Gap between two consecutive Board Meetings may extend to 180 days for Quarter – April to June 2021 and Quarter – July to September 2021, instead of 120 days In view of the difficulties arising due to resurgence of COVID-19 pandemic and request received from stakeholders, the Ministry of Corporate Affairs (“MCA”) vide its General […]
Belated Return and Revised Return for the Assessment Year 2020-21 may be filed on or before 31st May, 2021 In view of the adverse circumstances arising due to the severe Covid-19 pandemic, the CBDT, in exercise of its powers under Section 119 of the Income Tax Act, 1961 (‘the IT Act’), has issued a Circular […]
[Miss. Application No. 665/2021 in Suo motu Writ Petition (Civil) No. 3 of 2020, In Re: Cognizance for Extension of Limitation] The Hon’ble Supreme Court on 27th March, 2021 decided to extend the period of limitation of filing cases in various legal fora with effect from 14.03.2021 until further orders in view of hardships faced […]
[Ref: D.Y. Beathel Enterprises Vs State Tax Officer (Madras High Court order dated 24th February, 2021] A writ petition is filed before Madurai Bench of Madras High Court under Article 226 of the Constitution of India, to quash the order dated 29.10.2020 as illegal, arbitrary, wholly without jurisdiction and in violation of the principles of […]
Role of Resolution Professional in Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors In the recent judgment dated 15th November, 2019 passed by the Hon’ble Supreme Court in the matter of Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors. [Civil Appeal No. 8766-67/2019 and […]
In the Corporate Insolvency Resolution Process (CIRP) initiated under the I&B Code 2016 (Code), the claim is an important factor to be decided in the Resolution Plan for the Corporate Debtor (CD). The provisions of Code strive on the protection of interest of creditors of a company which is under CIRP while completing the insolvency […]
That once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders.
To achieve objectives of Code, CIRP is not available in respect of defaults arising during COVID-19 period and default of less than Rs.1 crore. There are several laws which regulate ‘Insolvency Resolution’ for Companies in India. These include (i) Sick Industrial Companies Act, 1985, (ii) Recovery of Debt Due to Banks and Financial Institutions Act, 1993 (DRT […]
Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy Code […]
Pre-packaged Insolvency Resolution Process by Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has […]
