Bare Act Search Results

The Commercial Courts, Commercial Division &Amp; Commercial Appellate Division Of High Courts Act, 2015 Complete Act

State: Central

Year: 2015

.....APPELLATE DIVISION OF HIGH COURTS ACT, 2015 THE COMMERCIAL COURTS, COMMERCIAL DIVISION & COMMERCIAL APPELLATE DIVISION OF HIGH COURTS ACT, 2015 NO. 4 OF 2016 An Act to provide for the constitution of Commercial Courts, Commercial Division and Commercial Appellate Division in the High Courts for adjudicating commercial disputes of specified value and matters connected therewith or incidental thereto. Be it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows: CHAPTER I PRELIMINARY Short title, extent and commencement. 1. (1) This Act may be called the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall be deemed to have come into force on the 23rd day of October, 2015. Definitions. 2. (1) In this Act, unless the context otherwise requires, (a) Commercial Appellate Division means the Commercial Appellate Division in a High Court constituted under sub-section (1) of section 5; (b) Commercial Court means the Commercial Court constituted under sub-section (1) of section 3; (c) commercial dispute .....

The Apprentices (Amendment) Act, 2014 Complete Act

State: Central

Year: 2014

.....in the Official Gazette, appoint. 52 of 1961 Amendment of section 2 2. In the Apprentices Act, 1961 (hereinafter referred to as the principal Act), in section 2, (i) in clause (d), in sub-clause (1), after item (b), the following item shall be inserted, namely: (bb) any establishment which is operating business or trade from different locations situated in four or more States, or; (ii) for clauses (e), (j) and (k), the following clauses shall respectively be substituted, namely: (e) designated trade means any trade or occupation or any subject field in engineering or non-engineering or technology or any vocational course which the Central Government, after consultation with the Central Apprenticeship Council, may, by notification in the Official Gazette, specify as a designated trade for the purposes of this Act; ( j) graduate or technician apprentice means an apprentice who holds, or is undergoing training in order that he may hold a degree or diploma in engineering or non-engineering or technology or equivalent qualification granted by any institution recognised by the Government and undergoes apprenticeship training in any designated trade; (k) industry means any.....

The Textile Undertakings (Nationalisation) Laws (Amendment And Validation) Act, 2014 Complete Act

State: Central

Year: 2014

.....Laws (Amendment and Validation) Act, 2014, shall have and shall be deemed always to have effect for all purposes as if the provisions of this Act, as amended by the said Act, had been in force at all material times; (b) any lease-hold property divested from the National Textile Corporation to any person under the provisions of this Act, as it stood immediately before the commencement of the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014, shall stand transferred to and vest or continue to vest, free from all encumbrances, in the National Textile Corporation in the same manner as it was vested in the National Textile Corporation before such divesting of that property under the provisions of this Act, as if the provisions of this Act as amended by the aforesaid Act, were in force at all material times; (c) no suit or other proceedings shall, without prejudice to the generality of the foregoing provisions, be maintained or continued in any court or tribunal or authority for the enforcement of any decree or order or direction given by such court or tribunal or authority, notwithstanding any undertaking filed by the National Textile Corporation.....

Companies Act, 2013, Section 212

Title: Investigation into Affairs of Company by Serious Fraud Investigation Office

State: Central

Year: 2013

..... (6) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), the offences covered under sub-sections (5) and (6) of section 7, section 34, section 36, subsection (1) of section 38, sub-section (5) of section 46, sub-section (7) of section 56, subsection (10) of section 66, sub-section (5) of section 140, sub-section (4) of section 206, section 213, section 229, sub-section (1) of section 251, sub-section (3) of section 339 and section 448 which attract the punishment for fraud provided in section 447 of this Act shall be cognizable and no person accused of any offence under those sections shall be released on bail or on his own bond unless-- (i) the Public Prosecutor has been given an opportunity to oppose the application for such release; and (ii) where the Public Prosecutor opposes the application, the court is satisfied that there are reasonable grounds for believing that he is not guilty of such offence and that he is not likely to commit any offence while on bail: Provided that a person, who, is under the age of sixteen years or is a woman or is sick or infirm, may be released on bail, if the Special Court so directs: Provided further.....

Companies Act, 2013, Section 230

Title: Power to Compromise or Make Arrangements with Creditors and Members

State: Central

Year: 2013

.....company or any other person, by whom an application is made under subsection (1), shall disclose to the Tribunal by affidavit-- (a) all material facts relating to the company, such as the latest financial position of the company, the latest auditor's report on the accounts of the company and the pendency of any investigation or proceedings against the company; (b) reduction of share capital of the company, if any, included in the compromise or arrangement; (c) any scheme of corporate debt restructuring consented to by not less than seventy-five per cent. of the secured creditors in value, including-- (i) a creditor's responsibility statement in the prescribed form; (ii) safeguards for the protection of other secured and unsecured creditors; (iii) report by the auditor that the fund requirements of the company after the corporate debt restructuring as approved shall conform to the liquidity test based upon the estimates provided to them by the Board; (iv) where the company proposes to adopt the corporate debt restructuring guidelines specified by the Reserve Bank of India, a statement to that effect; and (v) a valuation report in respect of the shares and the.....

Companies Act, 2013, Chapter XIX

Title: Revival and Rehabilitation of Sick Companies

State: Central

Year: 2013

Chapter XIX REVIVAL AND REHABILITATION OF SICK COMPANIES

Companies Act, 2013, Section 253

Title: Determination of Sickness

State: Central

Year: 2013

.....no such determination shall be made in respect of an application under sub-section (1) unless the company has been given notice of the application and a reasonable opportunity to reply to the notice within thirty days of the receipt thereof. (8) If the Tribunal is satisfied that a company has become a sick company, the Tribunal shall, after considering all the relevant facts and circumstances of the case, decide, as soon as may be, by an order in writing, whether it is practicable for the company to make the repayment of its debts referred to in sub-section (1) within a reasonable time. (9) If the Tribunal deems fit under sub-section (8) that it is practicable for a sick company to pay its debts referred to in that sub-section within a reasonable time, the Tribunal shall, by order in writing and subject to such restrictions or conditions as may be specified in the order, give such time to the company as it may deem fit to make repayment of the debt.

Companies Act, 2013, Section 254

Title: Application for Revival and Rehabilitation

State: Central

Year: 2013

.....value of the amount outstanding against financial assistance disbursed to the borrower have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002): Provided further that no reference shall be made under this section if the secured creditors representing three-fourths in value of the amount outstanding against financial assistance disbursed to the borrower have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002): Provided also that where the financial assets of the sick company had been acquired by any securitisation company or reconstruction company under sub-section (1) of section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), no such application shall be made without the consent of securitisation company or reconstruction company which has acquired such assets. (2) An application under sub-section (1).....

Companies Act, 2013, Section 255

Title: Exclusion of Certain Time in Computing Period of Limitation

State: Central

Year: 2013

Notwithstanding anything contained in the Limitation Act, 1963 (36 of 1963) or in any other law for the time being in force, in computing the period of limitation specified for any suit or application in the name and on behalf of a company for which an application has been made to the Tribunal under sub-section (1) of section 253, for a determination to be declared as a sick company or at any stage thereafter, the period during which the stay order as provided under sub-section (3) of section 253, was applicable shall be excluded.

Companies Act, 2013, Section 256

Title: Appointment of Interim Administrator

State: Central

Year: 2013

.....date of its receipt; (b) appoint an interim administrator to convene a meeting of creditors of the company in accordance with the provisions of section 257 to be held not later than forty-five days from receipt of the order of the Tribunal appointing him to consider whether on the basis of the particulars and documents furnished with the application made under section 254, the draft scheme, if any, filed along with such application or otherwise and any other material available, it is possible to revive and rehabilitate the sick company and such other matters, which the interim administrator may consider necessary for the purpose and to submit his report to the Tribunal within sixty days from the date of the order: Provided that where no draft scheme is filed by the company and a declaration has been made to that effect by the Board of Directors, the Tribunal may direct the interim administrator to take over the management of the company; and (c) issue such other directions to the interim administrator as the Tribunal may consider necessary to protect and preserve the assets of the sick company and for its proper management. (2) Where an interim administrator has been.....