Changes in Income Tax Act, 1961 in relation to Insolvency & Bankruptcy Code, 2016 (IBC)- All Union Budgets since 2018
Changes in Income Tax in relation to Insolvency & Bankruptcy Code, 2016(IBC)- All Union Budgets Union Budget 2023 February 1, […]
Limitation shall be computed from the date of e-filing – Computation of limitation for the purposes of filing an Appeal in NCLAT – NCLAT Order dated 24.12.2022
The order F.No.10/37/2018-NCLAT dated 21.10.2022 is hereby withdrawn and superseded by this order. Limitation shall be computed from the date of e-filing. The hard copy has to be filed within 7 days of e-filing. However, the competent authority is at liberty to notify to extend the period of filing hard copy in case of any unforeseen exigency. In a case where hard copy is filed after 7 days, the appeal will be placed before the Tribunal for appropriate order. The requirement of filing Appeals by electronic mode shall continue along with mandatory filing of the Appeals as per Rule 22 of the NCLAT Rules, 2016.
Standard Operating Procedure (SOP) for NCLT cases in respect of the Insolvency and Bankruptcy Code (IBC) – CBIC
Instruction No. 1083/04/2022-CX9 dated 23.05.2022 FA No. 296/286/2021-CX.9Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes & Customs*************
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.
IBBI Handbook on Ethics for Insolvency Professionals: Ethical and Regulatory Framework
The Handbook prepared by the Insolvency and Bankruptcy Board of India in association with British High Commission is based on inputs on the best practices followed by the Insolvency Practitioners in the United Kingdom and aims to stimulate the highest standards of ethics and professionalism among the Insolvency Professionals. This Handbook serves as a ready reckoner and a tool to assist the insolvency professionals and other stakeholders in the insolvency ecosystem, for imbibing and practising an ethical code of conduct.
IBBI Handbook on Ethics for Insolvency Professionals: Ethical and Regulatory Framework Read Post »
Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7
Regulation 40B of CIRP regulations require filing of Form CIRP 7 within three days of due date of completion of any activity stated in column (2) of the table below is delayed, and continue to file Form CIRP 7 every 30 days, until the said activity remains incomplete. Subsequent filing of Form CIRP 7 shall not be made until thirty days have lapsed from the filing of an earlier Form CIRP 7. Only one Form shall be filed at any time whether one or more activity is not completed by the specified date. The Form CIRP 7 shall be available for filing three days prior to the due date. The format for Form CIRP 7 is at Annexure A. This circular is applicable for all the processes ongoing as on the date of this circular
Filing of list of stakeholders under clause (d) of sub-regulation (5) of Regulation 31 of the IBBI (Liquidation Process) Regulations, 2016 – IBBI Circular No. IBBI/LIQ/40/2021 dt. 04th March, 2021
Clause (d) of sub-regulation (5) of regulation 31 of the Liquidation Process Regulations inserted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021 requires that the liquidator shall file the list of stakeholders on the electronic platform of the Board for dissemination on its website. The purpose of this requirement is to improve transparency and enable stakeholders to ascertain the details of their claims at a central platform. This requirement is applicable to every liquidation process (a) ongoing as on the date of notification of Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021, and (b) commencing on or after the said date.
In pursuance of the above, the Board has made available an electronic platform at http://www.ibbi.gov.in for filing of list of stakeholders as well as updating it thereof. The platform permits multiple filings by the liquidator as and when the list of stakeholders is updated by him. The format of list of stakeholders, as finalised in consultation with the insolvency professional agencies, is placed as Annexure.
The insolvency professionals are directed to file the list of stakeholders of the respective corporate debtor under liquidation and modification thereof, in the aforesaid format, within three days of the preparation of the list or modification thereof, as the case may be. The filings due as on the date of circular shall be filed within 15 days of this circular.
Providing copy of application to the IBBI, as mandated under Rule 9 of the Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors Rules, 2019 – IBBI Circular No. IBBI/II/39/2021 dated 02.02.2021
Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 mandates an applicant to provide a copy of the application filed under sub-section (1) of section 94 or sub-section (1) of section 95 of the Insolvency and Bankruptcy Code, 2016 (Code) for initiation for insolvency resolution process of a personal guarantor to a corporate debtor, inter alia, to the Board for its record. For convenience of applicants, the Board has made available a facility on its website at https://ibbi.gov.in/intimation-applications/iaaa-personal-one for providing a copy of the application online to the Board. The format for submission is at Annexure A. A step-bystep guide for submission of the application is at Annexure B. On submission of the application online, the applicant shall get an acknowledgement. The applicants are encouraged to avail of this facility.
Revised Standard Operating Procedure (SOP) for hearing of cases through virtual mode – NCLAT Order dated 03.01.2021
Date: 03.01.2021 National Company Law Appellate Tribunal Revised Standard Operating Procedure for Ld. Advocate/ Authorised Representative/Party-in-Person for hearing/Mentioning the matter
Filing of list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016- Circular No. IBBI/CIRP/36/2020 dated 27.11.2020
Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110001CIRCULARNo. IBBI/CIRP/36/2020 27th November, 2020 ToAll
