27 December 2016
1. 1. To review the Companies Act, 2013 based on implementation experience in line with changing economic environment and initiatives for addressing all concerns with reference to Companies Act, 2013 and Companies (Amendment) Bill, 2016 2. Notifications of remaining Sections of the Companies Act, 2013- As on 15th December, 2016 out of 470 sections, 422 sections of the Companies Act, 2013 have been notified. 39 sections are omitted by Insolvency Banking Code (IBC). Remaining 9 sections would be notified shortly. 3. Stabilization of the Cost Records and Audit Rules: The Companies (Cost Records and Audit) Rules, 2014 reviewed so as to make necessary amendments for further improvement and to obviate ambiguities or technical errors, keeping in view the practical difficulties experienced over a period of time and after considering various queries/ representation from the stakeholders. Necessary amendments were notified vide notification dated 14-07-2016. 4. MCA was assigned with timeline of 1st December, 2016 to put in place Corporate Insolvency Resolution process as stated under the Code. To achieve the target, following three pillars as envisaged under the Code have been put in place by framing various rules and regulations and notifying relevant sections of the Code:- (i) Insolvency and Bankruptcy Board of India [IBBI] (ii) Insolvency Professional Agencies & Insolvency Professionals (iii) Adjudicating Authority 5. National Company Law Tribunal and National Company Law Appellate Tribunal Chapter- XXVII of Companies Act, 2013 deals with formation of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCALT). The constitution of NCLT and NCALT have been notified on 01st June, 2016. Vide Notification dated 30th November, 2016, the Central Government has designated the Benches of NCLT to exercise the jurisdiction, power and authority of Adjudicating Authority conferred by or under part II of the Insolvency and Bankruptcy Code, 2016.