Energy Conservation (Amendment) Act, 2022: An overview
By Kumar Panda
In the backdrop of India’s commitments made in the UN Climate Change Conference in 2021, the Central Government has recently enacted the Energy Conservation (Amendment) Act, 2022 (‘Amendment Act’) to amend the two decades old Energy Conservation Act, 2001. The move aims to strengthen the regulatory framework on energy consumption and promote energy efficiency in the country. The article in this issue of Corporate Amicus highlights the significant features of the Amendment Act like, introduction of carbon credit trading, extension of applicability to motor vehicles and vessels, prohibition of manufacture or import of certain goods, applicability to residential buildings, and increase in penalties, etc. The article concludes by stating that the actions of the Government in the recent years are aimed at advancing ‘panchamrit’ goals, as presented by India during COP26. According to the author, with renewed focus on sustainable development goals to secure future generations, we may see more policy reforms in future.
Notifications and Circulars
- Ministry of Corporate Affairs (MCA) notifies amendments to various Rules to revise certain forms
- Declaration of mandatory information on outer retail package – Letter by Department of Consumer Affairs
- Amendments to the Credit Guarantee Fund for Micro Units notified
- SEBI Circular in relation to Transaction in Corporate Bonds through Request for Quote platform by Alternative Investment Funds (AIFs) issued
- Employees’ Provident Funds (Amendment) Scheme, 2023 notified
- SEBI (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023, notified
- Statement on Developmental and Regulatory Policies issued by Reserve Bank of India (RBI)
- Enforcement regarding compliance with standards for non-carbonated water based beverages under Food Safety Regulations
- Reduction in initial application fee for FSSAI license
- Manner of achieving minimum public shareholding – SEBI issues Circular
Ratio decidendi
- Adjudication of an avoidance application is independent of resolution of the corporate debtor, and can survive corporate insolvency resolution process – Delhi High Court
- Upon forfeiture of rights under Arbitration Clause, the Court retains its power to appoint the appropriate Arbitral Tribunal – Bombay High Court
- After the approval of resolution plan by CoC, an application to withdraw under IBC Section 12A cannot be entertained – NCLAT, New Delhi
News Nuggets
- Insolvency – Benefit available under IBC Section 10A only when default occurs during prohibited period – Admission of date of default cannot be ignored
- Insolvency – TDS payments by Corporate Debtor do not amount to acknowledgement of liability
- Insolvency – Landowner is not a Financial Creditor in a development agreement
- Insolvency – Upon breach of consent, nature of financial debt remains the same
- Arbitration – An agreement between the parties to explore conciliation before arbitration is not mandatory in nature
- Arbitration – Claims are not time barred in case of a delay in approaching the appointing authority for the constitution of the tribunal
- Company Law – Liability of a Company Secretary
