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Income Tax - CA Kamal Garg Personal properties of promoters given as a “Security” to the Banks – whether subjected to moratorium under Insolvency and Bankruptcy Code, 2016 Insolvency and Bankruptcy Code, 2016 has giving the debtor an opportunity of admitting his guilt by accepting the fact that default has occurred and he is ready t...
Read MoreIncome Tax - ♠ The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. Both refer to a situation when an individual or company are not able to pay the debt in present or near future and the value of assets held by […]...
Read MoreIncome Tax - In this flash tabloid, the writer initiates by speak of the provisions of Insolvency & Bankruptcy Code, 2016 (hereafter referred as IBC) in relation to treatment of advance amount of Home / Flat buyer against the corporates....
Read MoreIncome Tax - In this editorial author discuss the provisions of IBC, 2016 in relation to claim of home buyers from Insolvency Resolution Professional. The author shall discuss the situation of home buyers of Jaypee Infratech along with IBC (Insolvency Resolution Process form Corporate Person) (Amendment) Regulations, 2017. ...
Read MoreIncome Tax - In general parlance, if we consider our global business, it is the fusion of Assets and Liabilities which generates the revenue or surplus or profit, whatever may be terms but finally ends up with one five letter word MONEY for the company....
Read MoreIncome Tax - ASSOCHAM has written to the government, seeking a slew of tax reliefs, including exemption from tax on any hair cut taken by the banks in the form of a waiver of interest accrued, for the debt -ridden companies which are sought to be revived under the Insolvency and Bankruptcy Code (IBC) ....
Read MoreIncome Tax - Stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals (DRTs)....
Read MoreIncome Tax - Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...
Read MoreIncome Tax - Insolvency and Bankruptcy Board of India invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject...
Read MoreIncome Tax - The Insolvency and Bankruptcy Board of India has constituted a Working Group for recommending the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016 to deal with insolvency and bankruptcy in respect of (i) Guarantors to Corporate Debtors, and (ii) Individuals having Business, and draftin...
Read MoreM/s. Innoventive Industries Ltd. Vs. Versus Icici Bank & Anr. (Supreme Court) - According to us, once an insolvency professional is appointed to manage the company, the erstwhile directors who are no longer in management, obviously cannot maintain an appeal on behalf of the company. ...
Read MoreRe. Parker Hannifin India Private Limited (NCLT Kolkata) - After admission of Petition under IBC 2016, the nature of petition changes to representative suit and the lis does not remain only between Operational Creditor and Operational Debtor. Therefore, Operational Creditor and Operational Debtor alone have no right to withdraw the Petition after admission....
Read MoreNotification No. IBBI/2017-18/GN/REG013 - (16/08/2017) - 1. These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017...
Read MoreNotification No. IBBI/2017-18/GN/REG014 - (16/08/2017) - 1. These regulations may be called the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017. 2. They shall come into force on the date of their publication in the Official Gazette....
Read MoreIBBI/2017-18/GN/REG 012 - (14/06/2017) - An insolvency professional shall be eligible to be appointed as a resolution professional for a fast track process of a corporate debtor if he, and all partners and directors of the insolvency professional entity of which he is a partner or director, are independent of the corporate debtor....
Read MorePress Release No. PIB Release/DL/981 - (14/06/2017) - The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill....
Read MoreNotification No. No. IBBI/2017-18/GN/REG011 - (12/06/2017) - (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette....
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M/s. Innoventive Industries Ltd. Vs. Versus Icici Bank & Anr. (Supreme Court) -
Notification No. IBBI/2017-18/GN/REG013 - (16/08/2017) -
Notification No. IBBI/2017-18/GN/REG014 - (16/08/2017) -
