Term Recovery Agent has not been defined in the GST Law and hence the term Recovery Agent can be derived from the general parlance used in the industry ie Agent, covers a person who is carrying the business of recovery of debt on behalf of another person.
Major of the assets of the companies covered by current assets and in that Receivables are performs a major part in the organisation and also there is risk of bad debts and hence it is necessary to have proper control over receivables and therefore in India transfer of receivables arising out of sale or loan transactions takes place quite frequently.
Under special insolvency resolution framework for Micro, Small and Medium Enterprises (MSMEs), called the pre-packaged insolvency resolution process (pre-pack), provided in the Insolvency and Bankruptcy Code, 2016 (the Code/IBC), only eligible corporate debtors (CDs) may file applications for resolution under this framework.
Whether the Government is planning to amend the Corporate Social Responsibility (CSR) rules under the Companies Act, 2013 to make it mandatory for the companies to create a corpus for disaster management;
Whether the Ministry has taken cognisance of NCLTs taking note of disproportionate haircuts by lenders to companies using the Insolvency and Bankruptcy Code (IBC) to settle large debts
Version 3 of MCA21 is proposed to be launched and deployed in phases and will include Company and LLP Modules, e-Adjudication, e-Consultation, e-Book, Learning Management and Compliance Management System driven by data analytics, Artificial Intelligence and Machine Learning.
During the current year (from 01.01.2021 to 10.12.2021) total 9781 number of One Person Companies (OPCs) were registered under the provisions of the Companies Act, 2013
