Stay updated on Ministry of Finance’s declaration regarding derivatives under the Securities Contracts (Regulation) Act, 1956. Learn more about the implications and significance.
this modern legislation is working towards bringing a paradigm shift in the manner of resolution of distressed firms in the country, it is important to note that the practice of recovery of debt from the person of the debtor has been a common practice since the inception of insolvency law.
With the introduction of the Insolvency and Bankruptcy Code, 2016 (Code), the consolidation of fragmented laws relating to reorganisation in distressed situations, insolvency resolution to reconstitute the company’s promoters, novate the loan agreements, settle dues of workmen and employees and pay the financial creditors (FCs) and operational creditors (OCs) and provides for liquidation relating to corporate persons.
Registration for Practical Training Assessments on December 8 and 29, 2019 The next practical training assessments are being scheduled on December 8 and 29, 2019. The students who have completed their 1st/ 2nd year of practical training during January 1 – September 30, 2019 are eligible to appear in these tests. The students who have […]
Magnolia Mayura CHS Ltd. Vs Union of India (Bombay High Court) Petitioner’s appeal before the CIT(A) was dismissed on 31st March, 2016. The Petitioner’s application admittedly made on 9th August, 2016 after the Appeal was dismissed. This application came to be rejected on 22nd September, 2016, as there was no appeal pending. The order of CIT(A) […]
One of the most significant changes observed on implementation of the Code is the behavioural change in the stakeholders involved in the resolution process.
Suman Poddar Vs ITO (ITAT Delhi) The evidences put forth by the Revenue regarding the entry operation fairly leads to a conclusion that the assessee is one of the beneficiaries of the accommodation entry receipts in the form of long-term capital gains. The assessee has failed to prove that the share transactions are genuine and […]
The income tax Appellate Tribunal while hearing an Appeal under Section 254(1) in a matter where registration under Section 12(AA) has been denied by Commissioner income tax can itself pass an order directing commissioner to grant registration in case the income tax Appellate Tribunal disagrees with the satisfaction of the Commissioner on the basis of material already on record before the Commissioner.
IBC Code is one of the most crucial reforms initiated in recent years that represents a paradigm shift for insolvency resolution in India. The Code is a game-changer in the sense that it motivates the management and promoters of firms to avoid default as their inefficiencies to operate above the optimum level may lead to shift in control and management of the firm away from existing promoters and managers
It might be useful to assess how the IBC Code is influencing the behaviour of various participants in the chain of economic growth. According to the author, they can be grouped into six broad categories, viz., lenders, operational creditors, borrowers, entrepreneurs, workforce and the economy at large.
