A new para has been added in Chapter 2 of Foreign Trade Policy 2015-20 about the cases referred to the National Company Law Tribunal vide Notification No. 25/2015-2020 dated 18th October 2019.
Government of India
Ministry of Commerce and Industry
Department of Commerce
Directorate General of Foreign Trade
New Delhi, Dated 18 October 2019
S.O. 3752(E):- In exercise of powers conferred by Section 5 ofFT(D&R) Act, 1992, read with Paragraph 1.02 of the Foreign Trade Policy, 2015-20, as amended from time to time, the Central Government hereby makes following amendments in the Foreign Trade Policy 2015-20.
A new para no. 2.15 A is added in Chapter 2 of Foreign Trade Policy 2015-20 as under:
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.
Effect of the Notification: A new para has been added in Chapter 2 of Foreign Trade Policy 2015-20 about the cases referred to the National Company Law Tribunal.
(Bidyut Behari Swain)
Director General of Foreign Trade
Ex-officio Additional Secretary, Government ofIndia
(Issued from File No. 01/94/180/019/AM20/PC-4)