Twelfth Schedule explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
The Twelfth Schedule is a list. It is headed "Acts for the purposes of clause (d) of section 29A" and is introduced by "(See clause (d) of section 29A)". It names twenty-five Acts, adds a residual item for "such other Acts as may be notified by the Central Government", and ends with a clause requiring every notification under the Schedule to be laid before each House of Parliament. This article gives the list as printed in the IBBI consolidated text of the Code amended up to 12 August 2021, flags one printing point, and says what the Schedule is for in the words of the Code. Section 29A itself has its own post and is not re-explained here.
Clause (d)(i) of section 29A refers to "any Act specified under the Twelfth Schedule". The Schedule lists 25 Acts (items (1) to (25)); item (26) adds "such other Acts as may be notified by the Central Government"; and every notification under the Schedule must be laid before each House of Parliament. A footnote shows the Schedule as inserted by Act No. 26 of 2018, sec. 38 (w.e.f. 6-6-2018). Item (1) prints the Foreign Trade (Development and Regulation) Act with the year 1922, which is quoted as printed and flagged.
What the Schedule is for
Section 29A lists persons who are not eligible to submit a resolution plan. Our post on section 29A and who cannot be a resolution applicant covers the section. For the Schedule, the one reference that matters is in clause (d) of section 29A, which in its sub-clause (i) mentions a conviction "for any offence punishable with imprisonment for two years or more under any Act specified under the Twelfth Schedule". The Schedule therefore supplies the list of Acts to which that sub-clause refers. This article adds nothing on the rest of clause (d).
A resolution applicant, a director or a lender who reads clause (d) will need the list. A professional review of the applicant's record against the list, including the notified item (26), is the work of a financial and legal due diligence exercise.
The twenty-five Acts, as printed
| Item | Act (as printed) |
|---|---|
| (1) | The Foreign Trade (Development and Regulation) Act, 1922 (22 of 1922) |
| (2) | The Reserve Bank of India Act, 1934 (2 of 1934) |
| (3) | The Central Excise Act, 1944 (1 of 1944) |
| (4) | The Prevention of Food Adulteration Act, 1954 (37 of 1954) |
| (5) | The Essential Commodities Act, 1955 (10 of 1955) |
| (6) | The Securities Contracts (Regulation) Act, 1956 (42 of 1956) |
| (7) | The Income-tax Act, 1961 (43 of 1961) |
| (8) | The Customs Act, 1962 (52 of 1962) |
| (9) | The Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974) |
| (10) | The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974) |
| (11) | The Air (Prevention and Control of Pollution) Act, 1981 (14 of 1981) |
| (12) | The Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) |
| (13) | The Environment (Protection) Act, 1986 (29 of 1986) |
| (14) | The Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) |
| (15) | The Prevention of Corruption Act, 1988 (49 of 1988) |
| (16) | The Securities and Exchange Board of India Act, 1992 (15 of 1992) |
| (17) | The Foreign Exchange Management Act, 1999 (42 of 1999) |
| (18) | The Competition Act, 2002 (12 of 2003) |
| (19) | The Prevention of Money-laundering Act, 2002 (15 of 2003) |
| (20) | The Limited Liability Partnership Act, 2008 (6 of 2009) |
| (21) | The Foreign Contribution (Regulation) Act, 2010 (42 of 2010) |
| (22) | The Companies Act, 2013 (18 of 2013) or any previous company law |
| (23) | The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) |
| (24) | The Insolvency and Bankruptcy Code, 2016 (31 of 2016) |
| (25) | The Central Goods and Services Tax Act, 2017 (12 of 2017) and respective State Acts imposing State goods and services tax |
The Acts are quoted as the Schedule prints them. The reader should check the current law for the corresponding provisions, the title and the year of each Act; this article says nothing about how any of these Acts reads today.
Item (26) and the laying clause
Item (26) reads: "such other Acts as may be notified by the Central Government." So the list is not closed: the Central Government can add Acts by notification. Which Acts, if any, have been notified is not in the texts consulted, and a reader who needs the full list at a given date must check the notifications.
The last clause of the Schedule reads: "Every notification issued under this Schedule shall be laid, as soon as may be after it is issued, before each House of Parliament." The clause has no period for laying (compare the thirty-day period in section 241 for rules and regulations, explained in article 142); it says only "as soon as may be after it is issued".
The printing point in item (1)
Item (1) prints "The Foreign Trade (Development and Regulation) Act, 1922 (22 of 1922)". The year and number are quoted as printed and are not corrected here. A reader relying on the list should check the current law for the title, year and number of the Act meant, and should not rely on this article to resolve the point.
Other points about the way some items are printed:
- Item (22) adds "or any previous company law" after the Companies Act, 2013.
- Item (25) adds "respective State Acts imposing State goods and services tax" after the Central Goods and Services Tax Act, 2017.
- Item (24) is the Code itself.
Example (invented). Anil Rao, a promoter, wants to submit a resolution plan. A conviction of his is for an offence punishable with imprisonment under one of the Acts on the list. Whether that conviction brings clause (d)(i) of section 29A into play depends on the words of that clause (the length of imprisonment it names, and the provisos), which are explained in our post on section 29A and are not repeated here. The Schedule only answers one question: whether the Act is on the list, or has been added by notification under item (26).
How the Schedule fits with the other Schedules
The Twelfth Schedule differs from the First to Tenth, which amend other Acts (article 144), and from the Eleventh, which amends the Companies Act, 2013 (article 145). It amends nothing. It is a list that a section of the Code calls in.
The Amendment Act, 2026
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026) does not amend the Twelfth Schedule. The Amendment Act, 2026 comes into force on the date or dates the Central Government notifies; the notification is not in the texts consulted, so check whether any related change has been notified.
Amendments and notifications made after 12 August 2021, other than the Amendment Act, 2026, are not in the texts consulted and should be checked.
Need help checking a resolution applicant's record against the list?
A resolution plan can be affected by the applicant's convictions, so the checks start with the list and with any notification under item (26). Our team can carry out the check with you as part of financial and legal due diligence, working from the Code's own words.
Key takeaways
- The Twelfth Schedule lists 25 Acts for the purposes of clause (d) of section 29A, and adds item (26) for other Acts notified by the Central Government.
- Every notification under the Schedule must be laid before each House of Parliament as soon as may be after it is issued.
- A footnote shows the Schedule as inserted by Act No. 26 of 2018, sec. 38 (w.e.f. 6-6-2018).
- Item (1) prints the year 1922 for the Foreign Trade (Development and Regulation) Act; it is quoted as printed.
- The Amendment Act, 2026 does not amend the Schedule; check the notifications under item (26) and the current law on each Act.
Read next
- Section 255 and the Eleventh Schedule: amendments to the Companies Act, 2013
- Sections 245 to 254: amendments to other Acts through the First to Tenth Schedules
- Section 29A: who cannot be a resolution applicant
- Sections 241 and 242: laying of rules before Parliament and power to remove difficulties
Disclaimer: Based on the IBBI consolidated text of the Insolvency and Bankruptcy Code, 2016 amended up to 12 August 2021 and on the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026), which comes into force on the date or dates notified by the Central Government, as consulted on 2 October 2026. It explains the words of the statute only; commencement notifications, other amendments made after 12 August 2021, notified thresholds, the rules and IBBI regulations, and the way tribunals and courts apply these sections should be checked. This article is general information, not legal advice; check the official text before acting.