Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020

The Board will prepare a common Panel of IPs for appointment as IRP, Liquidator, RP and BT and share the same with the AA (Hon’ble NCLT and Hon’ble DRT) in accordance with these Guidelines.

IBBI clarifies role of Liquidator in Avoidance Transactions

The Insolvency and Bankruptcy Board of India vide Circular dated 8th May, 2020 has clarified the Role of Resolution Professional/Liquidator in respect of Avoidance Transactions.

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020

An application received on and from 28th March 2020 and ending on the 30th September 2020, if the authorization for assignment is not issued, renewed or rejected by the Agency within thirty days of the …

RBI Extends Resolution timelines on stressed assets under the prudential framework

Lenders are required to implement a resolution plan in respect of entities in default within 180 days from the end of Review Period of 30 days. However RBI has decided that in respect of accounts …

CBIC has issued clarification for companies to comply with GST laws under Insolvency and Bankruptcy code, 2016

The Central Board of Indirect Taxes and Customs in its notification dated 23rd March 2020, has issued clarification on issues being faced by entities covered under Insolvency and Bankruptcy Code, 2016 regarding registration, returns, refund …

Lock down period to be excluded from the timeline for insolvency resolution process

The IBBI through amendment states that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the timeline for any activity that …
Covid-19 relief by Finance Minister

Finance Minister announces COVID -19 Compliance reliefs

The Finance Minister on 24th March 2020 has announced several reliefs for easing the burden on the citizens of India for complying with the requirement of Income-tax Act, Companies Act, Goods and Service tax laws …

Ministry of Finance Notifies rules for Banning of unregulated Deposit scheme.

The Ministry of Finance vide notification dated 12th February 2020, has published the Banning of Unregulated Deposit Schemes Rules, 2020 which provides for a comprehensive mechanism to tackle illicit deposit taking activities and various provisions …

IBBI Amends voluntary liquidation process regulation.

Insolvency and Bankruptcy Board of India vide Notification dated 15th January 2020 has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 through which the board is directed to create …

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