The Ministry of Mines vide its notification dated 24th March 2021 has published the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Amendment) Rules, 2021 to further amend the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016.
The Amendment brings in new rule 23A which deals with Transfer of letter of intent for grant of mining lease or composite licence in certain cases.
The letter of intent issued upon auction for grant of mining lease or composite licence in accordance with the provisions of the Mineral (Auction) Rules, 2015 may be transferred in the manner specified in this rule in cases where the State Government is satisfied that such transfer of letter of intent to the transferee is necessary consequent to conclusion of insolvency, liquidation, or bankruptcy proceedings, as the case may be, in respect of the original holder of the letter of intent by the competent tribunal or the court under the provisions of the Insolvency and Bankruptcy Code, 2016.
All transfers effected under this rule shall be subject to the condition that the transferee is eligible to participate in the auction in accordance with the Act and the rules made thereunder and the transferee has accepted all the conditions and liabilities under any law for the time being in force which the transferor was subject to in respect of such letter of intent.
