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Major policy initiatives and achievements of the Ministry of Corporate Affairs (MCA);

News and Press Release - Dated:- 27-12-2016 - MCA entrusted with the responsibility to administer the Insolvency and Bankruptcy Code, 2016 (Code);The Insolvency and Bankruptcy Board of India (IBBI) established; Stabilization of the Cost Records and Audit Rules Following are the major Policy Initiatives and Achievements of the Ministry of Corporate Affairs, Government of India during the Year-2016: 1. To review the Companies Act, 2013 based on implementation experience in line with changing econo .....

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and passed by both the Houses of Parliament with or without modifications including through official amendments, if any. 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. On the request of Gujarat International Finance Tec-City (GIFT CITY), Gandhinagar, where the coun .....

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proved multi services special economic zone set-up under Special Economic Zones Act, 2005, which may be set up subsequently. 4. 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. .....

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t. 6. The Insolvency and Bankruptcy Code, 2016 (Code): The Insolvency and Bankruptcy Code, 2016 (Code) was published in the Official Gazette on 28th May, 2016 and Government of India (Allocation of Business) Rules, 1961 were amended and notified on 1st Aug, 2016 wherein the Ministry of Corporate Affairs was entrusted with the responsibility to administer the Code. 7. The Insolvency and Bankruptcy Board of India (IBBI) was established vide gazette notification dated 01.10.2016. The Insolvency and .....

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