2022

Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016

Rule 161 of Central Goods and Services Tax Rules, 2017 prescribes FORM GST DRC-25 for issuing intimation for such reduction of demand specified under section 84 of CGST Act. Accordingly, in cases where a confirmed demand for recovery has been issued by the tax authorities for which a summary has been issued in FORM GST DRC-07/DRC 07A against the corporate debtor, and where the proceedings have been finalised against the corporate debtor under IBC reducing the amount of statutory dues payable by the corporate debtor to the government under CGST Act or under existing laws, the jurisdictional Commissioner shall issue an intimation in FORM GST DRC-25 reducing such demand, to the taxable person or any other person as well as the appropriate authority with whom recovery proceedings are pending.

Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016 Read Post »

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The order F.No.10/37/2018-NCLAT dated 21.10.2022 is hereby withdrawn and superseded by this order.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.

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 Read Post »

Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC) under proviso to Regulation 31A(10) of IBBI (Liquidation Process) Regulations, 2016

The proviso to Regulation 31A(10) of Liquidation Process Regulations provides that where the liquidator takes a decision different from the advice given by the consultation committee, he shall record the reasons for the same in writing and submit the records relating to the said decision, to the Adjudicating Authority and to the Board within five days of the said decision; and include it in the next progress report.
IBBI has made available an electronic platform for reporting the liquidator’s decisions different from the advice given by the SCC. The proforma for such reporting is placed as Annexure.

Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC) under proviso to Regulation 31A(10) of IBBI (Liquidation Process) Regulations, 2016 Read Post »

Rescind IBBI circulars due to the provisions already provided in regulation- IBBI Circular No. IBBI/IP/55/2022 dated 09.11.2022

The Board conducted an exercise of review of regulations, circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulations], as the case may be. Accordingly, it has been decided to rescind circulars listed in the Annexure, with immediate effect. You are advised to take note of the above and follow the provisions of relevant Regulations.

Rescind IBBI circulars due to the provisions already provided in regulation- IBBI Circular No. IBBI/IP/55/2022 dated 09.11.2022 Read Post »

Annual Compliance Certificate for Insolvency Professional Agencies – Circular No. IBBI/IPA/54/2022 dated 02.11.2022

In consequence of amendments in regulations and in suppression of the Circular No: IPA/009/2018 dated 19th April, 2018, the revised format of Annual Compliance Certificate for IPAs is being issued by the Board as per Annexure. All the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year.

Annual Compliance Certificate for Insolvency Professional Agencies – Circular No. IBBI/IPA/54/2022 dated 02.11.2022 Read Post »

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 – IBBI Notification No. IBBI/2022-23/GN/REG101 dated 31.10.2022

The Board had issued three circulars, namely, (i) circular No. IP/005/2018 dated January 16, 2018 specifying the format for disclosure of relationship by the insolvency professional (IP) (ii) circular no. IPA/009/2018 dated April 19, 2018 mandating IPAs to submit Annual Compliance Certificate in the format given in the circular and (iii) circular No. IBBI/IPA/43/2021 dated July 28, 2021 specifying the list of contraventions by IP and the amount of penalty to be imposed by IPAs. The Board has notified Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 on November 01, 2022, vide which provisions of aforesaid circulars have been incorporated in the Model Bye Laws Regulations and the said circulars stand rescinded. By the said amendment, no change in the list of contraventions by the IP and the amount of monetary penalties, has been introduced, as contained in the circular no. IBBI/IPA/43/2021, dated July 28, 2021.

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 – IBBI Notification No. IBBI/2022-23/GN/REG101 dated 31.10.2022 Read Post »

Order regarding to computation of limitation for the purposes of filing an Appeal in NCLAT – Order dated 21.10.2022

With regard to computation of limitation in Appeals, following directions are hereby issued by the Competent Authority: –
(1) The period of limitation shall be computed from the date of presentation of Appeal as per Rule 22 of the NCLAT Rules, 2016. (2) 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. (3) This order will be effective with effect from 1st November, 2022.

Order regarding to computation of limitation for the purposes of filing an Appeal in NCLAT – Order dated 21.10.2022 Read Post »

Notification under the Micro Small and Medium Enterprises Development (MSMED) Act 2006 for extending the non tax benefits to the Micro Small and Medium Enterprises (MSME) – Notification No. SO-4926(E) dated 18.10.2022

In case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category (micro or small or medium) it was in before the re-classification, for a period of three years from the date of such upward change.

Notification under the Micro Small and Medium Enterprises Development (MSMED) Act 2006 for extending the non tax benefits to the Micro Small and Medium Enterprises (MSME) – Notification No. SO-4926(E) dated 18.10.2022 Read Post »

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