The Ministry of Mines on March 24, 2021 has issued 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 following amendments have been made:
• Rule 23A, which specifies the transfer of letter of intent for grant of mining lease or composite license in certain cases, has been inserted, namely:
“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 (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 (the “transferor”) by the competent tribunal or the court under the provisions of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).
The transferee shall make an application, namely the “transfer application”, to the State Government along-with the following particulars, namely:
1. details of the transferee including its address.
2. details and certified copy of the approval of the competent authority or the court under the provisions of the Insolvency and Bankruptcy Code, 2016 regarding such transfer.
3. details regarding eligibility of the transferee to hold such letter of intent and consequent mining lease or composite licence in accordance with the Act and the rules made thereunder.
4. copy of the letter of intent granted to the transferor.
On and from the date of transfer, the transferee shall be liable to the State Government and Central Government with respect to any and all liabilities with respect to the transferred letter of intent and shall continue to comply with all the obligations required for obtaining the mining lease or the composite licence, as the case may be.
The State Government shall intimate the Indian Bureau of Mines in writing about any transfer of a letter of intent.
The State Government may, by an order in writing terminate any letter of intent or consequent mining lease or composite licence, as the case may be, at any time if the transferee has, in the opinion of the State Government, committed a breach of any of the provisions of this rule or has transferred such letter of intent or any right, title, or interest therein otherwise than in accordance with this rule.
[Notification No. G.S.R. 209 (E)]
