Executive Summary:
This notification announces amendments to the Employees' State Insurance General Regulations, 1950. It was published by authority in the Gazette of India on November 19, 2018, following a period for public review that ended thirty days after the initial notification on August 13, 2018. The amendments pertain to waivers on damages levied on companies undergoing insolvency proceedings.
Key Points / Main Content:
Amendment Regulations:
* These regulations are called the Employees' State Insurance General Amendment Regulations, 2018.
Regulation 31C Amendment:
* Replaces the existing proviso to Regulation 31C of the Employees' State Insurance General Regulations, 1950.
* The Employees' State Insurance Corporation may waive up to 50% of damages levied on a company if a resolution plan has been sanctioned by the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, based on the merits of the case.
* In exceptional cases, the Corporation may waive damages either totally or partially.
Impact Analysis:
Companies Undergoing Insolvency:
* Impact: Potential reduction or elimination of damages levied by the Employees' State Insurance Corporation.
* Action Required: Companies with sanctioned resolution plans under the Insolvency and Bankruptcy Code, 2016, should assess eligibility and apply for damage waivers, providing all necessary documentation to support their case.
Employees' State Insurance Corporation:
* Impact: Requires implementation of the amended regulations regarding damage waivers for companies undergoing insolvency.
* Action Required: Review and update internal processes to accommodate the new waiver provisions, including establishing criteria for assessing the merits of each case and determining the extent of the waiver (up to 50%, total, or partial).
Key Entities Referenced
Employees State Insurance General Regulations, 1950: A set of regulations pertaining to employee state insurance, which is being amended by the current notification.
Employees State Insurance Act, 1948: An act of the Indian Parliament related to employee state insurance. The notification refers to Section 97 of this Act.
Employees' State Insurance Corporation: The organization making the amendments to the Employees State Insurance General Regulations, 1950, as per the powers conferred by Section 97 of the Employees State Insurance Act, 1948.
Employees' State Insurance General Amendment Regulations, 2018: The title of the new regulations amending the Employees State Insurance General Regulations, 1950.
National Company Law Tribunal: A quasi-judicial body in India that adjudicates issues relating to companies. The notification mentions resolution plans sanctioned by it under the Insolvency and Bankruptcy Code.
Insolvency Bankruptcy Code, 2016: A law in India dealing with insolvency and bankruptcy. The notification refers to resolution plans sanctioned under this code.
New Delhi: The city where the notification was issued.
Gazette of India: The official gazette of the Government of India, in which the draft regulation was published.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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New Delhi, the 17th October,2018
No. NNNN----11112222////11113333////1111////2222000011116666----PPPP&&&&DDDD – Whereas draft regulation further to amend the
Employees’ State Insurance (General) Regulations, 1950 was published as required under
sub-section (1) of section 97 of the Employees’ State Insurance Act,1948 (34 of 1948), in the
Gazette of India, Part-III – Section – 4, dated the 13th August, 2018 for inviting objections
and suggestions from all persons likely to be affected thereby till the expiry of the period of
Thirty days from the date on which this notification was published, are made available to
the public:—
And whereas, the said Gazette were made available to the public on 13.08.2018;
And no objections and suggestions were received from any of the persons likely to be
affected ;
Now, therefore, in exercise of the powers conferred by Section 97 of the Employees’
State Insurance Act, 1948 (34 of 1948), the Employees' State Insurance Corporation,
hereby makes the following Regulations further to amend the Employees' State Insurance
(General) Regulations, 1950, namely;¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
1. These Regulations may be called Employees' State Insurance (General) Amendment
Regulations, 2018.
2. In the Employees’ State Insurance (General) Regulations, 1950. The Proviso to
Regulation 31C shall be replaced as under :—
Provided that the Corporation in relation to a company in respect of which a Resolution Plan
has been sanctioned by the National Company Law Tribunal under the Insolvency &
Bankruptcy Code, 2016 may :
(a) Waive up to 50 percent of the damages levied or leviable depending upon merits of
the case.
(b)In exceptional hard cases, waive either totally or partially the damages levied or leviable.
S. RAVICHANDRAN, Addl. Commissioner (P&D)
[ADVT.-III/4/Exty:/348/18]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.