IBC News

CBDT amends Income Tax Rules regarding Income Tax Return verification and Authorised Representative during CIRP and Liquidation – GSR 578(E) dated 18.08.2021

CBDT inserts two new rules in Income-tax Rules, 1962, namely Rule 12AA-Prescribed person for the purposes of clause (c) and clause (cd) of section 140 and Rule 51B-Appearance by Authorised Representative in certain cases i.e. for the purpose of clause (c) or clause (cd) of section 140 and for the purposes of clause (viii) of sub-section (2) of section 288, any other person shall be the person, appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 and the rules and regulations made thereunder.

CBDT amends Income Tax Rules regarding Income Tax Return verification and Authorised Representative during CIRP and Liquidation – GSR 578(E) dated 18.08.2021 Read Post »

The matters already fixed from 16.08.2021 to 18.08.2021 in the NCLAT Court-II, now will be taken up from 23.08.2021 to 25.08.2021 – NCLAT Notice dated -13.08.2021

The matters already fixed from 16.08.2021 to 18.08.2021 in the NCLAT Court-II will not be taken up. The next dates for Directions – to Settle Date for 16.08.2021 is 23.08.2021, for 17.08.2021 is 24.08.2021 and for 18.08.2021 is 25.08.2021.

The matters already fixed from 16.08.2021 to 18.08.2021 in the NCLAT Court-II, now will be taken up from 23.08.2021 to 25.08.2021 – NCLAT Notice dated -13.08.2021 Read Post »

NCLAT Principal Bench and NCLAT Chennai Bench will remain closed on 20th August, 2021 instead of 19th August, 2021 – NCLAT Circular No. 183/2021 dated – 13.08.2021

It is hereby notified for information of all concerned that as the Government of India has declared that Muharram will now be observed on 20th August, 2021 (Friday) and as approved by the Competent Authority, the Hon’ble Court and Registry, both for NCLAT Principal Bench at New Delhi and NCLAT Chennai Bench at Chennai, will also remain closed on the said date. However, 19th August, 2021 (Thursday), which was earlier declared as holiday, will now be observed as working day for the Hon’ble Court and Registry, both for NCLAT Principal Bench at New Delhi and NCLAT Chennai Bench at Chennai.

NCLAT Principal Bench and NCLAT Chennai Bench will remain closed on 20th August, 2021 instead of 19th August, 2021 – NCLAT Circular No. 183/2021 dated – 13.08.2021 Read Post »

Monetary Penalties to be imposed by an Insolvency Professional Agency – IBBI Circular No. IBBI/IPA/43/2021 dated 28.07.2021

In the interest of objectivity and uniformity, it has been decided that an IPA shall amend its Bye-laws to provide for the maximum and minimum monetary penalty, where the Disciplinary Committee decides to impose such penalty on its professional members, under Clause 24(2)(d) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016(see table).
Further, the IPA shall amend its Bye- Laws to incorporate Clause 24(5) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 as inserted by IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021.

Monetary Penalties to be imposed by an Insolvency Professional Agency – IBBI Circular No. IBBI/IPA/43/2021 dated 28.07.2021 Read Post »

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, that seeks to replace the Ordinance, inter alia, provides for—

(a) specifying a minimum threshold of not more than one crore rupees for initiating pre-packaged insolvency resolution process;

(b) disposal of simultaneous applications for initiation of corporate insolvency resolution process and pre-packaged insolvency resolution process, pending against
the same corporate debtor;

(c) inserting a new Chapter III-A containing sections 54A to 54P to facilitate pre-packaged insolvency resolution process for corporate persons that are Micro, Small and Medium Enterprises;

(d) penalty for fraudulent or malicious initiation of pre-packaged insolvency resolution process or with intent to defraud persons;

(e) penalty for fraudulent management of corporate debtor during pre-packaged insolvency resolution process;

(f) punishment for offences related to pre-packaged insolvency resolution process; and

(g) certain amendments to the relevant provisions, which are consequential in nature.

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 Read Post »

UNCITRAL adopts the Legislative Recommendations on Insolvency of Micro and Small Enterprises

The United Nations Commission on International Trade Law (UNCITRAL) adopted the Legislative Recommendations on Insolvency of Micro and Small Enterprises (the Legislative Recommendations) and approved the draft commentary to the Legislative Recommendations in principle. The texts are part of UNCITRAL’s ongoing series of insolvency texts as well as texts aimed at reducing the legal obstacles encountered by micro, small and medium-sized enterprises (MSMEs) throughout their life cycle.

UNCITRAL adopts the Legislative Recommendations on Insolvency of Micro and Small Enterprises Read Post »

Major amendments in Insolvency Professional Regulations, 2016 vide Notification No. IBBI/2021-22/GN/REG077 dt. 22.07.2021

As per the Clause 22 of First Schedule, an insolvency professional must refrain from accepting too many assignments, if he is unlikely to be able to devote adequate time to each of his assignments.

Now, a clarification has been added that an insolvency professional may, at any point of time, not have more than ten assignments as resolution professional in corporate insolvency resolution process, of which not more than three shall have admitted claims exceeding one thousand crore rupees each.

Major amendments in Insolvency Professional Regulations, 2016 vide Notification No. IBBI/2021-22/GN/REG077 dt. 22.07.2021 Read Post »

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