Panaji, 2nd April, 2020 (Chaitra 13, 1942)

SERIES I No. 1

Reg. No. G-2/RNP/GOA/32/2018-20

RNI No. GOAENG/2002/6410

PUBLISHED BY AUTHORITY

NOTE

There is an Extraordinary issue to the Official Gazette, Series I No. 52 dated 26-03-2020, namely:—

Extraordinary dated 30-03-2020 from pages 1687 to 1690, Notifications regarding GST from Department of Finance

(Revenue & Control).

INDEX

Department

Notification

Subject

Pages

3.a. Law & Judiciary

Not.- 10/4/2019-LA-347

The Insolvency and Bankruptcy Code

Legal Affairs Division

(Amendment) Act, 2019.

Joint Secretary

b. -do-

Not.- 10/4/2019-LA-348

The Airports Economic Regulatory Authority

of India (Amendment) Act, 2019.

GOVERNMENT OF GOA

Department of Law & Judiciary

Legal Affairs Division

—

Notification

10/4/2019-LA-347

The Insolvency and Bankruptcy Code

(Amendment) Act, 2019 (Central Act

No. 26 of 2019), which has been passed by

Parliament and assented to by the President

on 05-08-2019 and published in the Gazette

of India, Extraordinary, Part II, Section 1,

dated 06-08-2019, is hereby published for the

general information of the public.

D. S. Raut Dessai, Joint Secretary (Law).

Porvorim, 31st December, 2019.

_____

The Insolvency and Bankruptcy Code

(Amendment) Act, 2019

ACT

further to amend the Insolvency and

Bankruptcy Code, 2016.

Suggestions are welcomed on e-mail: dir–[email protected]

Be it enacted by Parliament in the

Seventieth Year of the Republic of India as

follows:—

1. Short title and commencement.— (1) This

Act may be called the Insolvency and

Bankruptcy Code (Amendment) Act, 2019.

(2) It shall come into force on such date as

the Central Government may, by notification

in the Official Gazette, appoint.

2. Amendment of section 5.— In

section 5 of the Insolvency and

Bankruptcy Code, 2016 (hereinafter

referred to as the principal Act), in

clause

(26),

the

following

Explanation shall be inserted,

namely:––

“Explanation.– For the removal of doubts,

it is hereby clarified that a resolution plan

may include provisions for the restructuring

of the corporate debtor, including by way of

merger, amalgamation and demerger;”.

3. Amendment of section 7.— In section 7

of the principal Act, in sub-section (4), the

following proviso shall be inserted, namely:–

31 of 2016.

OFFICIAL GAZETTE — GOVT. OF GOA

SERIES I No. 1

2ND APRIL, 2020

“Provided that if the Adjudicating

Authority has not ascertained the existence

of default and passed an order under sub-

section (5) within such time, it shall record

its reasons in writing for the same.”.

4. Amendment of section 12.— In section

12 of the principal Act, in sub-section (3),

after the proviso, the following provisos shall

be inserted, namely:––

“Provided further that the corporate

insolvency resolution process shall

mandatorily be completed within a period

of three hundred and thirty days from the

insolvency commencement date, including

any extension of the period of corporate

insolvency resolution process granted

under this section and the time taken in

legal proceedings in relation to such

resolution process of the corporate debtor:

Provided also that where the insolvency

resolution process of a corporate debtor is

pending and has not been completed

within the period referred to in the second

proviso, such resolution process shall be

completed within a period of ninety days

from the date of commencement of the

Insolvency

and

Bankruptcy

Code

(Amendment) Act, 2019.”.

5. Amendment of section 25A.— In section

25A of the principal Act, after sub-section

(3), the following sub-section shall be

inserted, namely:––

“(3A) Notwithstanding anything to the

contrary contained in sub-section (3), the

authorised representative under sub-

section (6A) of section 21 shall cast his vote

on behalf of all the financial creditors he

represents in accordance with the decision

taken by a vote of more than fifty per cent.

of the voting share of the financial creditors

he represents, who have cast their vote:

Provided that for a vote to be cast in

respect of an application under section 12A,

the authorised representative shall cast his

vote in accordance with the provisions of

sub-section (3).”.

6. Amendment of section 30.— In section

30 of the principal Act,—

(a) in sub-section (2), for clause (b), the

following shall be substituted, namely:—

“(b) provides for the payment of debts of

operational creditors in such manner as

may be specified by the Board which shall

not be less than––

(i) the amount to be paid to such

creditors in the event of a liquidation of

the corporate debtor under section 53;

(ii) the amount that would have been

paid to such creditors, if the amount to

be distributed under the resolution plan

had been distributed in accordance with

the order of priority in sub-section (1) of

section 53,

whichever is higher, and provides for the

payment of debts of financial creditors,

who do not vote in favour of the

resolution plan, in such manner as may

be specified by the Board, which shall

not be less than the amount to be paid

to such creditors in accordance with

sub-section (1) of section 53 in the event

of a liquidation of the corporate debtor.

Explanation 1.— For the removal of

doubts, it is hereby clarified that a

distribution in accordance with the

provisions of this clause shall be fair and

equitable to such creditors.

Explanation 2.— For the purposes of this

clause, it is hereby declared that on and

from the date of commencement of the

Insolvency

and

Bankruptcy

Code

(Amendment) Act, 2019, the provisions of

this clause shall also apply to the corporate

insolvency resolution process of a corporate

debtor––

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SERIES I No. 1

2ND APRIL, 2020

(i) where a resolution plan has not

been approved or rejected by the

Adjudicating Authority;

(ii) where an appeal has been

preferred under section 61 or section 62

or such an appeal is not time barred

under any provision of law for the time

being in force; or

(iii) where a legal proceeding has been

initiated in any court against the

decision of the Adjudicating Authority

in respect of a resolution plan;”;

(b) in sub-section (4), after the words

“feasibility and viability,”, the words,

brackets and figures “the manner of

distribution proposed, which may take into

account the order of priority amongst

creditors as laid down in sub-section (1) of

section 53, including the priority and value

of the security interest of a secured

creditor” shall be inserted.

7. Amendment of section 31.— In section

31 of the principal Act, in sub-section (1),

after the words “members, creditors,”, the

words “including the Central Government,

any State Government or any local authority

to whom a debt in respect of the payment of

dues arising under any law for the time being

in force, such as authorities to whom

statutory dues are owed,” shall be inserted.

8. Amendment of section 33. — In section

33 of the principal Act, in sub-section (2), the

following Explanation shall be inserted,

namely:––

“Explanation.––For the purposes of this

sub-section, it is hereby declared that the

committee of creditors may take the

decision to liquidate the corporate debtor,

any time after its constitution under

sub-section (1) of section 21 and before the

confirmation of the resolution plan,

including at any time before the prepara-

tion of the information memorandum.”.

9. Amendment of section 240.— In section

240 of the principal Act, in sub-section (2), in

clause (w), for the words “repayment of debts

of operational creditors”, the words “payment

of debts” shall be substituted.

———–––

Notification

10/4/2019-LA-348

The Airports Economic Regulatory

Authority of India (Amendment) Act, 2019

(Central Act No. 27 of 2019), which has been

passed by Parliament and assented to by the

President on 06-08-2019 and published in the

Gazette of India, Extraordinary, Part II,

Section 1, dated 06-08-2019, is hereby

published for the general information of the

public.

D. S. Raut Dessai, Joint Secretary (Law).

Porvorim, 31st December, 2019.

———–––

The Airports Economic Regulatory

Authority of India (Amendment) Act, 2019

ACT

to amend the Airports Economic Regulatory

Authority of India Act, 2008.

Be it enacted by Parliament in the

Seventieth Year of the Republic of India as

follows:—

1. Short title and commencement.— (1) This

Act may be called the Airports Economic

Regulatory Authority of India (Amendment)

Act, 2019.

(2) It shall come into force on such date as

the Central Government may, by notification

in the Official Gazette, appoint.

2. Amendment of section 2.—In

section 2 of the Airports Economic

Regulatory Authority of India Act,

2008 (hereinafter referred to as the

principal Act), in clause (i), for the

words “one and a half million”, the

words “three and a half million”

shall be substituted.

27 of 2008.

OFFICIAL GAZETTE — GOVT. OF GOA

SERIES I No. 1

2ND APRIL, 2020

3. Amendment of section 13.— In section

13 of the principal Act, after sub-section (1),

the following sub-section shall be inserted,

namely:—

“(1A)

Notwithstanding

anything

contained in sub-sections (1) and (2), the

Authority shall not determine the tariff or

tariff structures or the amount of

development fees in respect of an airport

or part thereof, if such tariff or tariff

structures or the amount of development

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fees has been incorporated in the bidding

document, which is the basis for award

of operatorship of that airport:

Provided that the Authority shall be

consulted in advance regarding the tariff,

tariff structures or the amount of

development fees which is proposed to be

incorporated in the said bidding document

and such tariff, tariff structures or the

amount of development fees shall be

notified in the Official Gazette.”.