Incorporation of new provision in Foreign Trade Policy 2015-20 & Handbook of Procedure 2015-20 about cases referred to National Company Law Tribunal (NCLT)

Circular No. ES/180/2019-20                                                           23rd October, 2019

To: Members of the Council

Sub: Incorporation of new provision in Foreign Trade Policy 2015-20 & Handbook of Procedure 2015-20 about cases referred to National Company Law Tribunal (NCLT)

Dear Member,

We would like to inform you that O/o DGFT has issued Notification No. 25/2015-20 dated 18th October, 2019 regarding incorporation of new provision in the Foreign Trade Policy 2015-20 about cases referred to National Company Law Tribunal (NCLT).

Following new Para No. 2.15 A has been added in Chapter 2 relating to General Provisions Regarding Imports and Exports under Foreign Trade Policy 2015-20.

2.15 A

Any firm / company coming under the adjudication proceedings before the National Company Law Tribunal (NCLT) shall inform the concerned Regional Authority (RA) and NCLT of any outstanding export obligations/liabilities under any of the schemes under FTP. The total outstanding duty saved amount / dues along with interest, and any penalty imposed under FTD&R Act, or any other dues, shall be counted as part of the dues to the government against the said firm / company.

Also, O/o DGFT has added the following new Para no. 2.29A in Chapter 2 of Handbook of Procedure 2015-20 vide Public Notice No. 39/2015 –20 dated 18th October, 2019.

2.29 A

Any firm / company coming under the NCLT proceedings shall make a summary of statement of outstanding export obligations/liabilities under the FTP schemes, indicating duty saved amounts and applicable interest till the date of start of proceedings before the National Company Law Tribunal (NCLT), any penalty imposed under FTD&R Act, any other dues such as fee etc., and submit the same to the RA concerned and to NCLT, before the start of NCLT proceedings as part of the statutory filings. The statement of consumption of inputs/procurement of capital goods, attested by chartered engineer/chartered accountant, shall also be submitted along with other documentary details of any partial fulfillment of Export Obligation claimed towards offsetting the duty saved amount.

Members may kindly make a note of the above amendments.

Thanking you,

Yours faithfully,

S. BALARAJU
EXECUTIVE DIRECTOR

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