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SICA repealed, IBC notified

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Dear Reader,

The Sick Industrial Companies (Special Provision)Repeal Act, 2003 (“SICA Repeal Act”) has been notified by the Central Government on November 25, 2016 and the Government has chosen December 1, 2016 as the date on which provisions of the aforementioned Act shall come in force.

Further, The Central Government in exercise of the power conferred under sub section (3) of Section 1 of the Insolvency and Bankruptcy Code, 2016 appointed December 1, 2016  as the date from which the provision of the Insolvency and Bankruptcy Code, 2016 will come into force.

Interestingly, The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 (“IPA Regulations”) specifically provides that only a company registered under Section 8 of the Companies Act, 2013, with the sole objective of functioning as an insolvency professional agency shall be entitled to be registered as an insolvency professional agency.  The IPA Regulation came into effect only on November 21, 2015 and it is assumed that the enrollment and registration process for the same will take some time.

We trust you will find this an interesting read. If you have any queries, please do write to us. We welcome your feedback and comments.

Regards

ELP Litigation & Dispute Resolution Team

 

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