thinks fit, refer the appeal at any stage of the proceeding to a Bench of the High Court. (e) in section 28L, the words “or Appellate Authority”, wherever they occur, shall be omitted; (3) Where an appeal is heard by a single Judge, a further appeal shall lie to a Bench of the High (f) in section 28M,–– Court within three months from the date of decision or order of the single Judge. 6 (i) T inH E tG heA Z mET aT rgE iO naF lI N hD eI aA dE inX gT ,R A thO eR D wIN oA rdR sY “and [PARTII— Appellate Authority” shall be omitted; (ii) sub-section (2) shall be omitted. CHAPTERV AMENDMENTS TO THEPATENTSACT,1970 Amendment of 6. In the Patents Act, 1970,— Act 39 of 1970. (a) in section 2, in sub-section (1),–– (i) clause (a) shall be omitted; (ii) in clause (u), sub-clause (B) shall be omitted; (b) in section 52, the words “Appellate Board or”, wherever they occur, shall be omitted; (c) in section 58,–– (i) the words “the Appellate Board or”, wherever they occur, shall be omitted; (ii) the words “as the case may be” shall be omitted; (d) in section 59, the words “the Appellate Board or” shall be omitted; (e) in section 64, in sub-section (1), the words “by the Appellate Board” shall be omitted; (f) in section 71, for the words “Appellate Board” and “Board”, wherever they occur, the words “High Court” shall be substituted; (g) in section 76, the words “or Appellate Board” shall be omitted; (h) in section 113,–– (i) in sub-section (1),–– (A) the words “the Appellate Board or”, wherever they occur, shall be omitted;6 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 7 14 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 Appellate Authority” shall be omitted; (ii) sub-section (2) shall be omitted. (B) the words “as the case may be” shall be omitted; CHAPTERV (ii) in sub-section (3), the words “or the Appellate AMENDMENTS TO THEPATENTSACT,1970 Board” shall be omitted; (i) in Chapter XIX, for the Chapter heading, the Amendment of 6. In the Patents Act, 1970,— Act 39 of 1970. Chapter heading “APPEALS” shall be substituted; (a) in section 2, in sub-section (1),–– (j) sections 116 and 117 shall be omitted; (i) clause (a) shall be omitted; (k) in section 117A, for the words “Appellate Board”, wherever they occur, the words “High Court” (ii) in clause (u), sub-clause (B) shall be omitted; shall be substituted; (b) in section 52, the words “Appellate Board or”, (l) sections 117B, 117C and 117D shall be omitted; wherever they occur, shall be omitted; (m) in section 117E, for the words “Appellate (c) in section 58,–– Board”, wherever they occur, the words “High Court” shall be substituted; (i) the words “the Appellate Board or”, wherever they occur, shall be omitted; (n) sections 117F, 117G and 117H shall be omitted; (ii) the words “as the case may be” shall be (o) in section 151,–– omitted; (A) in sub-section (1), the words “or the (d) in section 59, the words “the Appellate Board or” Appellate Board”, at both the places where they shall be omitted; occur, shall be omitted; (e) in section 64, in sub-section (1), the words “by (B) in sub-section (3), for the words “the the Appellate Board” shall be omitted; Appellate Board or the courts, as the case may be”, the words “the courts” shall be substituted; (f) in section 71, for the words “Appellate Board” and “Board”, wherever they occur, the words “High (p) in section 159, in sub-section (2), clauses (xiia), Court” shall be substituted; (xiib) and (xiic) shall be omitted. (g) in section 76, the words “or Appellate Board” shall be omitted; CHAPTER VI (h) in section 113,–– AMENDMENTSTOTHEAIRPORTAUTHORITY OFINDIAACT,1994 (i) in sub-section (1),–– 7. In the Airports Authority of India Act, 1994,— Amendment of Act 55 of 1994. (A) the words “the Appellate Board or”, (a) in section 28A, clause (e) shall be omitted; wherever they occur, shall be omitted;6 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 7 May 12, 2021] TaMil nadu governMenT gazeTTe 15 Appellate Authority” shall be omitted; (ii) sub-section (2) shall be omitted. (B) the words “as the case may be” shall be omitted; CHAPTERV (ii) in sub-section (3), the words “or the Appellate AMENDMENTS TO THEPATENTSACT,1970 Board” shall be omitted; (i) in Chapter XIX, for the Chapter heading, the Amendment of 6. In the Patents Act, 1970,— Act 39 of 1970. Chapter heading “APPEALS” shall be substituted; (a) in section 2, in sub-section (1),–– (j) sections 116 and 117 shall be omitted; (i) clause (a) shall be omitted; (k) in section 117A, for the words “Appellate Board”, wherever they occur, the words “High Court” (ii) in clause (u), sub-clause (B) shall be omitted; shall be substituted; (b) in section 52, the words “Appellate Board or”, (l) sections 117B, 117C and 117D shall be omitted; wherever they occur, shall be omitted; (m) in section 117E, for the words “Appellate (c) in section 58,–– Board”, wherever they occur, the words “High Court” shall be substituted; (i) the words “the Appellate Board or”, wherever they occur, shall be omitted; (n) sections 117F, 117G and 117H shall be omitted; (ii) the words “as the case may be” shall be (o) in section 151,–– omitted; (A) in sub-section (1), the words “or the (d) in section 59, the words “the Appellate Board or” Appellate Board”, at both the places where they shall be omitted; occur, shall be omitted; (e) in section 64, in sub-section (1), the words “by (B) in sub-section (3), for the words “the the Appellate Board” shall be omitted; Appellate Board or the courts, as the case may be”, the words “the courts” shall be substituted; (f) in section 71, for the words “Appellate Board” and “Board”, wherever they occur, the words “High (p) in section 159, in sub-section (2), clauses (xiia), Court” shall be substituted; (xiib) and (xiic) shall be omitted. (g) in section 76, the words “or Appellate Board” shall be omitted; CHAPTER VI (h) in section 113,–– AMENDMENTSTOTHEAIRPORTAUTHORITY OFINDIAACT,1994 (i) in sub-section (1),–– 7. In the Airports Authority of India Act, 1994,— Amendment of Act 55 of 1994. (A) the words “the Appellate Board or”, (a) in section 28A, clause (e) shall be omitted; wherever they occur, shall be omitted;16 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 8 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 9 (b) in section 28E, for the word “Tribunal”, at (ii) for clause (s), the following clause shall be both the places where it occurs, the words “Central substituted, namely:–– Government” shall be substituted; ‘(s) “prescribed” means,— (c) sections 28I, 28J and 28JA shall be omitted; (i) in relation to proceedings before a High (d) in section 28K,––– Court, prescribed by rules made by the High Court; and (i) in sub-section (1),–– (A) for the words “Tribunal in such form as (ii) in other cases, prescribed by rules may be prescribed”, the words “High Court” shall made under this Act;’; be substituted; (b) in section 10, for the word “tribunal”, the (B) in the proviso, for the word “Tribunal”, the words “Registrar or the High Court, as the case may words “High Court” shall be substituted; be,” shall be substituted; (c) in section 26, for the word “tribunal”, the (ii) sub-sections (2), (3), (4) and (5) shall be words “Registrar or the High Court, as the case may omitted; be,” shall be substituted; (e) section 28L shall be omitted; (d) in section 46, in sub-section (3), for the word “tribunal”, the words “Registrar or the High Court, (f) in section 28M, the words “or the Tribunal” as the case may be,” shall be substituted; shall be omitted; (e) in section47, –– (i) for the words “Appellate Board”, at both (g) in section 28N, in sub-section (2), for the word the places where it occurs, the words “High “Tribunal”, the words “High Court” shall be Court” shall be substituted; substituted; (ii) for the word “tribunal”, wherever it occurs, (h) in section 33, the words “or the Chairperson of the words “Registrar or the High Court, as the the Tribunal” shall be omitted; case may be,” shall be substituted; (f) in section 55, in sub-section (1), for the word (i) in section 41, in sub-section (2), clauses (gvi), “tribunal”, the words “Registrar or the High Court, (gvii), (gviii) and (gix) shall be omitted. as the case may be,” shall be substituted; CHAPTER VII (g) in section 57, –– (i) for the words “Appellate Board”, wherever it AMENDMENTS TO THE TRADE MARKS occurs, the words “High Court” shall be ACT, 1999 substituted; Amendment of 8. In the Trade Marks Act, 1999,— (ii) for the word “tribunal”, wherever it occurs, Act 47 of 1999. the words “Registrar or the High Court, as the case (a) in section 2, in sub-section (1), –– may be,” shall be substituted; (h) in section 71, in sub-section (3), for the word (i) clauses (a), (d), (f), (k), (n), (ze) and (zf) “tribunal”, the words “Registrar or the High Court, shall be omitted; as the case may be,” shall be substituted; 10 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— (i) in Chapter XI, for the Chapter heading, the Chapter heading “APPEALS” shall be substituted; (j) sections 83, 84, 85, 86, 87, 88, 89, 89A and 90 shall be omitted; (k) in section 91,for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (l) sections 92 and 93 shall be omitted; (m) for section 94, the following section shall be substituted, namely:–– Bar to appear “94. On ceasing to hold the office, the erstwhile before Chairperson, Vice-Chairperson or other Members, Registrar. shall not appear before the Registrar.”; (l) sections 95 and 96 shall be omitted; (m) in section 97, for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (n) in section 98, for the words “Appellate Board” and “Board”, wherever they occur, the words “High Court” shall be substituted; (o) sections 99 and 100 shall be omitted; (p) in section 113, –– (i) for the words “Appellate Board”, at both the places where they occur, the words “High Court” shall be substituted; (ii) for the word “tribunal”, the words “Registrar or the High Court, as the case may be,” shall be substituted; (q) in section 123, the words “and every Member of the Appellate Board” shall be omitted; (r) in sections 124 and 125, for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted;May 12, 2021] TaMil nadu governMenT gazeTTe 17 8 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 9 (b) in section 28E, for the word “Tribunal”, at (ii) for clause (s), the following clause shall be both the places where it occurs, the words “Central substituted, namely:–– Government” shall be substituted; ‘(s) “prescribed” means,— (c) sections 28I, 28J and 28JA shall be omitted; (i) in relation to proceedings before a High (d) in section 28K,––– Court, prescribed by rules made by the High Court; and (i) in sub-section (1),–– (A) for the words “Tribunal in such form as (ii) in other cases, prescribed by rules may be prescribed”, the words “High Court” shall made under this Act;’; be substituted; (b) in section 10, for the word “tribunal”, the (B) in the proviso, for the word “Tribunal”, the words “Registrar or the High Court, as the case may words “High Court” shall be substituted; be,” shall be substituted; (c) in section 26, for the word “tribunal”, the (ii) sub-sections (2), (3), (4) and (5) shall be words “Registrar or the High Court, as the case may omitted; be,” shall be substituted; (e) section 28L shall be omitted; (d) in section 46, in sub-section (3), for the word “tribunal”, the words “Registrar or the High Court, (f) in section 28M, the words “or the Tribunal” as the case may be,” shall be substituted; shall be omitted; (e) in section47, –– (i) for the words “Appellate Board”, at both (g) in section 28N, in sub-section (2), for the word the places where it occurs, the words “High “Tribunal”, the words “High Court” shall be Court” shall be substituted; substituted; (ii) for the word “tribunal”, wherever it occurs, (h) in section 33, the words “or the Chairperson of the words “Registrar or the High Court, as the the Tribunal” shall be omitted; case may be,” shall be substituted; (f) in section 55, in sub-section (1), for the word (i) in section 41, in sub-section (2), clauses (gvi), “tribunal”, the words “Registrar or the High Court, (gvii), (gviii) and (gix) shall be omitted. as the case may be,” shall be substituted; CHAPTER VII (g) in section 57, –– (i) for the words “Appellate Board”, wherever it AMENDMENTS TO THE TRADE MARKS occurs, the words “High Court” shall be ACT, 1999 substituted; Amendment of 8. In the Trade Marks Act, 1999,— (ii) for the word “tribunal”, wherever it occurs, Act 47 of 1999. the words “Registrar or the High Court, as the case (a) in section 2, in sub-section (1), –– may be,” shall be substituted; (h) in section 71, in sub-section (3), for the word (i) clauses (a), (d), (f), (k), (n), (ze) and (zf) “tribunal”, the words “Registrar or the High Court, shall be omitted; as the case may be,” shall be substituted; 10 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— (i) in Chapter XI, for the Chapter heading, the Chapter heading “APPEALS” shall be substituted; (j) sections 83, 84, 85, 86, 87, 88, 89, 89A and 90 shall be omitted; (k) in section 91,for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (l) sections 92 and 93 shall be omitted; (m) for section 94, the following section shall be substituted, namely:–– Bar to appear “94. On ceasing to hold the office, the erstwhile before Chairperson, Vice-Chairperson or other Members, Registrar. shall not appear before the Registrar.”; (l) sections 95 and 96 shall be omitted; (m) in section 97, for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (n) in section 98, for the words “Appellate Board” and “Board”, wherever they occur, the words “High Court” shall be substituted; (o) sections 99 and 100 shall be omitted; (p) in section 113, –– (i) for the words “Appellate Board”, at both the places where they occur, the words “High Court” shall be substituted; (ii) for the word “tribunal”, the words “Registrar or the High Court, as the case may be,” shall be substituted; (q) in section 123, the words “and every Member of the Appellate Board” shall be omitted; (r) in sections 124 and 125, for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted;10 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 11 18 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 Chapter heading “APPEALS” shall be substituted; (s) in section 130, the words “the Appellate Board (j) sections 83, 84, 85, 86, 87, 88, 89, 89A and 90 or” shall be omitted; shall be omitted; (t) in section 141, for the words “Appellate (k) in section 91,for the words “Appellate Board”, at both the places where they occur, the Board”, wherever they occur, the words “High words “High Court” shall be substituted; Court” shall be substituted; (u) in section 144, for the word “tribunal”, the (l) sections 92 and 93 shall be omitted; words “Registrar or the High Court, as the case may be,” shall be substituted; (m) for section 94, the following section shall be substituted, namely:–– (v) in section 157, in sub-section (2),–– Bar to appear “94. On ceasing to hold the office, the erstwhile (i) clauses (xxxi) and (xxxii) shall be omitted; before Chairperson, Vice-Chairperson or other Members, Registrar. shall not appear before the Registrar.”; (ii) in clause (xxxiii), for the words “Appellate Board”, the words “High Court” shall be (l) sections 95 and 96 shall be omitted; substituted. (m) in section 97, for the words “Appellate CHAPTER VIII Board”, wherever they occur, the words “High Court” shall be substituted; AMENDMENTS TO THE GEOGRAPHICAL INDICATIONS OF GOODS (REGISTRATION AND (n) in section 98, for the words “Appellate Board” PROTECTION) ACT, 1999 and “Board”, wherever they occur, the words “High Court” shall be substituted; Amendment of 9. In the Geographical Indications of Goods Act 48 of 1999. (Registration and Protection) Act, 1999,— (o) sections 99 and 100 shall be omitted; (a) in section 2, in sub-section (1), clauses (a) (p) in section 113, –– and (p) shall be omitted; (i) for the words “Appellate Board”, at both (b) in section 19, for the word “tribunal”, the the places where they occur, the words “High words “Registrar or the High Court, as the case Court” shall be substituted; may be,” shall be substituted; (ii) for the word “tribunal”, the words (c) in section 23, for the words “and before the “Registrar or the High Court, as the case may be,” Appellate Board before which”, the words “before shall be substituted; whom” shall be substituted; (q) in section 123, the words “and every Member (d) in section 27, –– of the Appellate Board” shall be omitted; (i) for the words “Appellate Board”, wherever they occur, the words “High Court” shall be (r) in sections 124 and 125, for the words substituted; “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (ii) for the word “tribunal”, wherever it occurs,10 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 11 May 12, 2021] TaMil nadu governMenT gazeTTe 19 Chapter heading “APPEALS” shall be substituted; (s) in section 130, the words “the Appellate Board (j) sections 83, 84, 85, 86, 87, 88, 89, 89A and 90 or” shall be omitted; shall be omitted; (t) in section 141, for the words “Appellate (k) in section 91,for the words “Appellate Board”, at both the places where they occur, the Board”, wherever they occur, the words “High words “High Court” shall be substituted; Court” shall be substituted; (u) in section 144, for the word “tribunal”, the (l) sections 92 and 93 shall be omitted; words “Registrar or the High Court, as the case may be,” shall be substituted; (m) for section 94, the following section shall be substituted, namely:–– (v) in section 157, in sub-section (2),–– Bar to appear “94. On ceasing to hold the office, the erstwhile (i) clauses (xxxi) and (xxxii) shall be omitted; before Chairperson, Vice-Chairperson or other Members, Registrar. shall not appear before the Registrar.”; (ii) in clause (xxxiii), for the words “Appellate Board”, the words “High Court” shall be (l) sections 95 and 96 shall be omitted; substituted. (m) in section 97, for the words “Appellate CHAPTER VIII Board”, wherever they occur, the words “High Court” shall be substituted; AMENDMENTS TO THE GEOGRAPHICAL INDICATIONS OF GOODS (REGISTRATION AND (n) in section 98, for the words “Appellate Board” PROTECTION) ACT, 1999 and “Board”, wherever they occur, the words “High Court” shall be substituted; Amendment of 9. In the Geographical Indications of Goods Act 48 of 1999. (Registration and Protection) Act, 1999,— (o) sections 99 and 100 shall be omitted; (a) in section 2, in sub-section (1), clauses (a) (p) in section 113, –– and (p) shall be omitted; (i) for the words “Appellate Board”, at both (b) in section 19, for the word “tribunal”, the the places where they occur, the words “High words “Registrar or the High Court, as the case Court” shall be substituted; may be,” shall be substituted; (ii) for the word “tribunal”, the words (c) in section 23, for the words “and before the “Registrar or the High Court, as the case may be,” Appellate Board before which”, the words “before shall be substituted; whom” shall be substituted; (q) in section 123, the words “and every Member (d) in section 27, –– of the Appellate Board” shall be omitted; (i) for the words “Appellate Board”, wherever they occur, the words “High Court” shall be (r) in sections 124 and 125, for the words substituted; “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (ii) for the word “tribunal”, wherever it occurs,SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 11 (s) in section 130, the words “the Appellate Board or” shall be omitted; (t) in section 141, for the words “Appellate Board”, at both the places where they occur, the words “High Court” shall be substituted; (u) in section 144, for the word “tribunal”, the words “Registrar or the High Court, as the case may be,” shall be substituted; (v) in section 157, in sub-section (2),–– (i) clauses (xxxi) and (xxxii) shall be omitted; (ii) in clause (xxxiii), for the words “Appellate Board”, the words “High Court” shall be substituted. CHAPTER VIII AMENDMENTS TO THE GEOGRAPHICAL INDICATIONS OF GOODS (REGISTRATION AND PROTECTION) ACT, 1999 Amendment of 9. In the Geographical Indications of Goods Act 48 of 1999. (Registration and Protection) Act, 1999,— (a) in section 2, in sub-section (1), clauses (a) and (p) shall be omitted; (b) in section 19, for the word “tribunal”, the words “Registrar or the High Court, as the case may be,” shall be substituted; (c) in section 23, for the words “and before the Appellate Board before which”, the words “before whom” shall be substituted; (d) in section 27, –– (i) for the words “Appellate Board”, wherever 20 thTeay moiclc unr,a dthue gwoorvdse r“Hnimghe nCTou grt”a zsheaTllT ebe [Part iv—Sec. 4 substituted; 12 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— (ii) for the word “tribunal”, wherever it occurs, the words “Registrar or the High Court, as the case may be,” shall be substituted; (e) in Chapter VII, for the Chapter heading, the Chapter heading “APPEALS” shall be substituted; (f) in section 31,–– (i) for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (ii) sub-section (3) shall be omitted; (g) sections 32 and 33 shall be omitted; (h) in sections 34 and 35, for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (i) section 36 shall be omitted; (j) in sections 48,–– (i) for the words “Appellate Board”, at both the places where it occurs, the words “High Court” shall be substituted; (ii) for the word “tribunal”, the words “Registrar or the High Court, as the case may be,” shall be substituted; (k) in sections 57 and 58, for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (l) in section 63, the words “the Appellate Board or” shall be omitted; (m) in section 72, for the words “Appellate Board”, wherever they occur, the words “High Court” shall be substituted; (n) in section 75, for the word “tribunal”, the words “Registrar or the High Court, as the case may be,” shall be substituted;May 12, S 2 EC0 .2 1]1 ] TaMil Tn Ha Ed GAu Z Eg To TEv Oe Fr INn DM IAe En XT TR g AOa Rz De INT AT Re Y 13 21 12 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— (o) in section 87, in sub-section (2), clause (n) the words “Registrar or the High Court, as the shall be omitted. case may be,” shall be substituted; CHAPTER IX (e) in Chapter VII, for the Chapter heading, the Chapter heading “APPEALS” shall be substituted; AMENDMENTS TO THE PROTECTION OF PLANT VARIETIES AND FARMERS’ RIGHTS (f) in section 31,–– ACT, 2001 (i) for the words “Appellate Board”, wherever Amendment of 10. In the Protection of Plant Varieties and Farmers’ they occur, the words “High Court” shall be Act 53 of 2001. Rights Act, 2001,– substituted; (a) in section 2, –– (ii) sub-section (3) shall be omitted; (i) clauses (d), (n) and (o) shall be omitted; (g) sections 32 and 33 shall be omitted; (ii) for clause (q), the following clause shall be (h) in sections 34 and 35, for the words “Appellate substituted, namely:–– Board”, wherever they occur, the words “High Court” shall be substituted; ‘(q) “prescribed” means,— (i) section 36 shall be omitted; (A) in relation to proceedings before a High Court, prescribed by rules made by the High (j) in sections 48,–– Court; and (i) for the words “Appellate Board”, at both the (B) in other cases, prescribed by rules made places where it occurs, the words “High Court” under this Act;’: shall be substituted; (iii) clauses (y) and (z) shall be omitted; (ii) for the word “tribunal”, the words “Registrar or the High Court, as the case may be,” (b) in section 44, the words “or the Tribunal” shall shall be substituted; be omitted; (k) in sections 57 and 58, for the words “Appellate (c) in Chapter VIII, for the Chapter heading, the Board”, wherever they occur, the words “High Chapter heading “APPEALS” shall be substituted; Court” shall be substituted; (d) sections 54 and 55 shall be omitted; (l) in section 63, the words “the Appellate Board or” shall be omitted; (e) in section 56,–– (m) in section 72, for the words “Appellate (i) for the word “Tribunal”, wherever they occur, Board”, wherever they occur, the words “High the words “High Court” shall be substituted; Court” shall be substituted; (ii) sub-section (3) shall be omitted; (n) in section 75, for the word “tribunal”, the (f) in section 57,– words “Registrar or the High Court, as the case may be,” shall be substituted;SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 13 (o) in section 87, in sub-section (2), clause (n) shall be omitted. CHAPTER IX AMENDMENTS TO THE PROTECTION OF PLANT VARIETIES AND FARMERS’ RIGHTS ACT, 2001 Amendment of 10. In the Protection of Plant Varieties and Farmers’ Act 53 of 2001. Rights Act, 2001,– (a) in section 2, –– (i) clauses (d), (n) and (o) shall be omitted; (ii) for clause (q), the following clause shall be substituted, namely:–– ‘(q) “prescribed” means,— (A) in relation to proceedings before a High Court, prescribed by rules made by the High Court; and (B) in other cases, prescribed by rules made under this Act;’: (iii) clauses (y) and (z) shall be omitted; (b) in section 44, the words “or the Tribunal” shall be omitted; (c) in Chapter VIII, for the Chapter heading, the Chapter heading “APPEALS” shall be substituted; (d) sections 54 and 55 shall be omitted; (e) in section 56,–– (i) for the word “Tribunal”, wherever they occur, 22 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 the words “High Court” shall be substituted; SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 15 14 (ii) sTuHbE-sGecAtZioEnT T(3E)O sFhaINllD bIeA oEmXiTtRteAdO; R DINARY [PARTII— Court.”; (f) in section 57,– (i) for the word “Tribunal”, wherever it occurs, the (e) sections 15 and 16 shall be omitted; words “High Court” shall be substituted; (f) in section 17, for the word “Tribunal”, at both (ii) sub-section (5) shall be omitted; the places where it occurs, the word “Court” shall be substituted; (g) sections 58 and 59 shall be omitted; (g) section 18 shall be omitted; (h) in section 89, the words “or the Tribunal” shall be omitted. (h) in section 19, for the word “Tribunal”, at both CHAPTER X the places where it occurs, the word “Court” shall be substituted; AMENDMENTS TO THE CONTROL OF NATIONAL HIGHWAYS (LAND AND TRAFFIC) (i) section 40 shall be omitted; ACT, 2002 (j) in section 41,–– 11. In the Control of National Highways (Land and Amendment of Traffic) Act, 2002,— Act 13 of 2003. (i) the words “or every order passed or decision made on appeal under this Act by the Tribunal” (a) in section 2,– shall be omitted; (i) clause (a) shall be omitted; (ii) the words “or Tribunal” shall be omitted; (ii) after clause (d), the following clause shall be (k) in section 50, in sub-section (2), clause (f) shall inserted, namely:–– be omitted. ‘(da) “Court” means the principal Civil Court of CHAPTERXI original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil AMENDMENTSTOTHEFINANCEACT,2017 jurisdiction;’; Amendment of 12. In the Finance Act, 2017 (hereinafter referred to (iii) clause (l) shall be omitted; Act 7 of 2017. as the Finance Act),–– (b) in Chapter II, in the Chapter heading, the (i) for section 184, the following section shall be words “AND TRIBUNALS, ETC.” shall be omitted; substituted, namely:— (c) section 5 shall be omitted; Qualifications, “184. (1) The Central Government may, by appointment, notification, make rules to provide for the qualifications, etc., of (d) for section 14, the following section shall be appointment, salaries and allowances, resignation, Chairperson and substituted, namely:– removal and the other conditions of service of the Members of Tribunal. Chairperson and Members of the Tribunal as specified in Appeals. “14. An appeal from any order passed, or any the Eighth Schedule: action taken, excluding issuance or serving of Provided that a person who has not completed the notices, under sections 26, 27, 28, 36, 37 and 38 by age of fifty years shall not be eligible for appointment as the Highway Administration or an officer authorised a Chairperson or Member: on its behalf, as the case may be, shall lie to theSEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 13 (o) in section 87, in sub-section (2), clause (n) shall be omitted. CHAPTER IX AMENDMENTS TO THE PROTECTION OF PLANT VARIETIES AND FARMERS’ RIGHTS ACT, 2001 Amendment of 10. In the Protection of Plant Varieties and Farmers’ Act 53 of 2001. Rights Act, 2001,– (a) in section 2, –– (i) clauses (d), (n) and (o) shall be omitted; (ii) for clause (q), the following clause shall be substituted, namely:–– ‘(q) “prescribed” means,— (A) in relation to proceedings before a High Court, prescribed by rules made by the High Court; and (B) in other cases, prescribed by rules made under this Act;’: (iii) clauses (y) and (z) shall be omitted; (b) in section 44, the words “or the Tribunal” shall be omitted; (c) in Chapter VIII, for the Chapter heading, the Chapter heading “APPEALS” shall be substituted; (d) sections 54 and 55 shall be omitted; (e) in section 56,–– (i) for the word “Tribunal”, wherever they occur, May 12, 2021] TaMil nadu governMenT gazeTTe 23 the words “High Court” shall be substituted; SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 15 14 (ii) sTuHbE-sGecAtZioEnT T(3E)O sFhaINllD bIeA oEmXiTtRteAdO; R DINARY [PARTII— Court.”; (f) in section 57,– (i) for the word “Tribunal”, wherever it occurs, the (e) sections 15 and 16 shall be omitted; words “High Court” shall be substituted; (f) in section 17, for the word “Tribunal”, at both (ii) sub-section (5) shall be omitted; the places where it occurs, the word “Court” shall be substituted; (g) sections 58 and 59 shall be omitted; (g) section 18 shall be omitted; (h) in section 89, the words “or the Tribunal” shall be omitted. (h) in section 19, for the word “Tribunal”, at both CHAPTER X the places where it occurs, the word “Court” shall be substituted; AMENDMENTS TO THE CONTROL OF NATIONAL HIGHWAYS (LAND AND TRAFFIC) (i) section 40 shall be omitted; ACT, 2002 (j) in section 41,–– 11. In the Control of National Highways (Land and Amendment of Traffic) Act, 2002,— Act 13 of 2003. (i) the words “or every order passed or decision made on appeal under this Act by the Tribunal” (a) in section 2,– shall be omitted; (i) clause (a) shall be omitted; (ii) the words “or Tribunal” shall be omitted; (ii) after clause (d), the following clause shall be (k) in section 50, in sub-section (2), clause (f) shall inserted, namely:–– be omitted. ‘(da) “Court” means the principal Civil Court of CHAPTERXI original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil AMENDMENTSTOTHEFINANCEACT,2017 jurisdiction;’; Amendment of 12. In the Finance Act, 2017 (hereinafter referred to (iii) clause (l) shall be omitted; Act 7 of 2017. as the Finance Act),–– (b) in Chapter II, in the Chapter heading, the (i) for section 184, the following section shall be words “AND TRIBUNALS, ETC.” shall be omitted; substituted, namely:— (c) section 5 shall be omitted; Qualifications, “184. (1) The Central Government may, by appointment, notification, make rules to provide for the qualifications, etc., of (d) for section 14, the following section shall be appointment, salaries and allowances, resignation, Chairperson and substituted, namely:– removal and the other conditions of service of the Members of Tribunal. Chairperson and Members of the Tribunal as specified in Appeals. “14. An appeal from any order passed, or any the Eighth Schedule: action taken, excluding issuance or serving of Provided that a person who has not completed the notices, under sections 26, 27, 28, 36, 37 and 38 by age of fifty years shall not be eligible for appointment as the Highway Administration or an officer authorised a Chairperson or Member: on its behalf, as the case may be, shall lie to the24 16 Tam Ti Hl E n GAa Zd Eu TT g EOo Fv INe Dr IAn Em Xe TRn AT O g RDa INz Ae RT YT e [P [a Pr At R i Tv II— —Sec. 4 SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 17 High Court nominated by the Chief Justice of Provided further that the allowances and benefits so India, namely:–– payable shall be to the extent as are admissible to a Central Government officer holding the post carrying the (i) Industrial Tribunal constituted by the same pay: Central Government under the Industrial Disputes Act, 1947; 14 of 1947. Provided also that where the Chairperson or Member takes a house on rent, he may be reimbursed a house rent (ii) Tribunals and Appellate Tribunals subject to such limits and conditions as may be provided constituted under the Recovery of Debts Due to by rules. Banks and Financial Institutions Act, 1993; 51 of 1993. (2) The Chairperson and Members of a Tribunal (iii) Tribunals where the Chairperson or the shall be appointed by the Central Government on the outgoing Chairperson, as the case may be, of recommendation of a Search-cum-Selection Committee the Tribunal is not a retired Judge of the (hereinafter referred to as the Committee) constituted Supreme Court or a retired Chief Justice or under sub-section (3), in such manner as the Central Judge of a High Court; and Government may, by rules, provide. (iv) such other Tribunals as may be notified (3) The Search-cum-Selection Committee shall by the Central Government in consultation with consist of— the Chairperson of the Search-cum-Selection Committee of that Tribunal; and (a) the Chief Justice of India or a Judge of Supreme Court nominated by him–– Chairperson of (d) the Secretary to the Government of India in the Committee; the Ministry or Department under which the Tribunal is constituted or established –– Member- (b) two Secretaries nominated by the Government Secretary. of India –– Members; (4) The Chairperson of the Committee shall have (c) one Member, who–– the casting vote. (i) in case of appointment of a Chairperson (5) The Member-Secretary of the Committee of a Tribunal, shall be the outgoing shall not have any vote. Chairperson of the Tribunal; or (6) The Committee shall determine its procedure (ii) in case of appointment of a Member of a for making its recommendations. Tribunal, shall be the sitting Chairperson of the Tribunal; or (7) Notwithstanding anything contained in any judgment, order or decree of any court or in any law (iii) in case of the Chairperson of the for the time being in force, the Committee shall Tribunal seeking re-appointment, shall be a recommend a panel of two names for appointment to retired Judge of the Supreme Court or a retired the post of Chairperson or Member, as the case may Chief Justice of a High Court nominated by the be, and the Central Government shall take a decision Chief Justice of India: on the recommendations of the Committee preferably Provided that, in the following cases, such within three months from the date on which the Member shall always be a retired Judge of the Committee makes its recommendations to the Supreme Court or a retired Chief Justice of a Government.May 12, 2021] TaMil nadu governMenT gazeTTe 25 16 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 17 High Court nominated by the Chief Justice of Provided further that the allowances and benefits so India, namely:–– payable shall be to the extent as are admissible to a Central Government officer holding the post carrying the (i) Industrial Tribunal constituted by the same pay: Central Government under the Industrial Disputes Act, 1947; 14 of 1947. Provided also that where the Chairperson or Member takes a house on rent, he may be reimbursed a house rent (ii) Tribunals and Appellate Tribunals subject to such limits and conditions as may be provided constituted under the Recovery of Debts Due to by rules. Banks and Financial Institutions Act, 1993; 51 of 1993. (2) The Chairperson and Members of a Tribunal (iii) Tribunals where the Chairperson or the shall be appointed by the Central Government on the outgoing Chairperson, as the case may be, of recommendation of a Search-cum-Selection Committee the Tribunal is not a retired Judge of the (hereinafter referred to as the Committee) constituted Supreme Court or a retired Chief Justice or under sub-section (3), in such manner as the Central Judge of a High Court; and Government may, by rules, provide. (iv) such other Tribunals as may be notified (3) The Search-cum-Selection Committee shall by the Central Government in consultation with consist of— the Chairperson of the Search-cum-Selection Committee of that Tribunal; and (a) the Chief Justice of India or a Judge of Supreme Court nominated by him–– Chairperson of (d) the Secretary to the Government of India in the Committee; the Ministry or Department under which the Tribunal is constituted or established –– Member- (b) two Secretaries nominated by the Government Secretary. of India –– Members; (4) The Chairperson of the Committee shall have (c) one Member, who–– the casting vote. (i) in case of appointment of a Chairperson (5) The Member-Secretary of the Committee of a Tribunal, shall be the outgoing shall not have any vote. Chairperson of the Tribunal; or (6) The Committee shall determine its procedure (ii) in case of appointment of a Member of a for making its recommendations. Tribunal, shall be the sitting Chairperson of the Tribunal; or (7) Notwithstanding anything contained in any judgment, order or decree of any court or in any law (iii) in case of the Chairperson of the for the time being in force, the Committee shall Tribunal seeking re-appointment, shall be a recommend a panel of two names for appointment to retired Judge of the Supreme Court or a retired the post of Chairperson or Member, as the case may Chief Justice of a High Court nominated by the be, and the Central Government shall take a decision Chief Justice of India: on the recommendations of the Committee preferably Provided that, in the following cases, such within three months from the date on which the Member shall always be a retired Judge of the Committee makes its recommendations to the Supreme Court or a retired Chief Justice of a Government.26 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 18 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 19 (ii) “Chairperson” includes Chairperson, Chairman, (8) No appointment shall be invalid merely by President and Presiding Officer of a Tribunal; reason of any vacancy or absence in the Committee. (iii) “Member” includes Vice-Chairman, Vice- (9) The Chairperson and Member of a Tribunal Chairperson, Vice-President, Account Member, shall be eligible for re-appointment in accordance with Administrative Member, Judicial Member, Expert the provisions of this section: Member, Law Member, Revenue Member and Technical Member, as the case may be, of a Provided that in making such re-appointment, Tribunal.”; preference shall be given to the service rendered by such person. (ii) in section 184 as so substituted, after sub-section (10) and before the Explanation, the following sub- (10) The Central Government shall, on the section shall be inserted and shall be deemed to have recommendation of the Committee, remove from been inserted with effect from the 26th May, 2017, office, in such manner as may be provided by rules, namely:–– any Member, who— “(11) Notwithstanding anything contained in any (a) has been adjudged as an insolvent; or judgment, order, or decree of any court or any law for the time being in force, –– (b) has been convicted of an offence which involves moral turpitude; or (i) the Chairperson of a Tribunal shall hold office for a term of four years or till he attains the age of (c) has become physically or mentally seventy years, whichever is earlier; incapable of acting as such a Member; or (ii) the Member of a Tribunal shall hold office for (d) has acquired such financial or other a term of four years or till he attains the age of sixty- interest as is likely to affect prejudicially his seven years, whichever is earlier: functions as a Member; or Provided that where a Chairperson or Member is (e) has so abused his position as to render his appointed between the 26th day of May, 2017 and the continuance in office prejudicial to the public notified date and the term of his office or the age of interest: retirement specified in the order of appointment issued by the Central Government is greater than that which is Provided that where a Member is proposed to specified in this section, then, notwithstanding anything be removed on any ground specified in clauses contained in this section, the term of office or age of (b) to (e), he shall be informed of the charges retirement or both, as the case may be, of the Chairperson against him and given an opportunity of being or Member shall be as specified in his order of heard in respect of those charges. appointment subject to a maximum term of office of five years.”. Explanation.–– For the purposes of this section, the Amendment of 13. Section 186 of the Finance Act shall be expressions –– section 186. renumbered as sub-section (1) thereof, and after sub- section (1) as so renumbered, the following sub-section (i) “Tribunal” means a Tribunal, Appellate Tribunal shall be inserted, namely:–– or Authority as specified in column (2) of the Eighth “(2) Subject to the provisions of sections 184 and Schedule; 185, neither the salary and allowances nor the other terms and conditions of service of Chairperson, Vice-May 12, 2021] TaMil nadu governMenT gazeTTe 27 18 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 19 (ii) “Chairperson” includes Chairperson, Chairman, (8) No appointment shall be invalid merely by President and Presiding Officer of a Tribunal; reason of any vacancy or absence in the Committee. (iii) “Member” includes Vice-Chairman, Vice- (9) The Chairperson and Member of a Tribunal Chairperson, Vice-President, Account Member, shall be eligible for re-appointment in accordance with Administrative Member, Judicial Member, Expert the provisions of this section: Member, Law Member, Revenue Member and Technical Member, as the case may be, of a Provided that in making such re-appointment, Tribunal.”; preference shall be given to the service rendered by such person. (ii) in section 184 as so substituted, after sub-section (10) and before the Explanation, the following sub- (10) The Central Government shall, on the section shall be inserted and shall be deemed to have recommendation of the Committee, remove from been inserted with effect from the 26th May, 2017, office, in such manner as may be provided by rules, namely:–– any Member, who— “(11) Notwithstanding anything contained in any (a) has been adjudged as an insolvent; or judgment, order, or decree of any court or any law for the time being in force, –– (b) has been convicted of an offence which involves moral turpitude; or (i) the Chairperson of a Tribunal shall hold office for a term of four years or till he attains the age of (c) has become physically or mentally seventy years, whichever is earlier; incapable of acting as such a Member; or (ii) the Member of a Tribunal shall hold office for (d) has acquired such financial or other a term of four years or till he attains the age of sixty- interest as is likely to affect prejudicially his seven years, whichever is earlier: functions as a Member; or Provided that where a Chairperson or Member is (e) has so abused his position as to render his appointed between the 26th day of May, 2017 and the continuance in office prejudicial to the public notified date and the term of his office or the age of interest: retirement specified in the order of appointment issued by the Central Government is greater than that which is Provided that where a Member is proposed to specified in this section, then, notwithstanding anything be removed on any ground specified in clauses contained in this section, the term of office or age of (b) to (e), he shall be informed of the charges retirement or both, as the case may be, of the Chairperson against him and given an opportunity of being or Member shall be as specified in his order of heard in respect of those charges. appointment subject to a maximum term of office of five years.”. Explanation.–– For the purposes of this section, the Amendment of 13. Section 186 of the Finance Act shall be expressions –– section 186. renumbered as sub-section (1) thereof, and after sub- section (1) as so renumbered, the following sub-section (i) “Tribunal” means a Tribunal, Appellate Tribunal shall be inserted, namely:–– or Authority as specified in column (2) of the Eighth “(2) Subject to the provisions of sections 184 and Schedule; 185, neither the salary and allowances nor the other terms and conditions of service of Chairperson, Vice-28 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 21 20 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— proceeding, and the Court may proceed to deal with such Chairperson, Chairman, Vice-Chairman, President, Vice- cases from the stage at which it stood before such President, Presiding Officer or Member of the Tribunal, transfer, or from any earlier stage, or de novo, as the Appellate Tribunal or, as the case may be, other Court may deem fit. Authority may be varied to his disadvantage after his appointment.”. (4) The balance of all monies received by, or advanced to, the Tribunal, Appellate Tribunal or other 14. In the Finance Act, in the Eighth Schedule, –– Amendment of Authorities specified in the Schedule and not spent by it Eighth before the notified date, shall, on and from the notified Schedule. date, stand transferred to the Central Government. (i)items 10, 12, 14, and 15 shall be omitted; (5) All property of whatever kind owned by, or (ii) for item 16, the following item shall be vested in, the Tribunal, Appellate Tribunal or other substituted, namely:–– Authorities specified in the Schedule before the notified date, shall stand transferred to, on and from the notified (1) (2) (3) date, and shall vest in the Central Government. 16. National Consumer The Consumer Disputes Redressal Protection Act, 2019 Power to 16. (1) If any difficulty arises in giving effect to the Commission (35 of 2019) remove provisions of this Ordinance, the Central Government difficulties. may, by general or special order published in the Official 15. (1) Notwithstanding anything contained in any Transitional Gazette, make such provisions, not inconsistent with the law for the time being in force, any person appointed as provisions. provisions of this Ordinance, as appear to it to be the Chairperson or Chairman or President or Presiding necessary or expedient for removing the difficulty. Officer or Vice-Chairperson or Vice-Chairman or Vice- President or Member of the Tribunal, Appellate Tribunal, (2) Every order made under this section shall, as or, as the case may be, other Authorities specified in the soon as may be after it is made, be laid before each Schedule and holding office as such immediately before Houses of Parliament. the notified date, shall, on and from the notified date, cease to hold such office, and he shall be entitled to claim compensation not exceeding three months' pay and allowances for the premature termination of term of his office or of any contract of service. (2) The officers and other employees of the Tribunals, Appellate Tribunals and other Authorities specified in the Schedule appointed on deputation, before the notified date, shall, on and from the notified date, stand reverted to their parent cadre, Ministry or Department. (3) Any appeal, application or proceeding pending before the Tribunal, Appellate Tribunal or other Authorities specified in the Schedule, other than those pending before the Authority for Advance Rulings under the Income-tax Act, 1961, before the notified date, shall 43 of 1961. stand transferred to the Court before which it would have been filed had this Ordinance been in force on the date of filing of such appeal or application or initiation of theMay 12, 2021] TaMil nadu governMenT gazeTTe 29 SEC.1] THEGAZETTEOFINDIAEXTRAORDINARY 21 proceeding, and the Court may proceed to deal with such cases from the stage at which it stood before such transfer, or from any earlier stage, or de novo, as the Court may deem fit. (4) The balance of all monies received by, or advanced to, the Tribunal, Appellate Tribunal or other Authorities specified in the Schedule and not spent by it before the notified date, shall, on and from the notified date, stand transferred to the Central Government. (5) All property of whatever kind owned by, or vested in, the Tribunal, Appellate Tribunal or other Authorities specified in the Schedule before the notified date, shall stand transferred to, on and from the notified date, and shall vest in the Central Government. Power to 16. (1) If any difficulty arises in giving effect to the remove provisions of this Ordinance, the Central Government difficulties. may, by general or special order published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Ordinance, as appear to it to be necessary or expedient for removing the difficulty. (2) Every order made under this section shall, as soon as may be after it is made, be laid before each Houses of Parliament.30 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 22 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THE SCHEDULE (See section 15) 1. Appellate Tribunal under Cinematograph Act, 1952 (37 of 1952). 2. Authority for Advance Rulings under Income-tax Act, 1961 (43 of 1961). 3. Airport Appellate Tribunal under Airports Authority of India Act, 1994 (Act 55 of 1994). 4. Intellectual Property Appellate Board under Trade Marks Act, 1999 (47 of 1999). 5. Plant Varieties Protection Appellate Tribunal under Protection of Plant Varieties and Farmers’ Rights Act, 2001 (53 of 2001). RaM NaTh KOViND, President. Dr. G. Narayana Raju, RAM NATH KOVIND, Secretary to the Government of India. President. (Re-published by Order of the Governor) ———— a.S. PaSUPaThi, Additional Secretary to Government, Law Department. DR. G. NARAYANA RAJU, Secretary to the Govt. of India. UPLOADED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002 AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054. MGiPMRND—05Gi(S3)—04-04-2021. J A KA UNG MAA N AN T RA HT AH AN DJKD+AU 0i agG 5tMi e'At 3:Aa N 02l Rl 'A 0y 2 Ts 1Hig .0An 4Ne .0d A 4 bN 2yA 3 N :0T 4H :4A 5jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—21 REGISTERED NO. DL—(N)04/0007/2003—21 1 jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—21 REGISTERED NO. DL—(N)04/0007/2003—21 May 12, 2021] TaMil nadu governMenT gazeTTe 31 1 22 THEGAZETTEOFINDIAEXTRAORDINARY [PARTII— SEC.1] THE SCHEDULE (See section 15) सी.जी.-डी.xएxलx.-GअI.D-0H40x4x2x021-226365 1. Appellate Tribunal under Cinematograph Act, 1952 (37 of 1952). CG-DL-E-04042021-226365 xxxGIDExxx 2. Authority for Advance Rulings under Income-tax Act, 1961 (43 of 1961). vlk/kkj.k 3. Airport Appellate Tribunal under Airports Authority of India Act, 1994 (Act 55 of 1994). सी.E जX ी.T -R डीA .xएOxलRx.D -GअINI.DA -0RH4Y 0x4x2x021-226365 HCkkxG -IDIx L—x- x E[ G-k.0 IM4 D014 E2 x0 x2 x1-226365 4. Intellectual Property Appellate Board under Trade Marks Act, 1999 (47 of 1999). PART II—Section 1 vlk/kkj.k izkf/kdkj ls izdkf'kr 5. Plant Varieties Protection Appellate Tribunal under Protection of Plant Varieties and PUBLISHEDEX T BR YA O AR UD TIN HA OR RY ITY Farmers’ Rights Act, 2001 (53 of 2001). Hkkx II — [k.M 1 lañ 21] ubZ fnYyh] jfookj] vPiAzSyR T4 ]I I20—21S@pecS=ti o1n4 ]1 1943 ¼'kd½ izkf/kdkj ls izdkf'kr No. 21] NEW DELHI, SUNDAY, APRIL 4, 2021/CHAITRA 14, 1943 (SAKA) PUBLISHED BY AUTHORITY bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA RAM NATH KOVIND, Slepañ a r2a1t]e p a g i n g i s g i v e n utob Z tfhniYs yPha]r tj fiono okjr]d evri tzSyha t4 ]i t 2m02a1y @bpeS= f il1e4d] a1s9 a4 3s e¼p'akrdat½e compilation. President. No. 21] NEW DELHI, SUNDAY, APRIL 4, 2021/CHAITRA 14, 1943 (SAKA) MINISTRY OF LAW AND JUSTICE bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA Separate paging is given to( Ltheisg iPsalrat tiniv oer dDere tphaatr ittm meany tb)e filed as a separate compilation. ———— New Delhi, the 4th April, 2021/Chaitra 14, 1943 (Saka) MINISTRY OF LAW AND JUSTICE THE INSOLVENCY AND BANKRUPTCY CODE (T Ahe M Efo Nllo Dwi Mn (g LE eNc gie Tsn l)t a r Oa tl i RvO eD r Dd INin ea Apn aNc re Ct mEpr e,o n2m 0tu )2l g 1a ted by the President of india is hereby republished for general information: DR. G. NARAYANA RAJU, New Delhi, thN e O4. t h3 OAFp r2 i0 l2 , 1 2 021/Chaitra 14, 1943 (Saka) Secretary to the Govt. of India. PromTulHgaEte IdN bSyO thLeV PEreNsCidYen At iNn Dth Be ASeNvKenRtyU-sPeTcoCnYd YCeOaDr E (AMoEf NthDe MReEpNubTl)ic O oRf DInIdNiaA. NCE, 2021 NO. 3 OF 2021 An Ordinance further to amend the Insolvency and PromulgatedB bayn tkhreu pPtrceys iCdeondte i, n2 0th1e6 S. eventy-second Year of the Republic of India. WHEREAS COVID-19 pandemic has impacted businesAsens ,O frindainnacniacle mfuarrtkheetrs taon adm eecnodn othme iIenss aolllv eonvceyr athned world, including IndBiaa,n karnudp tchya sC oimdep,a 2c0te1d6 . the business operations of micro, small and medium enterprises and exposed WmaHnEyR oEfA tSh emC OtoV fIinDa-n1c9i al pdaisntdreesms;i c has impacted businesses, financial markets and economies all over the wAoNrlDd , WinHcElRudEiAnSg tIhned iGa,o vanerdn mhaesn t imhapsa cttaekde nt hsee vbeursailn ess meaosupreersa ttioo nms itoigf amtei cthroe, dsimstraelsl sa cnadu smede dbiyu mth ee nptaenrdperimseics , and incluedxipnogs eidn cmreaansyin ogf tthhee mm tion ifminuamnc aiaml oduisnttr eosfs ;d efault for initiation of corporate insolvency resolution process to one crorAe NruDp eWeHs,E aRnEdA Ss utshpee nGdoinvge rfnimlinegn t ohf aasp tpalkiceant iosnevs eral for mineitaiasutiroens toof mcoitripgoartea tteh ein dsiosltvreesnsc yca uresseodl ubtyio tnh ep proacnedsesm ic, in reinspcelucdt ionfg thinec dreeafsaiunlgts tahrei sminign idmuurimng a tmheo upnetr ioofd doeff aounlet for yeari nbietigaitnionnin go ff rocomr p2o5rtaht eM ianrscohl v2e0n2c0y; resolution process to UPLOADED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002 one crore rupees, and suspending filing of applications AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054. for initiation of corporate insolvency resolution process MGiPMRND—05Gi(S3)—04-04-2021. J A KA UNG MAA N AN T RA HT AH AN DJKD+AU 0i agG 5tMi e'At 3:Aa N 02l Rl 'A 0y 2 Ts 1Hig .0An 4Ne .0d A 4 bN 2yA 3 N :0T 4H :4A 5 in respect of the defaults arising during the period of one year beginning from 25th March 2020;32 2 TamilT HnEa GdAuZE TgToE OvFe INrDnIAm EeXTnRTA OgRaDIzNeATRYT e [P[Pa Ar Rt Ti IvI—— Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 3 AND WHEREAS such suspension for filing of “Provided further that the Central Government applications for initiation of corporate insolvency may, by notification, specify such minimum amount resolution process has ended on 24th March 2021; of default of higher value, which shall not be more than one crore rupees, for matters relating to the pre- AND WHEREAS the country has shown remarkable packaged insolvency resolution process of corporate resilience, be it tackling the pandemic or ensuring debtors under Chapter III-A.”. economic recovery; 3. In section 5 of the principal Act,— Amendment of AND WHEREAS micro, small and medium enterprises section 5. are critical for India’s economy as they contribute (i) after clause (2), the following clause shall be significantly to its gross domestic product and provide inserted, namely: — employment to a sizeable population; ‘(2A) “base resolution plan” means a AND WHEREAS it is considered necessary to urgently resolution plan provided by the corporate debtor address the specific requirements of micro, small and under clause (c) of sub-section (4) of section medium enterprises relating to the resolution of their 54A;’; insolvency, due to the unique nature of their businesses and simpler corporate structures; (ii) in clause (5), in sub-clause (b), after the words “corporate insolvency resolution process”, the words AND WHEREAS it is considered expedient to provide “or the pre-packaged insolvency resolution process, as an efficient alternative insolvency resolution process for the case may be,” shall be inserted; corporate persons classified as micro, small and medium enterprises under the Insolvency and Bankruptcy Code, (iii) in clause (11), after the words “corporate 2016, ensuring quicker, cost-effective and value insolvency resolution process”, the words “or pre- maximising outcomes for all the stakeholders, in a packaged insolvency resolution process, as the case manner which is least disruptive to the continuity of their may be” shall be inserted; businesses and which preserves jobs; (iv) inclause (15), after the words, “process AND WHEREAS in order to achieve these objectives, period”, the words “or by the corporate debtor during it is considered expedient to introduce a pre-packaged the pre-packaged insolvency resolution process insolvency resolution process for corporate persons period, as the case may be,” shall be inserted; classified as micro, small and medium enterprises; (v) in clause (19), after the words “for the AND WHEREAS Parliament is not in session and the purposes of”, the words and figures “Chapter VI and” President is satisfied that circumstances exist which shall be inserted; render it necessary for him to take immediate action; (vi) after clause (23), the following clauses shall NOW, THEREFORE, in exercise of the powers be inserted, namely: — conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following ‘(23A)“preliminary information” means a Ordinance: — memorandum submitted by the corporate debtor under clause (b) of sub-section (1) of section 54G; Short title and 1. (1) This Ordinance may be called the Insolvency commencement. and Bankruptcy Code (Amendment) Ordinance, 2021. (23B)“pre-packaged insolvency date” means the date of admission of an application for (2) It shall come into force at once. initiating the pre-packaged insolvency resolution process by the Adjudicating Authority under Amendment of 2. In the Insolvency and Bankruptcy Code, 2016 31 of 2016. section 4. (hereinafter referred to as the principal Act), in section 4, clause (a) of sub-section (4) of section 54C; after the proviso, the following proviso shall be inserted, namely:—2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12,S 2 EC0.2 1]1 ] TaMiTlH nE aGAdZuET gTEo OvF eINrDInAM EXeTnRTAO gRDaINzAeRTYT e 3 33 AND WHEREAS such suspension for filing of “Provided further that the Central Government applications for initiation of corporate insolvency may, by notification, specify such minimum amount resolution process has ended on 24th March 2021; of default of higher value, which shall not be more than one crore rupees, for matters relating to the pre- AND WHEREAS the country has shown remarkable packaged insolvency resolution process of corporate resilience, be it tackling the pandemic or ensuring debtors under Chapter III-A.”. economic recovery; 3. In section 5 of the principal Act,— Amendment of AND WHEREAS micro, small and medium enterprises section 5. are critical for India’s economy as they contribute (i) after clause (2), the following clause shall be significantly to its gross domestic product and provide inserted, namely: — employment to a sizeable population; ‘(2A) “base resolution plan” means a AND WHEREAS it is considered necessary to urgently resolution plan provided by the corporate debtor address the specific requirements of micro, small and under clause (c) of sub-section (4) of section medium enterprises relating to the resolution of their 54A;’; insolvency, due to the unique nature of their businesses and simpler corporate structures; (ii) in clause (5), in sub-clause (b), after the words “corporate insolvency resolution process”, the words AND WHEREAS it is considered expedient to provide “or the pre-packaged insolvency resolution process, as an efficient alternative insolvency resolution process for the case may be,” shall be inserted; corporate persons classified as micro, small and medium enterprises under the Insolvency and Bankruptcy Code, (iii) in clause (11), after the words “corporate 2016, ensuring quicker, cost-effective and value insolvency resolution process”, the words “or pre- maximising outcomes for all the stakeholders, in a packaged insolvency resolution process, as the case manner which is least disruptive to the continuity of their may be” shall be inserted; businesses and which preserves jobs; (iv) inclause (15), after the words, “process AND WHEREAS in order to achieve these objectives, period”, the words “or by the corporate debtor during it is considered expedient to introduce a pre-packaged the pre-packaged insolvency resolution process insolvency resolution process for corporate persons period, as the case may be,” shall be inserted; classified as micro, small and medium enterprises; (v) in clause (19), after the words “for the AND WHEREAS Parliament is not in session and the purposes of”, the words and figures “Chapter VI and” President is satisfied that circumstances exist which shall be inserted; render it necessary for him to take immediate action; (vi) after clause (23), the following clauses shall NOW, THEREFORE, in exercise of the powers be inserted, namely: — conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following ‘(23A)“preliminary information” means a Ordinance: — memorandum submitted by the corporate debtor under clause (b) of sub-section (1) of section 54G; Short title and 1. (1) This Ordinance may be called the Insolvency commencement. and Bankruptcy Code (Amendment) Ordinance, 2021. (23B)“pre-packaged insolvency date” means the date of admission of an application for (2) It shall come into force at once. initiating the pre-packaged insolvency resolution process by the Adjudicating Authority under Amendment of 2. In the Insolvency and Bankruptcy Code, 2016 31 of 2016. section 4. (hereinafter referred to as the principal Act), in section 4, clause (a) of sub-section (4) of section 54C; after the proviso, the following proviso shall be inserted, namely:—34 4 TamilT HnEa GdAuZE TgToE OvFe INrDnIAm EeXTnRTA OgRaDIzNeATRYT e [P[Pa Ar Rt Ti IvI—— Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 5 (23C) “pre-packaged insolvency resolution (ii) after clause (a), the following clause shall be process costs” means— inserted, namely:–– (a) the amount of any interim finance and the “(aa) a financial creditor or an operational costs incurred in raising such finance; creditor of a corporate debtor undergoing a pre- packaged insolvency resolution process; or”; (b) the fees payable to any person acting as a resolution professional and any expenses (iii) after clause (b), the following clause shall be incurred by him for conducting the pre-packaged inserted, namely:— insolvency resolution process during the pre- “(ba) a corporate debtor in respect of whom a packaged insolvency resolution process period, resolution plan has been approved under Chapter subject to sub-section (6) of section 54F; III-A, twelve months preceding the date of making (c) any costs incurred by the resolution of the application; or”. professional in running the business of the corporate debtor as a going concern pursuant to 5. After section 11 of the principal Act, the Insertion of new an order under sub-section (2) of section 54J; following section shall be inserted, namely: — section 11A. (d) any costs incurred at the expense of the “11A. (1) Where an application filed under section Disposal of Government to facilitate the pre-packaged 54C is pending, the Adjudicating Authority shall pass applications insolvency resolution process; and under section an order to admit or reject such application, before 54C and under (e) anyother costs as may be specified; considering any application filed under section 7 or section 7 or section 9 or section 10 during the pendency of such section 9 or (23D) “pre-packaged insolvency resolution application under section 54C, in respect of the same section 10. process period” means the period beginning from corporate debtor. the pre-packaged insolvency commencement date and ending on the date on which an order under (2) Where an application under section 54C is sub-section (1) of section 54L, or sub-section (1) filed within fourteen days of filing of any application of section 54N, or sub-section (2) of section 54-O, under section 7 or section 9 or section 10, which is as the case may be, is passed by the Adjudicating pending, in respect of the same corporate debtor,then, Authority;’; notwithstanding anything contained in sections 7, 9 and 10, the Adjudicating Authority shall first dispose (vii) in clause (25), after the words, brackets and of the application under section 54C. figures “of sub-section (2) of section 25”, the words, figures and letter “or pursuant to section 54K, as the (3) Where an application under section 54C is case may be” shall be inserted; filed after fourteen days of the filing of any application under section 7 or section 9 or section (viii) in clause (27), after the words “corporate 10, in respect of the same corporate debtor, the insolvency resolution process”, the words “or the pre- Adjudicating Authority shall first dispose of the packaged insolvency resolution process, as the case application under sections 7, 9 or 10. may be,” shall be inserted. (4) The provisions of this section shall not apply Amendment of 4.In section 11 of the principal Act,— where an application under section 7 or section 9 or section 11. section 10 is filed and pending as on the date of the (i) in clause (a), after the words “corporate commencement of the Insolvency and Bankruptcy Code insolvency resolution process”, the words “or a pre- (Amendment) Ordinance, 2021.”. packaged insolvency resolution process” shall be 6. In section 33 of the principal Act, in sub-section Amendment of inserted; (3), after the words, “approved by the Adjudicating section 33. Authority”, the words, figures, brackets and letter “under4 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12, S 2 EC0 .2 1]1 ] TaMi Tl H n E a GAd Zu ET g TEo Ov F e INr DIn AM EXe Tn RT AO g RDa INz Ae RT YT e 5 35 (23C) “pre-packaged insolvency resolution (ii) after clause (a), the following clause shall be process costs” means— inserted, namely:–– (a) the amount of any interim finance and the “(aa) a financial creditor or an operational costs incurred in raising such finance; creditor of a corporate debtor undergoing a pre- packaged insolvency resolution process; or”; (b) the fees payable to any person acting as a resolution professional and any expenses (iii) after clause (b), the following clause shall be incurred by him for conducting the pre-packaged inserted, namely:— insolvency resolution process during the pre- “(ba) a corporate debtor in respect of whom a packaged insolvency resolution process period, resolution plan has been approved under Chapter subject to sub-section (6) of section 54F; III-A, twelve months preceding the date of making (c) any costs incurred by the resolution of the application; or”. professional in running the business of the corporate debtor as a going concern pursuant to 5. After section 11 of the principal Act, the Insertion of new an order under sub-section (2) of section 54J; following section shall be inserted, namely: — section 11A. (d) any costs incurred at the expense of the “11A. (1) Where an application filed under section Disposal of Government to facilitate the pre-packaged 54C is pending, the Adjudicating Authority shall pass applications insolvency resolution process; and under section an order to admit or reject such application, before 54C and under (e) anyother costs as may be specified; considering any application filed under section 7 or section 7 or section 9 or section 10 during the pendency of such section 9 or (23D) “pre-packaged insolvency resolution application under section 54C, in respect of the same section 10. process period” means the period beginning from corporate debtor. the pre-packaged insolvency commencement date and ending on the date on which an order under (2) Where an application under section 54C is sub-section (1) of section 54L, or sub-section (1) filed within fourteen days of filing of any application of section 54N, or sub-section (2) of section 54-O, under section 7 or section 9 or section 10, which is as the case may be, is passed by the Adjudicating pending, in respect of the same corporate debtor,then, Authority;’; notwithstanding anything contained in sections 7, 9 and 10, the Adjudicating Authority shall first dispose (vii) in clause (25), after the words, brackets and of the application under section 54C. figures “of sub-section (2) of section 25”, the words, figures and letter “or pursuant to section 54K, as the (3) Where an application under section 54C is case may be” shall be inserted; filed after fourteen days of the filing of any application under section 7 or section 9 or section (viii) in clause (27), after the words “corporate 10, in respect of the same corporate debtor, the insolvency resolution process”, the words “or the pre- Adjudicating Authority shall first dispose of the packaged insolvency resolution process, as the case application under sections 7, 9 or 10. may be,” shall be inserted. (4) The provisions of this section shall not apply Amendment of 4.In section 11 of the principal Act,— where an application under section 7 or section 9 or section 11. section 10 is filed and pending as on the date of the (i) in clause (a), after the words “corporate commencement of the Insolvency and Bankruptcy Code insolvency resolution process”, the words “or a pre- (Amendment) Ordinance, 2021.”. packaged insolvency resolution process” shall be 6. In section 33 of the principal Act, in sub-section Amendment of inserted; (3), after the words, “approved by the Adjudicating section 33. Authority”, the words, figures, brackets and letter “under36 6 Tamil T Hn Ea Gd Au ZE Tg To E Ov Fe INr Dn IAm Ee XTn RT A Og Ra DIz Ne AT RYT e [P [Pa Ar Rt Ti Iv I—— Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 7 section 31 or under sub-section (1) of section 54L,” shall insolvency resolution process of the corporate be inserted. debtor, and the financial creditors of the corporate debtor, not being its related parties, representing not Amendment of 7. In section 34 of the principal Act, in sub-section less than sixty-six per cent. in value of the financial section 34. (1), after the words and figures, “under Chapter II”, the debt due to such creditors, have approved such words, figures and letter “or for the pre-packaged proposal in such form as may be specified: insolvency resolution process under Chapter III-A” shall be inserted. Provided that where a corporate debtor does not have any financial creditors, not being its Insertion of new 8. After Chapter III of the principal Act, the related parties, the proposal and approval under Chapter III-A. following Chapter shall be inserted, namely:— this clause shall be provided by such persons as may be specified; ‘CHAPTER III-A (f) the majority of the directors or partners of the PRE-PACKAGED INSOLVENCY RESOLUTION corporate debtor, as the case may be, have made a PROCESS declaration, in such form as may be specified, stating, inter alia, — Corporate 54A.(1) An application for initiating pre-packaged debtors eligible insolvency resolution process may be made in respect of (i) that the corporate debtor shall file an for pre-packaged a corporate debtor classified as a micro, small or insolvency application for initiating pre-packaged medium enterprise under sub-section (1) of section 7 of resolution insolvency resolution process within a definite process. the Micro, Small and Medium Enterprises Development 27 of 2006. time period not exceeding ninety days; Act, 2006. (ii) that the pre-packaged insolvency (2) Without prejudice to sub-section (1), an resolution process is not being initiated to application for initiating pre-packaged insolvency defraud any person; and resolution process may be made in respect of a corporate debtor, who commits a default referred to in (iii) the name of the insolvency professional section 4, subject to the following conditions, that–– proposed and approved to be appointed as resolution professional under clause (e); (a) it has not undergone pre-packaged insolvency resolution process or completed (g) the members of the corporate debtor have corporate insolvency resolution process, as the case passed a special resolution, or at least three-fourth of may be, during the period of three years preceding the total number of partners, as the case may be, of the initiation date; the corporate debtor have passed a resolution, approving the filing of an application for initiating (b) it is not undergoing a corporate insolvency pre-packaged insolvency resolution process. resolution process; (3) The corporate debtor shall obtain an approval (c) no order requiring it to be liquidated is from its financial creditors, not being its related parties, passed under section 33; representing not less than sixty-six per cent. in value of the financial debt due to such creditors, for the filing of (d) it is eligible to submit a resolution plan under an application for initiating pre-packaged insolvency section 29A; resolution process, in such form as may be specified: (e) the financial creditors of the corporate Provided that where a corporate debtor does not debtor, not being its related parties, representing have any financial creditors, not being its related such number and such manner as may be specified, parties, the approval under this sub-section shall be have proposed the name of the insolvency provided by such persons as may be specified. professional to be appointed as resolution professional for conducting the pre-packagedMay 12, 2021] TaMil nadu governMenT gazeTTe 37 6 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 7 section 31 or under sub-section (1) of section 54L,” shall insolvency resolution process of the corporate be inserted. debtor, and the financial creditors of the corporate debtor, not being its related parties, representing not Amendment of 7. In section 34 of the principal Act, in sub-section less than sixty-six per cent. in value of the financial section 34. (1), after the words and figures, “under Chapter II”, the debt due to such creditors, have approved such words, figures and letter “or for the pre-packaged proposal in such form as may be specified: insolvency resolution process under Chapter III-A” shall be inserted. Provided that where a corporate debtor does not have any financial creditors, not being its Insertion of new 8. After Chapter III of the principal Act, the related parties, the proposal and approval under Chapter III-A. following Chapter shall be inserted, namely:— this clause shall be provided by such persons as may be specified; ‘CHAPTER III-A (f) the majority of the directors or partners of the PRE-PACKAGED INSOLVENCY RESOLUTION corporate debtor, as the case may be, have made a PROCESS declaration, in such form as may be specified, stating, inter alia, — Corporate 54A.(1) An application for initiating pre-packaged debtors eligible insolvency resolution process may be made in respect of (i) that the corporate debtor shall file an for pre-packaged a corporate debtor classified as a micro, small or insolvency application for initiating pre-packaged medium enterprise under sub-section (1) of section 7 of resolution insolvency resolution process within a definite process. the Micro, Small and Medium Enterprises Development 27 of 2006. time period not exceeding ninety days; Act, 2006. (ii) that the pre-packaged insolvency (2) Without prejudice to sub-section (1), an resolution process is not being initiated to application for initiating pre-packaged insolvency defraud any person; and resolution process may be made in respect of a corporate debtor, who commits a default referred to in (iii) the name of the insolvency professional section 4, subject to the following conditions, that–– proposed and approved to be appointed as resolution professional under clause (e); (a) it has not undergone pre-packaged insolvency resolution process or completed (g) the members of the corporate debtor have corporate insolvency resolution process, as the case passed a special resolution, or at least three-fourth of may be, during the period of three years preceding the total number of partners, as the case may be, of the initiation date; the corporate debtor have passed a resolution, approving the filing of an application for initiating (b) it is not undergoing a corporate insolvency pre-packaged insolvency resolution process. resolution process; (3) The corporate debtor shall obtain an approval (c) no order requiring it to be liquidated is from its financial creditors, not being its related parties, passed under section 33; representing not less than sixty-six per cent. in value of the financial debt due to such creditors, for the filing of (d) it is eligible to submit a resolution plan under an application for initiating pre-packaged insolvency section 29A; resolution process, in such form as may be specified: (e) the financial creditors of the corporate Provided that where a corporate debtor does not debtor, not being its related parties, representing have any financial creditors, not being its related such number and such manner as may be specified, parties, the approval under this sub-section shall be have proposed the name of the insolvency provided by such persons as may be specified. professional to be appointed as resolution professional for conducting the pre-packaged38 8 Tamil T Hn Ea Gd Au ZE Tg To E Ov Fe INr Dn IAm Ee XTn RT A Og Ra DIz Ne AT RYT e [P [Pa Ar Rt Ti Iv I—— Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 9 (4) Prior to seeking approval from financial (3) The fees payable to the insolvency professional creditors under sub-section (3), the corporate debtor in relation to the duties performed under sub-section (1) shall provide such financial creditors with — shall be determined and borne in such manner as may be specified and such fees shall form part of the pre- (a) the declaration referred to inclause (f) of sub- packaged insolvency resolution process costs, if the section (2); application for initiation of pre-packaged insolvency resolution process is admitted. (b) the special resolution or resolution referred to in clause (g) of sub-section (2); 54C. (1) Where a corporate debtor meets the Application to requirements of section 54A, a corporate applicant initiate pre- (c) a base resolution plan which conforms to the packaged thereof may file an application with the Adjudicating requirements referred to in section 54K, and such insolvency Authority for initiating pre-packaged insolvency other conditions as may be specified; and resolution resolution process. process. (d) such other information and documents as (2) The application under sub-section (1) shall be may be specified. filed in such form, containing such particulars, in such Duties of 54B. (1) The insolvency professional, proposed to manner and accompanied with such fee as may be resolution be appointed as the resolution professional, shall have prescribed. professional the following duties commencing from the date of the before initiation (3) The corporate applicant shall, along with the approval under clause (e) of sub-section (2) of section of pre-packaged application, furnish— insolvency 54A, namely:— resolution (a) the declaration, special resolution or process. resolution, as the case may be, and the approval of (a) prepare a report in such form as may be financial creditors for initiating pre-packaged specified, confirming whether the corporate debtor insolvency resolution process in terms of section meets the requirements of section 54A, and the base 54A; resolution plan conforms to the requirements (b) the name and written consent, in such form referred to in clause (c) of sub-section (4) of section as may be specified, of the insolvency professional 54A; proposed to be appointed as resolution professional, (b) file such reports and other documents, with as approved under clause (e) of sub-section (2) of the Board, as may be specified; and section 54A, and his report as referred to in clause (a) of sub-section (1) of section 54B; (c) perform such other duties as may be specified. (c) a declaration regarding the existence of any transactions of the corporate debtor that may be (2) The duties of the insolvency professional under within the scope of provisions in respect of sub-section (1) shall cease, if, — avoidance of transactions under Chapter III or fraudulent or wrongful trading under Chapter VI, in (a) the corporate debtor fails to file an such form as may be specified; application for initiating pre-packaged insolvency resolution process within the time period as stated (d) information relating to books of account of under the declaration referred to in clause (f) of sub- the corporate debtor and such other documents section (2) of section 54A; or relating to such period as may be specified. (b) the application for initiating pre-packaged (4) The Adjudicating Authority shall, within a insolvency resolution process is admitted or rejected period of fourteen days of the receipt of the application, by the Adjudicating Authority, by an order,–– 10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— as the case may be. (a) admit the application, if it is complete; or (b) reject the application, if it is incomplete: Provided that the Adjudicating Authority shall, before rejecting an application, give notice to the applicant to rectify the defect in the application within seven days from the date of receipt of such notice from the Adjudicating Authority. (5) The pre-packaged insolvency resolution process shall commence from the date of admission of the application under clause (a) of sub-section (4). Time-limit for 54D. (1) The pre-packaged insolvency resolution completion of process shall be completed within a period of one pre-packaged hundred and twenty days from the pre-packaged insolvency insolvency commencement date. resolution process. (2) Without prejudice to sub-section (1), the resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the Adjudicating Authority under sub-section (4) or sub- section (12), as the case may be, of section 54K, within a period of ninety days from the pre-packaged insolvency commencement date. (3) Where no resolution plan is approved by the committee of creditors within the time period referred to in sub-section (2), the resolution professional shall, on the day after the expiry of such time period, file an application with the Adjudicating Authority for termination of the pre-packaged insolvency resolution process in such form and manner as may be specified. Declaration of 54E. (1) The Adjudicating Authority shall, on the moratorium and pre-packaged insolvency commencement date, along public with the order of admission under section 54C — announcement during pre- packaged insolvency resolution process. (a) declare a moratorium for the purposes referred to in sub-section (1) read with sub-section (3) of section 14, which shall, mutatis mutandis apply, to the proceedings under this Chapter; (b) appoint a resolution professional —May 12, 2021] TaMil nadu governMenT gazeTTe 39 8 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 9 (4) Prior to seeking approval from financial (3) The fees payable to the insolvency professional creditors under sub-section (3), the corporate debtor in relation to the duties performed under sub-section (1) shall provide such financial creditors with — shall be determined and borne in such manner as may be specified and such fees shall form part of the pre- (a) the declaration referred to inclause (f) of sub- packaged insolvency resolution process costs, if the section (2); application for initiation of pre-packaged insolvency resolution process is admitted. (b) the special resolution or resolution referred to in clause (g) of sub-section (2); 54C. (1) Where a corporate debtor meets the Application to requirements of section 54A, a corporate applicant initiate pre- (c) a base resolution plan which conforms to the packaged thereof may file an application with the Adjudicating requirements referred to in section 54K, and such insolvency Authority for initiating pre-packaged insolvency other conditions as may be specified; and resolution resolution process. process. (d) such other information and documents as (2) The application under sub-section (1) shall be may be specified. filed in such form, containing such particulars, in such Duties of 54B. (1) The insolvency professional, proposed to manner and accompanied with such fee as may be resolution be appointed as the resolution professional, shall have prescribed. professional the following duties commencing from the date of the before initiation (3) The corporate applicant shall, along with the approval under clause (e) of sub-section (2) of section of pre-packaged application, furnish— insolvency 54A, namely:— resolution (a) the declaration, special resolution or process. resolution, as the case may be, and the approval of (a) prepare a report in such form as may be financial creditors for initiating pre-packaged specified, confirming whether the corporate debtor insolvency resolution process in terms of section meets the requirements of section 54A, and the base 54A; resolution plan conforms to the requirements (b) the name and written consent, in such form referred to in clause (c) of sub-section (4) of section as may be specified, of the insolvency professional 54A; proposed to be appointed as resolution professional, (b) file such reports and other documents, with as approved under clause (e) of sub-section (2) of the Board, as may be specified; and section 54A, and his report as referred to in clause (a) of sub-section (1) of section 54B; (c) perform such other duties as may be specified. (c) a declaration regarding the existence of any transactions of the corporate debtor that may be (2) The duties of the insolvency professional under within the scope of provisions in respect of sub-section (1) shall cease, if, — avoidance of transactions under Chapter III or fraudulent or wrongful trading under Chapter VI, in (a) the corporate debtor fails to file an such form as may be specified; application for initiating pre-packaged insolvency resolution process within the time period as stated (d) information relating to books of account of under the declaration referred to in clause (f) of sub- the corporate debtor and such other documents section (2) of section 54A; or relating to such period as may be specified. (b) the application for initiating pre-packaged (4) The Adjudicating Authority shall, within a insolvency resolution process is admitted or rejected period of fourteen days of the receipt of the application, by the Adjudicating Authority, by an order,–– 10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— as the case may be. (a) admit the application, if it is complete; or (b) reject the application, if it is incomplete: Provided that the Adjudicating Authority shall, before rejecting an application, give notice to the applicant to rectify the defect in the application within seven days from the date of receipt of such notice from the Adjudicating Authority. (5) The pre-packaged insolvency resolution process shall commence from the date of admission of the application under clause (a) of sub-section (4). Time-limit for 54D. (1) The pre-packaged insolvency resolution completion of process shall be completed within a period of one pre-packaged hundred and twenty days from the pre-packaged insolvency insolvency commencement date. resolution process. (2) Without prejudice to sub-section (1), the resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the Adjudicating Authority under sub-section (4) or sub- section (12), as the case may be, of section 54K, within a period of ninety days from the pre-packaged insolvency commencement date. (3) Where no resolution plan is approved by the committee of creditors within the time period referred to in sub-section (2), the resolution professional shall, on the day after the expiry of such time period, file an application with the Adjudicating Authority for termination of the pre-packaged insolvency resolution process in such form and manner as may be specified. Declaration of 54E. (1) The Adjudicating Authority shall, on the moratorium and pre-packaged insolvency commencement date, along public with the order of admission under section 54C — announcement during pre- packaged insolvency resolution process. (a) declare a moratorium for the purposes referred to in sub-section (1) read with sub-section (3) of section 14, which shall, mutatis mutandis apply, to the proceedings under this Chapter; (b) appoint a resolution professional —10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— 40 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 11 (b) reject the application, if it is incomplete: Provided that the Adjudicating Authority (i) as named in the application, if no shall, before rejecting an application, give notice disciplinary proceeding is pending against him; to the applicant to rectify the defect in the or application within seven days from the date of (ii) based on the recommendation made by receipt of such notice from the Adjudicating the Board, if any disciplinary proceeding is Authority. pending against the insolvency professional (5) The pre-packaged insolvency resolution process named in the application. shall commence from the date of admission of the (c) cause a public announcement of the initiation application under clause (a) of sub-section (4). of the pre-packaged insolvency resolution process to Time-limit for 54D. (1) The pre-packaged insolvency resolution be made by the resolution professional, in such form completion of process shall be completed within a period of one and manner as may be specified, immediately after pre-packaged hundred and twenty days from the pre-packaged his appointment. insolvency insolvency commencement date. resolution (2) The order of moratorium shall have effect from process. the date of such order till the date on which the pre- (2) Without prejudice to sub-section (1), the packaged insolvency resolution process period comes to resolution professional shall submit the resolution plan, an end. as approved by the committee of creditors, to the 54F. (1) The resolution professional shall conduct Duties and Adjudicating Authority under sub-section (4) or sub- the pre-packaged insolvency resolution process of a powers of section (12), as the case may be, of section 54K, within resolution corporate debtor during the pre-packaged insolvency a period of ninety days from the pre-packaged professional resolution process period. insolvency commencement date. during pre- packaged (3) Where no resolution plan is approved by the insolvency resolution committee of creditors within the time period referred to process. in sub-section (2), the resolution professional shall, on the day after the expiry of such time period, file an (2) The resolution professional shall perform the application with the Adjudicating Authority for following duties, namely:— termination of the pre-packaged insolvency resolution process in such form and manner as may be specified. (a) confirm the list of claims submitted by the corporate debtor under section 54G, in such manner Declaration of 54E. (1) The Adjudicating Authority shall, on the as may be specified; moratorium and pre-packaged insolvency commencement date, along public with the order of admission under section 54C — (b) inform creditors regarding their claims as announcement confirmed under clause (a), in such manner as may during pre- be specified; packaged insolvency resolution (c) maintain an updated list of claims, in such process. manner as may be specified; (a) declare a moratorium for the purposes (d) monitor management of the affairs of the referred to in sub-section (1) read with sub-section corporate debtor; (3) of section 14, which shall, mutatis mutandis apply, to the proceedings under this Chapter; (e) inform the committee of creditors in the event of breach of any of the obligations of the (b) appoint a resolution professional — Board of Directors or partners, as the case may be, of the corporate debtor, under the provisions of this Chapter and the rules and regulations made thereunder;10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12,S 2 EC0.2 1]1 ] TaMiTlH nE aGAdZuET gTEo OvF eINrDInAM EXeTnRTAO gRDaINzAeRTYT e 11 41 (b) reject the application, if it is incomplete: Provided that the Adjudicating Authority (i) as named in the application, if no shall, before rejecting an application, give notice disciplinary proceeding is pending against him; to the applicant to rectify the defect in the or application within seven days from the date of (ii) based on the recommendation made by receipt of such notice from the Adjudicating the Board, if any disciplinary proceeding is Authority. pending against the insolvency professional (5) The pre-packaged insolvency resolution process named in the application. shall commence from the date of admission of the (c) cause a public announcement of the initiation application under clause (a) of sub-section (4). of the pre-packaged insolvency resolution process to Time-limit for 54D. (1) The pre-packaged insolvency resolution be made by the resolution professional, in such form completion of process shall be completed within a period of one and manner as may be specified, immediately after pre-packaged hundred and twenty days from the pre-packaged his appointment. insolvency insolvency commencement date. resolution (2) The order of moratorium shall have effect from process. the date of such order till the date on which the pre- (2) Without prejudice to sub-section (1), the packaged insolvency resolution process period comes to resolution professional shall submit the resolution plan, an end. as approved by the committee of creditors, to the 54F. (1) The resolution professional shall conduct Duties and Adjudicating Authority under sub-section (4) or sub- the pre-packaged insolvency resolution process of a powers of section (12), as the case may be, of section 54K, within resolution corporate debtor during the pre-packaged insolvency a period of ninety days from the pre-packaged professional resolution process period. insolvency commencement date. during pre- packaged (3) Where no resolution plan is approved by the insolvency resolution committee of creditors within the time period referred to process. in sub-section (2), the resolution professional shall, on the day after the expiry of such time period, file an (2) The resolution professional shall perform the application with the Adjudicating Authority for following duties, namely:— termination of the pre-packaged insolvency resolution process in such form and manner as may be specified. (a) confirm the list of claims submitted by the corporate debtor under section 54G, in such manner Declaration of 54E. (1) The Adjudicating Authority shall, on the as may be specified; moratorium and pre-packaged insolvency commencement date, along public with the order of admission under section 54C — (b) inform creditors regarding their claims as announcement confirmed under clause (a), in such manner as may during pre- be specified; packaged insolvency resolution (c) maintain an updated list of claims, in such process. manner as may be specified; (a) declare a moratorium for the purposes (d) monitor management of the affairs of the referred to in sub-section (1) read with sub-section corporate debtor; (3) of section 14, which shall, mutatis mutandis apply, to the proceedings under this Chapter; (e) inform the committee of creditors in the event of breach of any of the obligations of the (b) appoint a resolution professional — Board of Directors or partners, as the case may be, of the corporate debtor, under the provisions of this Chapter and the rules and regulations made thereunder;12 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (f) constitute the committee of creditors and convene and attend all its meetings; (g) prepare the information memorandum on the basis of the preliminary information memorandum submitted under section 54G and any other relevant information, in such form and manner as may be specified; (h) file applications for avoidance of transactions under Chapter III or fraudulent or wrongful trading under Chapter VI, if any; and (i) such other duties as may be specified. (3) The resolution professional shall exercise the following powers, namely:— (a) access all books of accounts, records and information available with the corporate debtor; (b) access the electronic records of the corporate debtor from an information utility having financial information of the corporate debtor; (c) access the books of accounts, records and other relevant documents of the corporate debtor available with Government authorities, statutory auditors, accountants and such other persons as may be specified; (d) attend meetings of members, Board of Directors and committee of directors, or partners, as the case may be, of the corporate debtor; (e) appoint accountants, legal or other professionals in such manner as may be specified; (f) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor and the existence of any transactions that may be within the scope of provisions relating to avoidance of transactions under Chapter III or fraudulent or wrongful trading under Chapter VI, including information relating to — 42 12 TamilT HnEa GdAuZE TgToE OvFe INrDnIAm EeXTnRTA OgRaDIzNeATRYT e [P[Pa Ar Rt Ti IvI—— Sec. 4 (i) business operations for the previous two years from the date of pre-packaged insolvency commencement date; SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 13 (f) constitute the committee of creditors and (ii) financial and operational payments for convene and attend all its meetings; the previous two years from the date of pre- (g) prepare the information memorandum on the packaged insolvency commencement date; basis of the preliminary information memorandum submitted under section 54G and any other relevant (iii) list of assets and liabilities as on the information, in such form and manner as may be initiation date; and specified; (iv) such other matters as may be specified; (h) file applications for avoidance of transactions (g) take such other actions in such manner as under Chapter III or fraudulent or wrongful trading may be specified. under Chapter VI, if any; and (4) From the date of appointment of the resolution (i) such other duties as may be specified. professional, the financial institutions maintaining (3) The resolution professional shall exercise the accounts of the corporate debtor shall furnish all following powers, namely:— information relating to the corporate debtor available with them to the resolution professional, as and when (a) access all books of accounts, records and required by him. information available with the corporate debtor; (5) The personnel of the corporate debtor, its (b) access the electronic records of the corporate promoters and any other person associated with the debtor from an information utility having financial management of the corporate debtor shall extend all information of the corporate debtor; assistance and cooperation to the resolution professional as may be required by him to perform his duties and (c) access the books of accounts, records and exercise his powers, and for such purposes, the other relevant documents of the corporate debtor provisions of sub-sections (2) and (3) of section 19 available with Government authorities, statutory shall, mutatis mutandis apply, in relation to the auditors, accountants and such other persons as may proceedings under this Chapter. be specified; (6) The fees of the resolution professional and any (d) attend meetings of members, Board of expenses incurred by him for conducting the pre- Directors and committee of directors, or partners, as packaged insolvency resolution process shall be the case may be, of the corporate debtor; determined in such manner as may be specified: (e) appoint accountants, legal or other Provided that the committee of creditors may professionals in such manner as may be specified; impose limits and conditions on such fees and expenses: (f) collect all information relating to the assets, Provided further that the fees and expenses for the finances and operations of the corporate debtor for periodprior to the constitution of the committee of determining the financial position of the corporate creditors shall be subject to ratification by it. debtor and the existence of any transactions that may be within the scope of provisions relating to (7) The fees and expenses referred to in sub-section avoidance of transactions under Chapter III or (6) shall be borne in such manner as may be specified. fraudulent or wrongful trading under Chapter VI, including information relating to — 54G.(1) The corporate debtor shall, within two days List of claims of the pre-packaged insolvency commencement date, and preliminary (i) business operations for the previous two information submit to the resolution professional the following memorandum. years from the date of pre-packaged insolvency information, updated as on that date, in such form and commencement date; manner as may be specified, namely:— 14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (ii) financial and operational payments for (a) a list of claims, along with details of the respective creditors, their security interests and guarantees, if any; and (b) a preliminary information memorandum containing information relevant for formulating a resolution plan. (2) Where any person has sustained any loss or damage as a consequence of the omission of any material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum submitted by the corporate debtor, every person who— (a) is a promoter or director or partner of the corporate debtor, as the case may be, at the time of submission of the list of claims or the preliminary information memorandum by the corporate debtor; or (b) has authorised the submission of the list of claims or the preliminary information memorandum by the corporate debtor, shall, without prejudice to section 77A, be liable to pay compensation to every person who has sustained such loss or damage. (3) No person shall be liable under sub-section (2), if the list of claims or the preliminary information memorandum was submitted by the corporate debtor without his knowledge or consent. (4) Subject to section 54E, any person, who sustained any loss or damage as a consequence of omission of material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking compensation for such loss or damage. Management of 54H. During the pre-packaged insolvency resolution affairs of process period,— corporate debtor. (a) the management of the affairs of the corporate debtor shall continue to vest in the Board of Directors or the partners, as the case may be, of the corporate debtor, subject to such conditions as may be specified; (b) the Board of Directors or the partners, as the12 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (f) constitute the committee of creditors and convene and attend all its meetings; (g) prepare the information memorandum on the basis of the preliminary information memorandum submitted under section 54G and any other relevant information, in such form and manner as may be specified; (h) file applications for avoidance of transactions under Chapter III or fraudulent or wrongful trading under Chapter VI, if any; and (i) such other duties as may be specified. (3) The resolution professional shall exercise the following powers, namely:— (a) access all books of accounts, records and information available with the corporate debtor; (b) access the electronic records of the corporate debtor from an information utility having financial information of the corporate debtor; (c) access the books of accounts, records and other relevant documents of the corporate debtor available with Government authorities, statutory auditors, accountants and such other persons as may be specified; (d) attend meetings of members, Board of Directors and committee of directors, or partners, as the case may be, of the corporate debtor; (e) appoint accountants, legal or other professionals in such manner as may be specified; (f) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor and the existence of any transactions that may be within the scope of provisions relating to avoidance of transactions under Chapter III or fraudulent or wrongful trading under Chapter VI, including information relating to — 12 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12, 2021] TaMil n(i)a bduusi ngesos vopeerratnioMnse fnorT t hge apzreeviTouTse two 43 years from the date of pre-packaged insolvency commencement date; SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 13 (f) constitute the committee of creditors and (ii) financial and operational payments for convene and attend all its meetings; the previous two years from the date of pre- (g) prepare the information memorandum on the packaged insolvency commencement date; basis of the preliminary information memorandum submitted under section 54G and any other relevant (iii) list of assets and liabilities as on the information, in such form and manner as may be initiation date; and specified; (iv) such other matters as may be specified; (h) file applications for avoidance of transactions (g) take such other actions in such manner as under Chapter III or fraudulent or wrongful trading may be specified. under Chapter VI, if any; and (4) From the date of appointment of the resolution (i) such other duties as may be specified. professional, the financial institutions maintaining (3) The resolution professional shall exercise the accounts of the corporate debtor shall furnish all following powers, namely:— information relating to the corporate debtor available with them to the resolution professional, as and when (a) access all books of accounts, records and required by him. information available with the corporate debtor; (5) The personnel of the corporate debtor, its (b) access the electronic records of the corporate promoters and any other person associated with the debtor from an information utility having financial management of the corporate debtor shall extend all information of the corporate debtor; assistance and cooperation to the resolution professional as may be required by him to perform his duties and (c) access the books of accounts, records and exercise his powers, and for such purposes, the other relevant documents of the corporate debtor provisions of sub-sections (2) and (3) of section 19 available with Government authorities, statutory shall, mutatis mutandis apply, in relation to the auditors, accountants and such other persons as may proceedings under this Chapter. be specified; (6) The fees of the resolution professional and any (d) attend meetings of members, Board of expenses incurred by him for conducting the pre- Directors and committee of directors, or partners, as packaged insolvency resolution process shall be the case may be, of the corporate debtor; determined in such manner as may be specified: (e) appoint accountants, legal or other Provided that the committee of creditors may professionals in such manner as may be specified; impose limits and conditions on such fees and expenses: (f) collect all information relating to the assets, Provided further that the fees and expenses for the finances and operations of the corporate debtor for periodprior to the constitution of the committee of determining the financial position of the corporate creditors shall be subject to ratification by it. debtor and the existence of any transactions that may be within the scope of provisions relating to (7) The fees and expenses referred to in sub-section avoidance of transactions under Chapter III or (6) shall be borne in such manner as may be specified. fraudulent or wrongful trading under Chapter VI, including information relating to — 54G.(1) The corporate debtor shall, within two days List of claims of the pre-packaged insolvency commencement date, and preliminary (i) business operations for the previous two information submit to the resolution professional the following memorandum. years from the date of pre-packaged insolvency information, updated as on that date, in such form and commencement date; manner as may be specified, namely:— 14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (ii) financial and operational payments for (a) a list of claims, along with details of the respective creditors, their security interests and guarantees, if any; and (b) a preliminary information memorandum containing information relevant for formulating a resolution plan. (2) Where any person has sustained any loss or damage as a consequence of the omission of any material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum submitted by the corporate debtor, every person who— (a) is a promoter or director or partner of the corporate debtor, as the case may be, at the time of submission of the list of claims or the preliminary information memorandum by the corporate debtor; or (b) has authorised the submission of the list of claims or the preliminary information memorandum by the corporate debtor, shall, without prejudice to section 77A, be liable to pay compensation to every person who has sustained such loss or damage. (3) No person shall be liable under sub-section (2), if the list of claims or the preliminary information memorandum was submitted by the corporate debtor without his knowledge or consent. (4) Subject to section 54E, any person, who sustained any loss or damage as a consequence of omission of material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking compensation for such loss or damage. Management of 54H. During the pre-packaged insolvency resolution affairs of process period,— corporate debtor. (a) the management of the affairs of the corporate debtor shall continue to vest in the Board of Directors or the partners, as the case may be, of the corporate debtor, subject to such conditions as may be specified; (b) the Board of Directors or the partners, as the14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— guarantees, if any; and (b) a preliminary information memorandum containing information relevant for formulating a resolution plan. (2) Where any person has sustained any loss or damage as a consequence of the omission of any material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum submitted by the corporate debtor, every person who— (a) is a promoter or director or partner of the corporate debtor, as the case may be, at the time of submission of the list of claims or the preliminary information memorandum by the corporate debtor; or (b) has authorised the submission of the list of claims or the preliminary information memorandum by the corporate debtor, shall, without prejudice to section 77A, be liable to pay compensation to every person who has sustained such loss or damage. (3) No person shall be liable under sub-section (2), if the list of claims or the preliminary information memorandum was submitted by the corporate debtor without his knowledge or consent. (4) Subject to section 54E, any person, who sustained any loss or damage as a consequence of omission of material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking compensation for such loss or damage. Management of 54H. During the pre-packaged insolvency resolution affairs of process period,— corporate debtor. 14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (a) the management of the affairs of the corporate debtor shall continue to vest in the Board 44 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 of Directors or the partners, as the case may be, of guarantees, if any; and the corporate debtor, subject to such conditions as SEC. 1] may beT H spE e G cA ifZ ieE dT ;TE OF INDIA EXTRAORDINARY 15 (b) a preliminary information memorandum containing information relevant for formulating a (b) the Board of Directors or the partners, as the resolution plan. case may be, of the corporate debtor, shall make every endeavour to protect and preserve the value of (2) Where any person has sustained any loss or the property of the corporate debtor, and manage its damage as a consequence of the omission of any operations as a going concern; and material information or inclusion of any misleading information in the list of claims or the preliminary (c) the promoters, members, personnel and information memorandum submitted by the corporate partners, as the case may be, of the corporate debtor, debtor, every person who— shall exercise and discharge their contractual or statutory rights and obligations in relation to the (a) is a promoter or director or partner of the corporate debtor, subject to the provisions of this corporate debtor, as the case may be, at the time of Chapter and such other conditions and restrictions as submission of the list of claims or the preliminary may be prescribed. information memorandum by the corporate debtor; or 54-I. (1) The resolution professional shall, within Committee of seven daysof the pre-packaged insolvency creditors. (b) has authorised the submission of the list of commencement date, constitute a committee of claims or the preliminary information memorandum creditors, based on the list of claims confirmed under by the corporate debtor, clause (a) of sub-section (2) of section 54F: shall, without prejudice to section 77A, be liable to pay Provided that the composition of the committee of compensation to every person who has sustained such creditors shall be altered on the basis of the updated list loss or damage. of claims, in such manner as may be specified, and any such alteration shall not affect the validity of any past (3) No person shall be liable under sub-section (2), decision of the committee of creditors. if the list of claims or the preliminary information memorandum was submitted by the corporate debtor (2) The first meeting of the committee of creditors without his knowledge or consent. shall be held within seven days of the constitution of the committee of creditors. (4) Subject to section 54E, any person, who sustained any loss or damage as a consequence of (3) Provisions of section 21, except sub-section (1) omission of material information or inclusion of any thereof, shall, mutatis mutandis apply, in relation to the misleading information in the list of claims or the committee of creditors under this Chapter: preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking Provided thatfor the purposes of this sub-section, compensation for such loss or damage. references to the “resolution professional” under sub- sections (9) and (10) of section 21, shall be construed as Management of 54H. During the pre-packaged insolvency resolution references to “corporate debtor or the resolution affairs of process period,— professional”. corporate debtor. 54J. (1) Where the committee of creditors, at any Vesting (a) the management of the affairs of the time during the pre-packaged insolvency resolution management of corporate debtor shall continue to vest in the Board corporate debtor process period, by a vote of not less than sixty-six per with resolution of Directors or the partners, as the case may be, of cent. of the voting shares, resolves to vest the professional. the corporate debtor, subject to such conditions as management of the corporate debtor with the resolution may be specified; professional, the resolution professional shall make an application for this purpose to the Adjudicating (b) the Board of Directors or the partners, as the Authority, in such form and manner as may be specified. (2) On an application made under sub-section (1), if the Adjudicating Authority is of the opinion that14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— guarantees, if any; and (b) a preliminary information memorandum containing information relevant for formulating a resolution plan. (2) Where any person has sustained any loss or damage as a consequence of the omission of any material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum submitted by the corporate debtor, every person who— (a) is a promoter or director or partner of the corporate debtor, as the case may be, at the time of submission of the list of claims or the preliminary information memorandum by the corporate debtor; or (b) has authorised the submission of the list of claims or the preliminary information memorandum by the corporate debtor, shall, without prejudice to section 77A, be liable to pay compensation to every person who has sustained such loss or damage. (3) No person shall be liable under sub-section (2), if the list of claims or the preliminary information memorandum was submitted by the corporate debtor without his knowledge or consent. (4) Subject to section 54E, any person, who sustained any loss or damage as a consequence of omission of material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking compensation for such loss or damage. Management of 54H. During the pre-packaged insolvency resolution affairs of process period,— corporate debtor. 14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (a) the management of the affairs of the corporate debtor shall continue to vest in the Board May 12, 2021] TaMil nadu governMenT gazeTTe 45 of Directors or the partners, as the case may be, of guarantees, if any; and the corporate debtor, subject to such conditions as SEC. 1] may beT H spE e G cA ifZ ieE dT ;TE OF INDIA EXTRAORDINARY 15 (b) a preliminary information memorandum containing information relevant for formulating a (b) the Board of Directors or the partners, as the resolution plan. case may be, of the corporate debtor, shall make every endeavour to protect and preserve the value of (2) Where any person has sustained any loss or the property of the corporate debtor, and manage its damage as a consequence of the omission of any operations as a going concern; and material information or inclusion of any misleading information in the list of claims or the preliminary (c) the promoters, members, personnel and information memorandum submitted by the corporate partners, as the case may be, of the corporate debtor, debtor, every person who— shall exercise and discharge their contractual or statutory rights and obligations in relation to the (a) is a promoter or director or partner of the corporate debtor, subject to the provisions of this corporate debtor, as the case may be, at the time of Chapter and such other conditions and restrictions as submission of the list of claims or the preliminary may be prescribed. information memorandum by the corporate debtor; or 54-I. (1) The resolution professional shall, within Committee of seven daysof the pre-packaged insolvency creditors. (b) has authorised the submission of the list of commencement date, constitute a committee of claims or the preliminary information memorandum creditors, based on the list of claims confirmed under by the corporate debtor, clause (a) of sub-section (2) of section 54F: shall, without prejudice to section 77A, be liable to pay Provided that the composition of the committee of compensation to every person who has sustained such creditors shall be altered on the basis of the updated list loss or damage. of claims, in such manner as may be specified, and any such alteration shall not affect the validity of any past (3) No person shall be liable under sub-section (2), decision of the committee of creditors. if the list of claims or the preliminary information memorandum was submitted by the corporate debtor (2) The first meeting of the committee of creditors without his knowledge or consent. shall be held within seven days of the constitution of the committee of creditors. (4) Subject to section 54E, any person, who sustained any loss or damage as a consequence of (3) Provisions of section 21, except sub-section (1) omission of material information or inclusion of any thereof, shall, mutatis mutandis apply, in relation to the misleading information in the list of claims or the committee of creditors under this Chapter: preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking Provided thatfor the purposes of this sub-section, compensation for such loss or damage. references to the “resolution professional” under sub- sections (9) and (10) of section 21, shall be construed as Management of 54H. During the pre-packaged insolvency resolution references to “corporate debtor or the resolution affairs of process period,— professional”. corporate debtor. 54J. (1) Where the committee of creditors, at any Vesting (a) the management of the affairs of the time during the pre-packaged insolvency resolution management of corporate debtor shall continue to vest in the Board corporate debtor process period, by a vote of not less than sixty-six per with resolution of Directors or the partners, as the case may be, of cent. of the voting shares, resolves to vest the professional. the corporate debtor, subject to such conditions as management of the corporate debtor with the resolution may be specified; professional, the resolution professional shall make an application for this purpose to the Adjudicating (b) the Board of Directors or the partners, as the Authority, in such form and manner as may be specified. (2) On an application made under sub-section (1), if the Adjudicating Authority is of the opinion thatSEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17 46 16 TamilT HnEa GdAuZE TgToE OvFe INrDnIAm EeXTnRTA OgRaDIzNeATRYT e [P[Pa Ar Rt Ti IvI—— Sec. 4 the proceedings under this Chapter. during the pre-packaged insolvency resolution (4) The committee of creditors may approve the process— base resolution plan for submission to the Adjudicating (a) the affairs of the corporate debtor have been Authority if it does not impair any claims owed by the conducted in a fraudulent manner; or corporate debtor to the operational creditors. (b) there has been gross mismanagement of the (5) Where — affairs of the corporate debtor, (a) the committee of creditors does not approve it shall pass an order vesting the management of the the base resolution plan under sub-section (4); or corporate debtor with the resolution professional. (b) the base resolution plan impairs any claims (3) Notwithstanding anything to the contrary owed by the corporate debtor to the operational contained in this Chapter, the provisions of — creditors, (a) sub-sections (2) and (2A) of section 14; the resolution professional shall invite prospective resolution applicants to submit a resolution plan or (b) section 17; plans, to compete with the base resolution plan, in such manner as may be specified. (c) clauses (e) to (g) of section 18; (6) The resolution applicants submitting resolution (d) sections 19 and 20; plans pursuant to invitation under sub-section (5), shall (e) sub-section (1) of section 25; fulfil such criteria as may be laid down by the resolution professional with the approval of the committee of (f) clauses (a) to (c) and clause (k) of sub- creditors, having regard to the complexity and scale of section (2) of section 25; and operations of the business of the corporate debtor and such other conditions as may be specified. (g) section 28, (7) The resolution professional shall provide to the shall, mutatis mutandis apply, to the proceedings under resolution applicants, — this Chapter, from the date of the order under sub- section (2), until the pre-packaged insolvency resolution (a) the basis for evaluation of resolution plans process period comes to an end. for the purposes of sub-section (9), as approved by the committee of creditors subject to such conditions Consideration 54K. (1) The corporate debtor shall submit the base as may be specified; and and approval of resolution plan, referred to in clause (c) of sub-section resolution plan. (4) of section 54A, to the resolution professional within (b) the relevant information referred to in section two days of the pre-packaged insolvency 29, which shall, mutatis mutandisapply, to the commencement date, and the resolution professional proceedings under this Chapter, shall present it to the committee of creditors. in such manner as may be specified. (2) The committee of creditors may provide the (8) The resolution professional shall present to the corporate debtor an opportunity to revise the base committee of creditors, for its evaluation, resolution resolution plan prior to its approval under sub-section plans which conform to the requirements referred to in (4) or invitation of prospective resolution applicants sub-section (2) of section 30. under sub-section (5), as the case may be. (3) The resolution plans andthe base resolution plan, (9) The committee of creditors shall evaluate the resolution plans presented by the resolution professional submitted under this section shall conform to the and select a resolution plan from amongst them. SEC. 1] requiremTeHntEs GrAefZeErrTeTdE tOoF iInN DsuIAb -EsXecTtRioAnOsR (D1I)N AanRdY (2) of 17 section 30, and the provisions of sub-sections (1), (2) and (5) of section 30 shall, mutatis mutandis apply, to the proceedings under this Chapter. (4) The committee of creditors may approve the base resolution plan for submission to the Adjudicating Authority if it does not impair any claims owed by the corporate debtor to the operational creditors. (5) Where — (a) the committee of creditors does not approve the base resolution plan under sub-section (4); or (b) the base resolution plan impairs any claims owed by the corporate debtor to the operational creditors, the resolution professional shall invite prospective resolution applicants to submit a resolution plan or plans, to compete with the base resolution plan, in such manner as may be specified. (6) The resolution applicants submitting resolution plans pursuant to invitation under sub-section (5), shall fulfil such criteria as may be laid down by the resolution professional with the approval of the committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified. (7) The resolution professional shall provide to the resolution applicants, — (a) the basis for evaluation of resolution plans for the purposes of sub-section (9), as approved by the committee of creditors subject to such conditions as may be specified; and (b) the relevant information referred to in section 29, which shall, mutatis mutandisapply, to the proceedings under this Chapter, in such manner as may be specified. (8) The resolution professional shall present to the committee of creditors, for its evaluation, resolution plans which conform to the requirements referred to in sub-section (2) of section 30. (9) The committee of creditors shall evaluate the resolution plans presented by the resolution professional and select a resolution plan from amongst them.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17 16 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12, 2021] TaMil nadu governMenT gazeTTe 47 the proceedings under this Chapter. during the pre-packaged insolvency resolution (4) The committee of creditors may approve the process— base resolution plan for submission to the Adjudicating (a) the affairs of the corporate debtor have been Authority if it does not impair any claims owed by the conducted in a fraudulent manner; or corporate debtor to the operational creditors. (b) there has been gross mismanagement of the (5) Where — affairs of the corporate debtor, (a) the committee of creditors does not approve it shall pass an order vesting the management of the the base resolution plan under sub-section (4); or corporate debtor with the resolution professional. (b) the base resolution plan impairs any claims (3) Notwithstanding anything to the contrary owed by the corporate debtor to the operational contained in this Chapter, the provisions of — creditors, (a) sub-sections (2) and (2A) of section 14; the resolution professional shall invite prospective resolution applicants to submit a resolution plan or (b) section 17; plans, to compete with the base resolution plan, in such manner as may be specified. (c) clauses (e) to (g) of section 18; (6) The resolution applicants submitting resolution (d) sections 19 and 20; plans pursuant to invitation under sub-section (5), shall (e) sub-section (1) of section 25; fulfil such criteria as may be laid down by the resolution professional with the approval of the committee of (f) clauses (a) to (c) and clause (k) of sub- creditors, having regard to the complexity and scale of section (2) of section 25; and operations of the business of the corporate debtor and such other conditions as may be specified. (g) section 28, (7) The resolution professional shall provide to the shall, mutatis mutandis apply, to the proceedings under resolution applicants, — this Chapter, from the date of the order under sub- section (2), until the pre-packaged insolvency resolution (a) the basis for evaluation of resolution plans process period comes to an end. for the purposes of sub-section (9), as approved by the committee of creditors subject to such conditions Consideration 54K. (1) The corporate debtor shall submit the base as may be specified; and and approval of resolution plan, referred to in clause (c) of sub-section resolution plan. (4) of section 54A, to the resolution professional within (b) the relevant information referred to in section two days of the pre-packaged insolvency 29, which shall, mutatis mutandisapply, to the commencement date, and the resolution professional proceedings under this Chapter, shall present it to the committee of creditors. in such manner as may be specified. (2) The committee of creditors may provide the (8) The resolution professional shall present to the corporate debtor an opportunity to revise the base committee of creditors, for its evaluation, resolution resolution plan prior to its approval under sub-section plans which conform to the requirements referred to in (4) or invitation of prospective resolution applicants sub-section (2) of section 30. under sub-section (5), as the case may be. (3) The resolution plans andthe base resolution plan, (9) The committee of creditors shall evaluate the resolution plans presented by the resolution professional submitted under this section shall conform to the and select a resolution plan from amongst them. SEC. 1] requiremTeHntEs GrAefZeErrTeTdE tOoF iInN DsuIAb -EsXecTtRioAnOsR (D1I)N AanRdY (2) of 17 section 30, and the provisions of sub-sections (1), (2) and (5) of section 30 shall, mutatis mutandis apply, to the proceedings under this Chapter. (4) The committee of creditors may approve the base resolution plan for submission to the Adjudicating Authority if it does not impair any claims owed by the corporate debtor to the operational creditors. (5) Where — (a) the committee of creditors does not approve the base resolution plan under sub-section (4); or (b) the base resolution plan impairs any claims owed by the corporate debtor to the operational creditors, the resolution professional shall invite prospective resolution applicants to submit a resolution plan or plans, to compete with the base resolution plan, in such manner as may be specified. (6) The resolution applicants submitting resolution plans pursuant to invitation under sub-section (5), shall fulfil such criteria as may be laid down by the resolution professional with the approval of the committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified. (7) The resolution professional shall provide to the resolution applicants, — (a) the basis for evaluation of resolution plans for the purposes of sub-section (9), as approved by the committee of creditors subject to such conditions as may be specified; and (b) the relevant information referred to in section 29, which shall, mutatis mutandisapply, to the proceedings under this Chapter, in such manner as may be specified. (8) The resolution professional shall present to the committee of creditors, for its evaluation, resolution plans which conform to the requirements referred to in sub-section (2) of section 30. (9) The committee of creditors shall evaluate the resolution plans presented by the resolution professional and select a resolution plan from amongst them.48 18 TamilT HnEa GdAuZE TgToE OvFe INrDnIAm EeXTnRTA OgRaDIzNeATRYT e [P[Pa Ar Rt Ti IvI—— Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 19 (10) Where, on the basis of such criteria as may be Provided that where the resolution plan does not laid down by it, the committee of creditors decides that provide for such dilution, the committee of creditors the resolution plan selected under sub-section (9) is shall, prior to the approval of such resolution plan under significantly better than the base resolution plan, such sub-section (4) or sub-section (12), as the case may be, resolution plan may be selected for approval under sub- record reasons for its approval. section (12): (15) The resolution professional shall submit the Provided that the criteria laid down by the resolution plan as approved by the committee of committee of creditors under this sub-section shall be creditors under sub-section (4) or sub-section (12), as subject to such conditions as may be specified. the case may be, to the Adjudicating Authority. (11) Where the resolution plan selected under sub- Explanation I.––For the removal of doubts, it is section (9) is not considered for approval or does not hereby clarified that, the corporate debtor being a fulfil the requirements of sub-section (10), it shall resolution applicant under clause (25) of section 5, compete with the base resolution plan, in such manner may submit the base resolution plan either and subject to such conditions as may be specified, and individually or jointly with any other person. one of them shall be selected for approval under sub- Explanation II.––For the purposes of sub- section (12). sections (4) and (14), claims shall be considered to (12) The resolution plan selected for approval under be impaired where the resolution plan does not sub-section (10) or sub-section (11), as the case may be, provide for the full payment of the confirmed claims may be approved by the committee of creditors for as per the updated list of claims maintained by the submission to the Adjudicating Authority: resolution professional. Provided that where the resolution plan selected for 54L. (1) If the Adjudicating Authority is satisfied Approval of approval under sub-section (11) is not approved by the that the resolution plan as approved by the committee of resolution plan. committee of creditors, the resolution professional shall creditors under sub-section (4) or sub-section (12) of file an application for termination of the pre-packaged section 54K, as the case may be, subject to the insolvency resolution process in such form and manner conditions provided therein, meets the requirements as as may be specified. referred to in sub-section (2) of section 30, it shall, within thirty days of the receipt of such resolution plan, (13) The approval of the resolution plan under sub- by order approve the resolution plan: section (4) or sub-section (12), as the case may be, by the committee of creditors, shall be by a vote of not less Provided that the Adjudicating Authority shall, than sixty-six per cent. of the voting shares, after before passing an order for approval of a resolution plan considering its feasibility and viability, the manner of under this sub-section, satisfy itself that the resolution distribution proposed, taking into account the order of plan has provisions for its effective implementation. priority amongst creditors as laid down in sub-section (2) The order of approval under sub-section (1) shall (1) of section 53, including the priority and value of the have such effect as provided under sub-sections (1), (3) security interest of a secured creditor and such other and (4) of section 31, which shall, mutatis mutandis requirements as may be specified. apply, to the proceedings under this Chapter. (14) While considering the feasibility and viability (3) Where the Adjudicating Authority is satisfied of a resolution plan, where the resolution plan submitted that the resolution plan does not conform to the by the corporate debtor provides for impairment of any requirements referred to in sub-section (1), it may, claims owed by the corporate debtor, the committee of within thirty days of the receipt of such resolution plan, creditors may require the promoters of the corporate by an order, reject the resolution plan and pass an order debtor to dilute their shareholding or voting or control under section 54N. rights in the corporate debtor: (4) Notwithstanding anything to the contrary18 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12, S 2 EC0 .2 1]1 ] TaMi Tl H n E a GAd Zu ET g TEo Ov F e INr DIn AM EXe Tn RT AO g RDa INz Ae RT YT e 19 49 (10) Where, on the basis of such criteria as may be Provided that where the resolution plan does not laid down by it, the committee of creditors decides that provide for such dilution, the committee of creditors the resolution plan selected under sub-section (9) is shall, prior to the approval of such resolution plan under significantly better than the base resolution plan, such sub-section (4) or sub-section (12), as the case may be, resolution plan may be selected for approval under sub- record reasons for its approval. section (12): (15) The resolution professional shall submit the Provided that the criteria laid down by the resolution plan as approved by the committee of committee of creditors under this sub-section shall be creditors under sub-section (4) or sub-section (12), as subject to such conditions as may be specified. the case may be, to the Adjudicating Authority. (11) Where the resolution plan selected under sub- Explanation I.––For the removal of doubts, it is section (9) is not considered for approval or does not hereby clarified that, the corporate debtor being a fulfil the requirements of sub-section (10), it shall resolution applicant under clause (25) of section 5, compete with the base resolution plan, in such manner may submit the base resolution plan either and subject to such conditions as may be specified, and individually or jointly with any other person. one of them shall be selected for approval under sub- Explanation II.––For the purposes of sub- section (12). sections (4) and (14), claims shall be considered to (12) The resolution plan selected for approval under be impaired where the resolution plan does not sub-section (10) or sub-section (11), as the case may be, provide for the full payment of the confirmed claims may be approved by the committee of creditors for as per the updated list of claims maintained by the submission to the Adjudicating Authority: resolution professional. Provided that where the resolution plan selected for 54L. (1) If the Adjudicating Authority is satisfied Approval of approval under sub-section (11) is not approved by the that the resolution plan as approved by the committee of resolution plan. committee of creditors, the resolution professional shall creditors under sub-section (4) or sub-section (12) of file an application for termination of the pre-packaged section 54K, as the case may be, subject to the insolvency resolution process in such form and manner conditions provided therein, meets the requirements as as may be specified. referred to in sub-section (2) of section 30, it shall, within thirty days of the receipt of such resolution plan, (13) The approval of the resolution plan under sub- by order approve the resolution plan: section (4) or sub-section (12), as the case may be, by the committee of creditors, shall be by a vote of not less Provided that the Adjudicating Authority shall, than sixty-six per cent. of the voting shares, after before passing an order for approval of a resolution plan considering its feasibility and viability, the manner of under this sub-section, satisfy itself that the resolution distribution proposed, taking into account the order of plan has provisions for its effective implementation. priority amongst creditors as laid down in sub-section (2) The order of approval under sub-section (1) shall (1) of section 53, including the priority and value of the have such effect as provided under sub-sections (1), (3) security interest of a secured creditor and such other and (4) of section 31, which shall, mutatis mutandis requirements as may be specified. apply, to the proceedings under this Chapter. (14) While considering the feasibility and viability (3) Where the Adjudicating Authority is satisfied of a resolution plan, where the resolution plan submitted that the resolution plan does not conform to the by the corporate debtor provides for impairment of any requirements referred to in sub-section (1), it may, claims owed by the corporate debtor, the committee of within thirty days of the receipt of such resolution plan, creditors may require the promoters of the corporate by an order, reject the resolution plan and pass an order debtor to dilute their shareholding or voting or control under section 54N. rights in the corporate debtor: (4) Notwithstanding anything to the contrarySEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 19 Provided that where the resolution plan does not provide for such dilution, the committee of creditors shall, prior to the approval of such resolution plan under sub-section (4) or sub-section (12), as the case may be, record reasons for its approval. (15) The resolution professional shall submit the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12), as the case may be, to the Adjudicating Authority. Explanation I.––For the removal of doubts, it is hereby clarified that, the corporate debtor being a resolution applicant under clause (25) of section 5, may submit the base resolution plan either individually or jointly with any other person. Explanation II.––For the purposes of sub- sections (4) and (14), claims shall be considered to be impaired where the resolution plan does not provide for the full payment of the confirmed claims as per the updated list of claims maintained by the resolution professional. 54L. (1) If the Adjudicating Authority is satisfied Approval of that the resolution plan as approved by the committee of resolution plan. creditors under sub-section (4) or sub-section (12) of section 54K, as the case may be, subject to the conditions provided therein, meets the requirements as referred to in sub-section (2) of section 30, it shall, within thirty days of the receipt of such resolution plan, by order approve the resolution plan: Provided that the Adjudicating Authority shall, before passing an order for approval of a resolution plan under this sub-section, satisfy itself that the resolution plan has provisions for its effective implementation. (2) The order of approval under sub-section (1) shall have such effect as provided under sub-sections (1), (3) and (4) of section 31, which shall, mutatis mutandis apply, to the proceedings under this Chapter. (3) Where the Adjudicating Authority is satisfied that the resolution plan does not conform to the requirements referred to in sub-section (1), it may, 50 wiTthainm tihlir tny adadyus o gf tohev reecreinptm oef snuTch greasozluetiToTn epl an, [Part iv—Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 21 by an order, reject the resolution plan and pass an order 20 under secT tiH oE n G 5A 4NZE . TTE OF INDIA EXTRAORDINARY [PART II— (2) Where the resolution professional, at any time (4) Notwithstanding anything to the contrary after the pre-packaged insolvency commencement date, contained in this section, where the Adjudicating but before the approval of resolution plan under sub- Authority has passed an order under sub-section (2) of section (4) or sub-section (12), as the case may be, of section 54J and the resolution plan approved by the section 54K, intimates the Adjudicating Authority of the committee of creditors under sub-section (4) or sub- decision of the committee of creditors, approved by a section (12), as the case may be, of section 54K, does vote of sixty-six per cent. of the voting shares, to not result in the change in the management or control of terminate the pre-packaged insolvency resolution the corporate debtor to a person who was not a promoter process, the Adjudicating Authority shall pass an order or in the management or control of the corporate debtor, under sub-section (1). the Adjudicating Authority shall pass an order — (3) Where the Adjudicating Authority passes an (a) rejecting such resolution plan; order under sub-section (1), the corporate debtor shall bear the pre-packaged insolvency resolution process (b) terminating the pre-packaged insolvency costs, if any. resolution process and passing a liquidation order in respect of the corporate debtor as referred to in sub- (4) Notwithstanding anything to the contrary clauses (i), (ii) and (iii) of clause (b) of sub-section contained in this section, where the Adjudicating (1) of section 33; and Authority has passed an order under sub-section (2) of section 54J and the pre-packaged insolvency resolution (c) declaring that the pre-packaged insolvency process is required to be terminated under sub-section resolution process costs, if any, shall be included as (1), the Adjudicating Authority shall pass an order — part of the liquidation costs for the purposes of liquidation of the corporate debtor. (a) of liquidation in respect of the corporate debtor as referred to in sub-clauses (i), (ii) and (iii) Appeal against 54M. Any appeal from an order approving the of clause (b) of sub-section (1) of section 33; and order under resolution plan under sub-section (1) of section 54L, section 54L. shall be on the grounds laid down in sub-section (3) of (b) declare that the pre-packaged insolvency section 61. resolution process costs, if any, shall be included as part of the liquidation costs for the purposes of Termination of 54N. (1) Where the resolution professional files an liquidation of the corporate debtor. pre-packaged application with the Adjudicating Authority, — insolvency 54-O. (1) The committee of creditors, at any time Initiation of resolution process. after the pre-packaged insolvency commencement date corporate insolvency but before the approval of resolution plan under sub- resolution section (4) or sub-section (12), as the case may be, of (a) under the proviso to sub-section (12) of process. section 54K, by a vote of sixty-six per cent. of the section 54K; or voting shares, may resolve to initiate a corporate insolvency resolution process in respect of the corporate (b) under sub-section (3) of section 54D, debtor, if such corporate debtor is eligible for corporate the Adjudicating Authority shall, within thirty days insolvency resolution process under Chapter II. of the date of such application, by an order, — (2) Notwithstanding anything to the contrary (i) terminate the pre-packaged insolvency contained in Chapter II, where the resolution resolution process; and professional intimates the Adjudicating Authority of the decision of the committee of creditors under sub-section (ii) provide for the manner of continuation of (1), the Adjudicating Authority shall, within thirty days proceedings initiated for avoidance of of the date of such intimation, pass an order to — transactions under Chapter III or proceedings initiated under section 66 and section 67A, if (a) terminate the pre-packaged insolvency any.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 19 Provided that where the resolution plan does not provide for such dilution, the committee of creditors shall, prior to the approval of such resolution plan under sub-section (4) or sub-section (12), as the case may be, record reasons for its approval. (15) The resolution professional shall submit the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12), as the case may be, to the Adjudicating Authority. Explanation I.––For the removal of doubts, it is hereby clarified that, the corporate debtor being a resolution applicant under clause (25) of section 5, may submit the base resolution plan either individually or jointly with any other person. Explanation II.––For the purposes of sub- sections (4) and (14), claims shall be considered to be impaired where the resolution plan does not provide for the full payment of the confirmed claims as per the updated list of claims maintained by the resolution professional. 54L. (1) If the Adjudicating Authority is satisfied Approval of that the resolution plan as approved by the committee of resolution plan. creditors under sub-section (4) or sub-section (12) of section 54K, as the case may be, subject to the conditions provided therein, meets the requirements as referred to in sub-section (2) of section 30, it shall, within thirty days of the receipt of such resolution plan, by order approve the resolution plan: Provided that the Adjudicating Authority shall, before passing an order for approval of a resolution plan under this sub-section, satisfy itself that the resolution plan has provisions for its effective implementation. (2) The order of approval under sub-section (1) shall have such effect as provided under sub-sections (1), (3) and (4) of section 31, which shall, mutatis mutandis apply, to the proceedings under this Chapter. (3) Where the Adjudicating Authority is satisfied that the resolution plan does not conform to the requirements referred to in sub-section (1), it may, within thirty days of the receipt of such resolution plan, May 12,S 2 EC0.2 1]1 ] TaMiTlH nE aGAdZuET gTEo OvF eINrDInAM EXeTnRTAO gRDaINzAeRTYT e 21 51 by an order, reject the resolution plan and pass an order 20 under secT tiH oE n G 5A 4NZE . TTE OF INDIA EXTRAORDINARY [PART II— (2) Where the resolution professional, at any time (4) Notwithstanding anything to the contrary after the pre-packaged insolvency commencement date, contained in this section, where the Adjudicating but before the approval of resolution plan under sub- Authority has passed an order under sub-section (2) of section (4) or sub-section (12), as the case may be, of section 54J and the resolution plan approved by the section 54K, intimates the Adjudicating Authority of the committee of creditors under sub-section (4) or sub- decision of the committee of creditors, approved by a section (12), as the case may be, of section 54K, does vote of sixty-six per cent. of the voting shares, to not result in the change in the management or control of terminate the pre-packaged insolvency resolution the corporate debtor to a person who was not a promoter process, the Adjudicating Authority shall pass an order or in the management or control of the corporate debtor, under sub-section (1). the Adjudicating Authority shall pass an order — (3) Where the Adjudicating Authority passes an (a) rejecting such resolution plan; order under sub-section (1), the corporate debtor shall bear the pre-packaged insolvency resolution process (b) terminating the pre-packaged insolvency costs, if any. resolution process and passing a liquidation order in respect of the corporate debtor as referred to in sub- (4) Notwithstanding anything to the contrary clauses (i), (ii) and (iii) of clause (b) of sub-section contained in this section, where the Adjudicating (1) of section 33; and Authority has passed an order under sub-section (2) of section 54J and the pre-packaged insolvency resolution (c) declaring that the pre-packaged insolvency process is required to be terminated under sub-section resolution process costs, if any, shall be included as (1), the Adjudicating Authority shall pass an order — part of the liquidation costs for the purposes of liquidation of the corporate debtor. (a) of liquidation in respect of the corporate debtor as referred to in sub-clauses (i), (ii) and (iii) Appeal against 54M. Any appeal from an order approving the of clause (b) of sub-section (1) of section 33; and order under resolution plan under sub-section (1) of section 54L, section 54L. shall be on the grounds laid down in sub-section (3) of (b) declare that the pre-packaged insolvency section 61. resolution process costs, if any, shall be included as part of the liquidation costs for the purposes of Termination of 54N. (1) Where the resolution professional files an liquidation of the corporate debtor. pre-packaged application with the Adjudicating Authority, — insolvency 54-O. (1) The committee of creditors, at any time Initiation of resolution process. after the pre-packaged insolvency commencement date corporate insolvency but before the approval of resolution plan under sub- resolution section (4) or sub-section (12), as the case may be, of (a) under the proviso to sub-section (12) of process. section 54K, by a vote of sixty-six per cent. of the section 54K; or voting shares, may resolve to initiate a corporate insolvency resolution process in respect of the corporate (b) under sub-section (3) of section 54D, debtor, if such corporate debtor is eligible for corporate the Adjudicating Authority shall, within thirty days insolvency resolution process under Chapter II. of the date of such application, by an order, — (2) Notwithstanding anything to the contrary (i) terminate the pre-packaged insolvency contained in Chapter II, where the resolution resolution process; and professional intimates the Adjudicating Authority of the decision of the committee of creditors under sub-section (ii) provide for the manner of continuation of (1), the Adjudicating Authority shall, within thirty days proceedings initiated for avoidance of of the date of such intimation, pass an order to — transactions under Chapter III or proceedings initiated under section 66 and section 67A, if (a) terminate the pre-packaged insolvency any.SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 21 (2) Where the resolution professional, at any time after the pre-packaged insolvency commencement date, but before the approval of resolution plan under sub- section (4) or sub-section (12), as the case may be, of section 54K, intimates the Adjudicating Authority of the decision of the committee of creditors, approved by a vote of sixty-six per cent. of the voting shares, to terminate the pre-packaged insolvency resolution process, the Adjudicating Authority shall pass an order under sub-section (1). (3) Where the Adjudicating Authority passes an order under sub-section (1), the corporate debtor shall bear the pre-packaged insolvency resolution process costs, if any. (4) Notwithstanding anything to the contrary contained in this section, where the Adjudicating Authority has passed an order under sub-section (2) of section 54J and the pre-packaged insolvency resolution process is required to be terminated under sub-section (1), the Adjudicating Authority shall pass an order — (a) of liquidation in respect of the corporate debtor as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1) of section 33; and (b) declare that the pre-packaged insolvency resolution process costs, if any, shall be included as part of the liquidation costs for the purposes of liquidation of the corporate debtor. 54-O. (1) The committee of creditors, at any time Initiation of after the pre-packaged insolvency commencement date corporate insolvency but before the approval of resolution plan under sub- resolution section (4) or sub-section (12), as the case may be, of process. section 54K, by a vote of sixty-six per cent. of the voting shares, may resolve to initiate a corporate insolvency resolution process in respect of the corporate debtor, if such corporate debtor is eligible for corporate insolvency resolution process under Chapter II. (2) Notwithstanding anything to the contrary contained in Chapter II, where the resolution professional intimates the Adjudicating Authority of the 52 decTisaiomn iolf nthae dcoum mgiotteve eofr cnremditeorns Tun gdear zsuebT-sTeceti on [Part iv—Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 23 (1), the Adjudicating Authority shall, within thirty days 22 of the dateT H ofE sG uA chZ E iT ntT iE m O atF i oIN nD , pIA as E sX aT nR oA rO dR erD tI oN A —RY [PART II— 54P. (1) Save as provided under this Chapter, the Application of (a) terminate the pre-packaged insolvency provisions of sections 24, 25A, 26, 27, 28, 29A, 32A, 43 provisions of resolution process and initiate corporate insolvency Chapters II, III, to 51, and the provisions of Chapters VI and VII of this resolution process under Chapter II in respect of the VI, and VII to Part shall, mutatis mutandis apply, to the pre-packaged corporate debtor; this Chapter. insolvency resolution process, subject to the following, (b) appoint the resolution professional referred namely:― to in under clause (b) of sub-section (1) of section (a) reference to “members of the suspended 54E as the interim resolution professional, subject to Board of Directors or the partners” under clause (b) submission of written consent by such resolution of sub-section (3) of section 24 shall be construed as professional to the Adjudicatory Authority in such reference to “members of the Board of Directors or form as may be specified; and the partners,unless an order has been passed by the (c) declare that the pre-packaged insolvency Adjudicating Authority under section 54J”; resolution process costs, if any, shall be included as (b) reference to “clause (j) of sub-section (2) of part of insolvency resolution process costs for the section 25” under section 26 shall be construed as purposes of the corporate insolvency resolution reference to “clause (h) of sub-section (2) of section process of the corporate debtor. 54F”; (3) Where the resolution professional fails to submit (c) reference to “section 16” under section 27 written consent under clause (b) of sub-section (2), the shall be construed as reference to “section 54E”; Adjudicating Authority shall appoint an interim resolution professional by making a reference to the (d) reference to “resolution professional” in sub- Board for recommendation, in the manner as provided sections (1) and (4) of section 28 shall be construed under section 16. as “corporate debtor”; (4) Where the Adjudicating Authority passes an (e) reference to “section 31” under sub-section order under sub-section (2) — (3) of section 61 shall be construed as reference to “sub-section (1) of section 54L”; (a) such order shall be deemed to be an order of admission of an application under section 7 and (f) reference to “section 14” in sub-sections (1) shall have the same effect; and (2) of section 74 shall be construed as reference to “clause (a) of sub-section (1) of section 54E”; (b) the corporate insolvency resolution process shall commence from the date of such order; (g) reference to “section 31” in sub-section (3) of section 74 shall be construed as" reference to (c) the proceedings initiated for avoidance of “sub-section (1) of section 54L”. transactions under Chapter III or proceedings initiated under section 66 and section 67A, if any, (2) Without prejudice to the provisions of this shall continue during the corporate insolvency Chapter and unless the context otherwise requires, resolution process; where the provisions of Chapters II, III, VI and VII are applied to the proceedings under this Chapter, (d) for the purposes of sections 43, 46 and 50, references to — references to “insolvency commencement date” shall mean “pre-packaged insolvency (a) “insolvency commencement date” shall be commencement date”; and construed as references to “pre-packaged insolvency commencement date”; (e) in computing the relevant time or the period for avoidable transactions, the time-period for the 24 (b)T HE“ GreAsZoEluTtTioEn O F IpNrDofIeAs EsiXoTnRalA”O RDorIN A“RiYn terim [PART II— duration of the pre-packaged insolvency resolution resolution professional”, as the case may be, shall be process shall also be included, notwithstanding construed as references to the resolution anything to the contrary contained in sections 43, 46 professional appointed under this Chapter; and 50. (c) “corporate insolvency resolution process” shall be construed as references to “pre-packaged insolvency resolution process”; and (d) “insolvency resolution process period” shall be construed as references to “pre-packaged insolvency resolution process period.”.’. Amendment of 9. In section 61 of the principal Act, for sub-section section 61. (4), the following sub-sections shall be substituted, namely:— “(4) An appeal against a liquidation order passed under section 33, or sub-section (4) of section 54L, or sub-section (4) of section 54N, may be filed on grounds of material irregularity or fraud committed in relation to such a liquidation order. (5) An appeal against an order for initiation of corporate insolvency resolution process passed under sub-section (2) of section 54-O may be filed on grounds of material irregularity or fraud committed in relation to such an order.” . Amendment of 10.In section 65 of the principal Act, after sub-section section 65. (2), the following sub-section shall be inserted, namely: –– “(3) If, any person initiates the pre-packaged insolvency resolution process— (a) fraudulently or with malicious intent for any purpose other than for the resolution of insolvency; or (b) with the intent to defraud any person, the Adjudicating Authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees.”. Insertion of new 11.After section 67 of the principal Act, the following section 67A. section shall be inserted, namely:–– Fraudulent “67A. On and after the pre-packaged insolvency management of commencement date, where an officer of the corporate corporate debtor debtor manages its affairs with the intent to defraud during pre- creditors of the corporate debtor or for any fraudulent packaged insolvency purpose, the Adjudicating Authority may, on an resolution application by the resolution professional, pass an process. order imposing upon any such officer, a penalty whichSEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 21 (2) Where the resolution professional, at any time after the pre-packaged insolvency commencement date, but before the approval of resolution plan under sub- section (4) or sub-section (12), as the case may be, of section 54K, intimates the Adjudicating Authority of the decision of the committee of creditors, approved by a vote of sixty-six per cent. of the voting shares, to terminate the pre-packaged insolvency resolution process, the Adjudicating Authority shall pass an order under sub-section (1). (3) Where the Adjudicating Authority passes an order under sub-section (1), the corporate debtor shall bear the pre-packaged insolvency resolution process costs, if any. (4) Notwithstanding anything to the contrary contained in this section, where the Adjudicating Authority has passed an order under sub-section (2) of section 54J and the pre-packaged insolvency resolution process is required to be terminated under sub-section (1), the Adjudicating Authority shall pass an order — (a) of liquidation in respect of the corporate debtor as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1) of section 33; and (b) declare that the pre-packaged insolvency resolution process costs, if any, shall be included as part of the liquidation costs for the purposes of liquidation of the corporate debtor. 54-O. (1) The committee of creditors, at any time Initiation of after the pre-packaged insolvency commencement date corporate insolvency but before the approval of resolution plan under sub- resolution section (4) or sub-section (12), as the case may be, of process. section 54K, by a vote of sixty-six per cent. of the voting shares, may resolve to initiate a corporate insolvency resolution process in respect of the corporate debtor, if such corporate debtor is eligible for corporate insolvency resolution process under Chapter II. (2) Notwithstanding anything to the contrary contained in Chapter II, where the resolution professional intimates the Adjudicating Authority of the decision of the committee of creditors under sub-section May 12,S 2 EC0.2 1]1 ] TaMiTlH nE aGAdZuET gTEo OvF eINrDInAM EXeTnRTAO gRDaINzAeRTYT e 23 53 (1), the Adjudicating Authority shall, within thirty days 22 of the dateT H ofE sG uA chZ E iT ntT iE m O atF i oIN nD , pIA as E sX aT nR oA rO dR erD tI oN A —RY [PART II— 54P. (1) Save as provided under this Chapter, the Application of (a) terminate the pre-packaged insolvency provisions of sections 24, 25A, 26, 27, 28, 29A, 32A, 43 provisions of resolution process and initiate corporate insolvency Chapters II, III, to 51, and the provisions of Chapters VI and VII of this resolution process under Chapter II in respect of the VI, and VII to Part shall, mutatis mutandis apply, to the pre-packaged corporate debtor; this Chapter. insolvency resolution process, subject to the following, (b) appoint the resolution professional referred namely:― to in under clause (b) of sub-section (1) of section (a) reference to “members of the suspended 54E as the interim resolution professional, subject to Board of Directors or the partners” under clause (b) submission of written consent by such resolution of sub-section (3) of section 24 shall be construed as professional to the Adjudicatory Authority in such reference to “members of the Board of Directors or form as may be specified; and the partners,unless an order has been passed by the (c) declare that the pre-packaged insolvency Adjudicating Authority under section 54J”; resolution process costs, if any, shall be included as (b) reference to “clause (j) of sub-section (2) of part of insolvency resolution process costs for the section 25” under section 26 shall be construed as purposes of the corporate insolvency resolution reference to “clause (h) of sub-section (2) of section process of the corporate debtor. 54F”; (3) Where the resolution professional fails to submit (c) reference to “section 16” under section 27 written consent under clause (b) of sub-section (2), the shall be construed as reference to “section 54E”; Adjudicating Authority shall appoint an interim resolution professional by making a reference to the (d) reference to “resolution professional” in sub- Board for recommendation, in the manner as provided sections (1) and (4) of section 28 shall be construed under section 16. as “corporate debtor”; (4) Where the Adjudicating Authority passes an (e) reference to “section 31” under sub-section order under sub-section (2) — (3) of section 61 shall be construed as reference to “sub-section (1) of section 54L”; (a) such order shall be deemed to be an order of admission of an application under section 7 and (f) reference to “section 14” in sub-sections (1) shall have the same effect; and (2) of section 74 shall be construed as reference to “clause (a) of sub-section (1) of section 54E”; (b) the corporate insolvency resolution process shall commence from the date of such order; (g) reference to “section 31” in sub-section (3) of section 74 shall be construed as" reference to (c) the proceedings initiated for avoidance of “sub-section (1) of section 54L”. transactions under Chapter III or proceedings initiated under section 66 and section 67A, if any, (2) Without prejudice to the provisions of this shall continue during the corporate insolvency Chapter and unless the context otherwise requires, resolution process; where the provisions of Chapters II, III, VI and VII are applied to the proceedings under this Chapter, (d) for the purposes of sections 43, 46 and 50, references to — references to “insolvency commencement date” shall mean “pre-packaged insolvency (a) “insolvency commencement date” shall be commencement date”; and construed as references to “pre-packaged insolvency commencement date”; (e) in computing the relevant time or the period for avoidable transactions, the time-period for the 24 (b)T HE“ GreAsZoEluTtTioEn O F IpNrDofIeAs EsiXoTnRalA”O RDorIN A“RiYn terim [PART II— duration of the pre-packaged insolvency resolution resolution professional”, as the case may be, shall be process shall also be included, notwithstanding construed as references to the resolution anything to the contrary contained in sections 43, 46 professional appointed under this Chapter; and 50. (c) “corporate insolvency resolution process” shall be construed as references to “pre-packaged insolvency resolution process”; and (d) “insolvency resolution process period” shall be construed as references to “pre-packaged insolvency resolution process period.”.’. Amendment of 9. In section 61 of the principal Act, for sub-section section 61. (4), the following sub-sections shall be substituted, namely:— “(4) An appeal against a liquidation order passed under section 33, or sub-section (4) of section 54L, or sub-section (4) of section 54N, may be filed on grounds of material irregularity or fraud committed in relation to such a liquidation order. (5) An appeal against an order for initiation of corporate insolvency resolution process passed under sub-section (2) of section 54-O may be filed on grounds of material irregularity or fraud committed in relation to such an order.” . Amendment of 10.In section 65 of the principal Act, after sub-section section 65. (2), the following sub-section shall be inserted, namely: –– “(3) If, any person initiates the pre-packaged insolvency resolution process— (a) fraudulently or with malicious intent for any purpose other than for the resolution of insolvency; or (b) with the intent to defraud any person, the Adjudicating Authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees.”. Insertion of new 11.After section 67 of the principal Act, the following section 67A. section shall be inserted, namely:–– Fraudulent “67A. On and after the pre-packaged insolvency management of commencement date, where an officer of the corporate corporate debtor debtor manages its affairs with the intent to defraud during pre- creditors of the corporate debtor or for any fraudulent packaged insolvency purpose, the Adjudicating Authority may, on an resolution application by the resolution professional, pass an process. order imposing upon any such officer, a penalty which24 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— 54 Tamil nadu governmenT gazeTTe [Part iv—Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 25 professional appointed under this Chapter; shall not be less than one lakh rupees, but may extend (c) “corporate insolvency resolution process” to one crore rupees.”. shall be construed as references to “pre-packaged insolvency resolution process”; and 12. In section 77 of the principal Act, the Explanation Omission of shall be omitted. Explanation to (d) “insolvency resolution process period” shall section 77. be construed as references to “pre-packaged 13.After section 77 of the principal Act, the following Insertion of new insolvency resolution process period.”.’. section shall be inserted, namely:–– section 77A. Amendment of 9. In section 61 of the principal Act, for sub-section section 61. (4), the following sub-sections shall be substituted, “77A. (1) Where— Punishment for offences related namely:— to pre-packaged insolvency “(4) An appeal against a liquidation order passed resolution under section 33, or sub-section (4) of section 54L, or process. sub-section (4) of section 54N, may be filed on grounds (a) a corporate debtor provides any information of material irregularity or fraud committed in relation to in the application under section 54C which is false such a liquidation order. in material particulars, knowing it to be false (5) An appeal against an order for initiation of oromits any material fact, knowing it to be material; corporate insolvency resolution process passed under or sub-section (2) of section 54-O may be filed on grounds (b) a corporate debtor provides any information of material irregularity or fraud committed in relation to in the list of claims or the preliminary information such an order.” . memorandum submitted under sub-section (1) of Amendment of 10.In section 65 of the principal Act, after sub-section section 54G which is false in material particulars, section 65. (2), the following sub-section shall be inserted, namely: –– knowing it to be false or omits any material fact, knowing it to be material; or “(3) If, any person initiates the pre-packaged insolvency resolution process— (c) any person who knowingly and wilfully authorised or permitted the furnishing of such (a) fraudulently or with malicious intent for any information under sub-clauses (a) and (b), purpose other than for the resolution of insolvency; or such corporate debtor or person, as the case may be, shall be punishable with imprisonment for a term which (b) with the intent to defraud any person, shall not be less than three years, but which may extend to five years or with fine which shall not be less than the Adjudicating Authority may impose upon such one lakh rupees, but which may extend to one crore person a penalty which shall not be less than one lakh rupees, or with both. rupees, but may extend to one crore rupees.”. (2) If a director or partner of the corporate debtor, as Insertion of new 11.After section 67 of the principal Act, the following the case may be, deliberately contravenes the provisions section 67A. section shall be inserted, namely:–– of Chapter III-A, such person shall be punishable with Fraudulent “67A. On and after the pre-packaged insolvency imprisonment for not less than three years, but which management of commencement date, where an officer of the corporate may extend to five years, or with fine which shall not be corporate debtor debtor manages its affairs with the intent to defraud less than one lakh rupees, but which may extend to one during pre- creditors of the corporate debtor or for any fraudulent crore rupees, or with both. packaged insolvency purpose, the Adjudicating Authority may, on an Explanation.––For the purposes of this section, and resolution application by the resolution professional, pass an sections 75, 76 and 77, an application shall be deemed process. order imposing upon any such officer, a penalty which to be false in material particulars in case the facts24 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12, 2021] TaMil nadu governMenT gazeTTe 55 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 25 professional appointed under this Chapter; shall not be less than one lakh rupees, but may extend (c) “corporate insolvency resolution process” to one crore rupees.”. shall be construed as references to “pre-packaged insolvency resolution process”; and 12. In section 77 of the principal Act, the Explanation Omission of shall be omitted. Explanation to (d) “insolvency resolution process period” shall section 77. be construed as references to “pre-packaged 13.After section 77 of the principal Act, the following Insertion of new insolvency resolution process period.”.’. section shall be inserted, namely:–– section 77A. Amendment of 9. In section 61 of the principal Act, for sub-section section 61. (4), the following sub-sections shall be substituted, “77A. (1) Where— Punishment for offences related namely:— to pre-packaged insolvency “(4) An appeal against a liquidation order passed resolution under section 33, or sub-section (4) of section 54L, or process. sub-section (4) of section 54N, may be filed on grounds (a) a corporate debtor provides any information of material irregularity or fraud committed in relation to in the application under section 54C which is false such a liquidation order. in material particulars, knowing it to be false (5) An appeal against an order for initiation of oromits any material fact, knowing it to be material; corporate insolvency resolution process passed under or sub-section (2) of section 54-O may be filed on grounds (b) a corporate debtor provides any information of material irregularity or fraud committed in relation to in the list of claims or the preliminary information such an order.” . memorandum submitted under sub-section (1) of Amendment of 10.In section 65 of the principal Act, after sub-section section 54G which is false in material particulars, section 65. (2), the following sub-section shall be inserted, namely: –– knowing it to be false or omits any material fact, knowing it to be material; or “(3) If, any person initiates the pre-packaged insolvency resolution process— (c) any person who knowingly and wilfully authorised or permitted the furnishing of such (a) fraudulently or with malicious intent for any information under sub-clauses (a) and (b), purpose other than for the resolution of insolvency; or such corporate debtor or person, as the case may be, shall be punishable with imprisonment for a term which (b) with the intent to defraud any person, shall not be less than three years, but which may extend to five years or with fine which shall not be less than the Adjudicating Authority may impose upon such one lakh rupees, but which may extend to one crore person a penalty which shall not be less than one lakh rupees, or with both. rupees, but may extend to one crore rupees.”. (2) If a director or partner of the corporate debtor, as Insertion of new 11.After section 67 of the principal Act, the following the case may be, deliberately contravenes the provisions section 67A. section shall be inserted, namely:–– of Chapter III-A, such person shall be punishable with Fraudulent “67A. On and after the pre-packaged insolvency imprisonment for not less than three years, but which management of commencement date, where an officer of the corporate may extend to five years, or with fine which shall not be corporate debtor debtor manages its affairs with the intent to defraud less than one lakh rupees, but which may extend to one during pre- creditors of the corporate debtor or for any fraudulent crore rupees, or with both. packaged insolvency purpose, the Adjudicating Authority may, on an Explanation.––For the purposes of this section, and resolution application by the resolution professional, pass an sections 75, 76 and 77, an application shall be deemed process. order imposing upon any such officer, a penalty which to be false in material particulars in case the facts56 26 TamilT HnEa GdAuZE TgToE OvFe INrDnIAm EeXTnRTA OgRaDIzNeATRYT e [P[Pa Ar Rt Ti IvI—— Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 27 mentioned or omitted in the application, if true, or not “(zka)such number of financial creditors and omitted from the application as the case may be, would the manner of proposing the insolvency have been sufficient to determine the existence of a professional, and the form for approving such default under this Code.”. insolvency professional by the financial creditors under clause (e), the persons who shall provide Amendment of 14.In section 208 of the principal Act,–– approval under the proviso to clause (e), the form section 208. for making a declaration under clause (f) of sub- (i) after clause (c), the following clause shall be section (2) of section 54A; inserted, namely:–– (zkb) the form for obtaining approval from “(ca) pre-packaged insolvency resolution financial creditors under sub-section (3), and the process under Chapter III-A of Part II;”; persons who shall provide approval under the proviso to sub-section (3) of section 54A; (ii) after sub-section (1), the following sub-section shall be inserted, namely:–– (zkc) the other conditions for the base resolution plan under clause (c), and such “(1A) Where the name of the insolvency information and documents under clause (d) of professional proposed to be appointed as a sub-section (4) of section 54A; resolution professional, is approved under clause (e) of sub-section (2) of section 54A, it shall be the (zkd) the form in which the report is to be function of such insolvency professional to take prepared under clause (a), such reports and other such actions as may be necessary to perform his documents under clause (b), and such other duties functions and duties prior to the initiation of the under cause (c) of sub-section (1), and the manner pre-packaged insolvency resolution process under of determining the fees under sub-section (3) of Chapter III-A of Part II.” . section 54B; Amendment of 15. In section 239 of the principal Act, in sub-section (zke) the form for providing written consent of section 239. (2),after clause (fc), the following clauses shall be inserted, the insolvency professional under clause (b), the namely:–– form for declaration under clause (c), the information relating to books of account and such “(fd) the form, particulars, manner and fee for other documents relating to such period under making application before the Adjudicating Authority clause (d) of sub-section (3) of section 54C; under sub-section (2) of section 54C; (zkf) the form and manner for making (fe) the conditions and restrictions with which the application for termination of the pre-packaged promoters, members, personnel and partners of the insolvency resolution process under sub-section corporate debtor shall exercise and discharge (3) of section 54D; contractual or statutory rights and obligations under clause (c) of section 54H;”. (zkg) the form and manner of making public announcement under clause (c) of sub-section (1) Amendment of 16. In section 240 of the principal Act, in sub-section of section 54E; section 240. (2),–– (zkh) the manner of confirming the list of (i) after clause (e), the following clause shall be claims under clause (a), the manner of informing inserted, namely:–– creditors under clause (b), the manner of maintaining an updated list of claims under clause “(ea) the other costs under sub-clause (e) of (c), the form and manner of preparing the clause (23C) of section 5;”; information memorandum under clause (g), and such other duties under clause (i) of sub-section (ii) after clause (zk), the following clauses shall be (2) of section 54F; inserted, namely:––26 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12,S 2 EC0.2 1]1 ] TaMiTlH nE aGAdZuET gTEo OvF eINrDInAM EXeTnRTAO gRDaINzAeRTYT e 27 57 mentioned or omitted in the application, if true, or not “(zka)such number of financial creditors and omitted from the application as the case may be, would the manner of proposing the insolvency have been sufficient to determine the existence of a professional, and the form for approving such default under this Code.”. insolvency professional by the financial creditors under clause (e), the persons who shall provide Amendment of 14.In section 208 of the principal Act,–– approval under the proviso to clause (e), the form section 208. for making a declaration under clause (f) of sub- (i) after clause (c), the following clause shall be section (2) of section 54A; inserted, namely:–– (zkb) the form for obtaining approval from “(ca) pre-packaged insolvency resolution financial creditors under sub-section (3), and the process under Chapter III-A of Part II;”; persons who shall provide approval under the proviso to sub-section (3) of section 54A; (ii) after sub-section (1), the following sub-section shall be inserted, namely:–– (zkc) the other conditions for the base resolution plan under clause (c), and such “(1A) Where the name of the insolvency information and documents under clause (d) of professional proposed to be appointed as a sub-section (4) of section 54A; resolution professional, is approved under clause (e) of sub-section (2) of section 54A, it shall be the (zkd) the form in which the report is to be function of such insolvency professional to take prepared under clause (a), such reports and other such actions as may be necessary to perform his documents under clause (b), and such other duties functions and duties prior to the initiation of the under cause (c) of sub-section (1), and the manner pre-packaged insolvency resolution process under of determining the fees under sub-section (3) of Chapter III-A of Part II.” . section 54B; Amendment of 15. In section 239 of the principal Act, in sub-section (zke) the form for providing written consent of section 239. (2),after clause (fc), the following clauses shall be inserted, the insolvency professional under clause (b), the namely:–– form for declaration under clause (c), the information relating to books of account and such “(fd) the form, particulars, manner and fee for other documents relating to such period under making application before the Adjudicating Authority clause (d) of sub-section (3) of section 54C; under sub-section (2) of section 54C; (zkf) the form and manner for making (fe) the conditions and restrictions with which the application for termination of the pre-packaged promoters, members, personnel and partners of the insolvency resolution process under sub-section corporate debtor shall exercise and discharge (3) of section 54D; contractual or statutory rights and obligations under clause (c) of section 54H;”. (zkg) the form and manner of making public announcement under clause (c) of sub-section (1) Amendment of 16. In section 240 of the principal Act, in sub-section of section 54E; section 240. (2),–– (zkh) the manner of confirming the list of (i) after clause (e), the following clause shall be claims under clause (a), the manner of informing inserted, namely:–– creditors under clause (b), the manner of maintaining an updated list of claims under clause “(ea) the other costs under sub-clause (e) of (c), the form and manner of preparing the clause (23C) of section 5;”; information memorandum under clause (g), and such other duties under clause (i) of sub-section (ii) after clause (zk), the following clauses shall be (2) of section 54F; inserted, namely:––58 28 TamilT HnEa GdAuZE TgToE OvFe INrDnIAm EeXTnRTA OgRaDIzNeATRYT e [P[Pa Ar Rt Ti IvI—— Sec. 4 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 29 (zki) such other persons under clause (c), the (zkw) the form for submission of written manner of appointing accountants, legal or other consent under clause (b) of sub-section (2) of professionals under clause (e), such other matters section 54-O;”. under sub-clause (iv) of clause (f) and the manner 17. In section 240A of the principal Act, in sub- Amendment of of taking other actions under clause (g) of sub- section (1), after the words “corporate insolvency section 240A. section (3) of section 54F; resolution process”, the words “or pre-packaged (zkj) the manner of determination of fees and insolvency resolution process” shall be inserted. expenses as may be incurred by the resolution professional under sub-section (6) of section 54F; (zkk) manner of bearing fees and expenses RAM NATH KOVIND, under sub-section (7) of section 54F; President. (zkl) the form and manner of list of claims and preliminary information memorandum under sub- section (1) of section 54G; ———— (zkm) the conditions under clause (a) of section 54H; (zkn) the manner of alteration of the composition of the committee of creditors under the proviso to sub-section (1) of section 54I; DR. G. NARAYANA RAJU, Secretary to the Govt. of India. (zko) the form and manner of making application under sub-section (1) of section 54J; (zkp) the manner of inviting prospective resolution applicants under sub-section (5) of section 54K; (zkq) other conditions under sub-section (6) of section 54K; (zkr) the conditions under clause (a) and the manner of providing the basis for evaluation of resolution plans and the information referred to in section 29 under sub-section (7) of section 54K; (zks) the conditions under the proviso to sub- section (10) of section 54K; (zkt) the manner and conditions under sub- section (11) of section 54K; (zku) the form and manner of filing application under the proviso to sub-section (12) of section UPLOADED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002 54K; AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054. JAGANATHADigitally signed by (zkv) other requirements under sub-section N ANANTHA J AA NG AA NN TA HT AH KA UN M AR KUMAR D 23a :t 1e 8: :2 10 32 +1 0.0 54 '3.0 04 ' (13) of section 54K; MGiPMRND—06Gi(S3)—04-04-2021.28 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— May 12, S 2 EC0 .2 1]1 ] TaMi Tl H n E a GAd Zu ET g TEo Ov F e INr DIn AM EXe Tn RT AO g RDa INz Ae RT YT e 29 59 (zki) such other persons under clause (c), the (zkw) the form for submission of written manner of appointing accountants, legal or other consent under clause (b) of sub-section (2) of professionals under clause (e), such other matters section 54-O;”. under sub-clause (iv) of clause (f) and the manner 17. In section 240A of the principal Act, in sub- Amendment of of taking other actions under clause (g) of sub- section (1), after the words “corporate insolvency section 240A. section (3) of section 54F; resolution process”, the words “or pre-packaged (zkj) the manner of determination of fees and insolvency resolution process” shall be inserted. expenses as may be incurred by the resolution professional under sub-section (6) of section 54F; RaM NaTh KOViND, President. (zkk) manner of bearing fees and expenses RAM NATH KOVIND, under sub-section (7) of section 54F; Dr. G. Narayana Raju, P resident. Secretary to the Government of India. (zkl) the form and manner of list of claims and preliminary information memorandum under sub- section (1) of section 54G; (Re-published by Order of the Governor) ———— (zkm) the conditions under clause (a) of a.S. PaSUPaThi, section 54H; Additional Secretary to Government, Law Department. (zkn) the manner of alteration of the composition of the committee of creditors under the proviso to sub-section (1) of section 54I; DR. G. NARAYANA RAJU, Secretary to the Govt. of India. (zko) the form and manner of making application under sub-section (1) of section 54J; (zkp) the manner of inviting prospective resolution applicants under sub-section (5) of section 54K; (zkq) other conditions under sub-section (6) of section 54K; (zkr) the conditions under clause (a) and the manner of providing the basis for evaluation of resolution plans and the information referred to in section 29 under sub-section (7) of section 54K; (zks) the conditions under the proviso to sub- section (10) of section 54K; (zkt) the manner and conditions under sub- section (11) of section 54K; (zku) the form and manner of filing application under the proviso to sub-section (12) of section UPLOADED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002 54K; AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054. JAGANATHADigitally signed by (zkv) other requirements under sub-section N ANANTHA J AA NG AA NN TA HT AH KA UN M AR KUMAR D 23a :t 1e 8: :2 10 32 +1 0.0 54 '3.0 04 ' (13) of section 54K; MGiPMRND—06Gi(S3)—04-04-2021.