Corporate Law : Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of ...
Income Tax : Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Sinc...
Income Tax : Issues that need to be addressed under clause (viib) of sub-section (2) of section 56: Cut off time to examine the status of Comp...
Company Law : The Supreme Court vide its Order on January 20, 2020, accepted the proposal of the Centre to take over the management control of e...
Finance : With an aim to create take off thrust for sale of ailing Air India, the Government on 27th January, 2020 (re)invited bids for a 10...
Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of Insolvency and Bankruptcy Code, 2016 (IBC). The default should be minimum Rs. one lakh. The amount can be increased by Central Government but shall not exceed Rs. one crore – proviso to section 4(1). ‘Default’ means non-payment of […]
Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019.
Issues that need to be addressed under clause (viib) of sub-section (2) of section 56: Cut off time to examine the status of Company: The status of company at the time of receipt of consideration is relevant and not its status at the time of allotment of shares. Hence, if the company was not closely held company at the time of receipt of consideration, no taxability under clause (viib) arises.
The Supreme Court vide its Order on January 20, 2020, accepted the proposal of the Centre to take over the management control of embattled realty firm Unitech Limited. A bench headed by Justice D Y Chandrachud gave two months to the new board of Unitech to prepare the resolution framework of the company and sought […]
With an aim to create take off thrust for sale of ailing Air India, the Government on 27th January, 2020 (re)invited bids for a 100% stake in the company. The deal has now been sweetened after taking experience from the 2018 preliminary information memorandum (PIM) for inviting expression of interest for strategic disinvestment of Air […]
The resolution plan shall provide for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 […]
In terms of Regulation 37(c) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016, a resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to the substantial acquisition […]
Section 118(10) of the Companies Act, 2013 mandated for every company to observe secretarial standards with respect to General and Board meetings specified by the Institute of Company Secretaries of India constituted under section 3 of the Company Secretaries Act, 1980, and approved as such by the Central Government.
The provisions about valuation by registered valuers are contained in Section 247 of Chapter XVII of the Companies Act, 2013. Section 247 has been made effective from 18th October, 2017 vide MCA Notification F.No.7/27/2013-CLV. Consequent to notification of section 247, MCA also notified the Companies (Registered Valuers and Valuation) Rules, 2017.
Section 211 set forth the provision for the power of the Central Government to establish an office to be called the Serious Fraud Investigation Office to investigate frauds relating to a company.
