In this editorial author discuss the provisions under of I&B Code, 2016 in respect of different – 2 time limits mentioned under the Act i.e. Section 12. (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process.
The ‘I&B Code’ is a complete Code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. Therefore, we hold that a ‘Power of Attorney Holder’ is not competent to file an application on behalf of a ‘Financial Creditor’ or ‘Operational Creditor’ or ‘Corporate Applicant’
Any money transferred to the Unpaid Dividend Account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years (7 year and 37 days from the date of declaration of dividend) from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to Investor education and protection fund.
Before writing on SS-3 one Quick Question is Whether adherence of this Secretarial Standard is Mandatory or recommendatory for the Corporates. These standards are issued by ICSI, However, adherence of these standards are Recommendatory
NCLAT rulings in Neelkanth Township & Black Pearl Hotels clarify how Limitation Act applies to insolvency cases under IBC, impacting time-barred debt claims.
Numerous proficient persons are mystified about the applicability of XBRL (Filing of Documents and Forms in Extensible Business Reporting Language). MCA has issued 1 Notification on 06th November, 2017
Scope of person who have qualified as Register Valuer u/s 247 of Companies Act? A valuer shall conduct valuation required under the Act as per these rules and he may conduct valuation as per these rules if required under any other law or by any other regulatory authority.
A valuer shall conduct valuation required under the Act as per these rules and he may conduct valuation as per these rules if required under any other law or by any other regulatory authority.
The Ministry of Corporate Affairs by Notification Dated: 18th October, 2017 has notified that [1]Section 247shall come into force w.e.f. 18.10.2017. MCA further vide [2]notification Dated: 18th October, 2017 has published rules called the Companies (Registered Valuers and Valuation) Rules, 2017.
MCA has issued Notification on 13th October, 2017 in respect of clarification on transfer of shares of Company to IEPF. This is article no. 279 of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC, LLP Act, 2008 etc.}.
