Section 28(1)(a) of the Code states that an IP shall take prior approval of the CoC before raising any interim finance in excess of the amount which has been decided by the CoC. This means that all the CoC members shall have final call as to what amount, whether initial or additional, may be raised […]
Registrar of Companies in Rajasthan fines M/s EMBASSY INFRATECH INDIA LIMITED and its directors a total of 9 lakh rupees for failing to conduct minimum required four board meetings annually, violating Section 173 of Companies Act, 2013
Registrar of Companies in Rajasthan fines M/s EMBASSY INFRATECH INDIA LIMITED and its directors for violating Section 119 of Companies Act, 2013 by not maintaining meeting records due to non-existence of registered office
It is to be clarified that NEFT and RTGS are separate products. The SOP circulated for Post Offices in Annexure II of the said order is for NEFT only. RTGS functionality is currently under testing and is expected to be rolled out by 31.05.2022.
DC finds that the Mr. Agarwal did not verify the claims received within prescribed time. He conducted the four meetings of the CoC on 06.09.2019, 26.09.2019, 18.10.2019 and 11.11.2019 without verification of claims. The CoC was constituted based on claim submission and not on claim verified by Mr. Agarwal as IRP/RP. Further, two FCs namely […]
In respect of the issue of preparation of the list of stakeholders being not in line with Regulation 31(1) of the Liquidation Regulations, the DC notes that Liquidation Regulations require that liquidator shall verify every claim as on the liquidation commencement date, and thereupon prepare a list of stakeholders, with specified details. The list of […]
Though the deficiencies as noticed and conceded by Ms Kalpana G appear to be minor in nature, however, in the context of messaging with regard to the independent role of Insolvency Professional as envisaged under the Code and Regulations framed thereunder, such acts of omission have larger ramifications.
The enterprises making new investment or investment for expansion under the scheme, as the case may be, for reimbursement of 25% of Stamp Duty, shall submit a duly completed application in Form-S, appended to the Scheme, to the Member Secretary of the appropriate Screening Committee within 90 days of the commencement of commercial production.
IBBI suspends the registration of Mr. Bhupesh Gupta for a period of 2 years for not taking the custody and control of the CD and for letting the suspended management to settle the insurance claims after the initiation of the CIRP of the CD. In this case, the director of the suspended board of CD […]
Office Order No. 93 of 2022 Consequent upon approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Chief Commissioner of Income Tax (CCIT) (level 16 in the pay matrix Rs. 2,05,400-2,24,400/-) for the panel year 2022 on in-situ basis w.e.f. the date of assumption of charge of the post by them and until further orders:
