Daily Archives: December 11, 2016

Section – 54 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 54 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Dissolution of corporate debtor. 54. (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such… Read More »

Section – 53 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 53 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Distribution of assets. 53. (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from the… Read More »

Section – 52 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 52 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Secured creditor in liquidation proceedings. 52. (1) A secured creditor in the liquidation proceedings may— (a) relinquish its security interest to the liquidation estate and receive proceeds from the sale of assets… Read More »

Section – 51 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 51 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Orders of Adjudicating Authority in respect of extortionate credit transactions. 51. Where the Adjudicating Authority after examining the application made under sub-section (1) of section 50 is satisfied that the terms of… Read More »

Section – 50 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 50 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Extortionate credit transactions. 50. (1) Where the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years… Read More »

Section – 49 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 49 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Extortionate credit transactions. 50. (1) Where the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years… Read More »

Section – 48 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 48 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Order in cases of undervalued transactions. 48. (1) The order of the Adjudicating Authority under sub-section (1) of section 45 may provide for the following:— (a) require any property transferred as part… Read More »

Section – 47 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 47 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Application by creditor in cases of undervalued transactions. 47. (1) Where an undervalued transaction has taken place and the liquidator or the resolution professional as the case may be, has not reported… Read More »

Section – 46 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 46 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Relevant period for avoidable transactions. 46. (1) In an application for avoiding a transaction at undervalue, the liquidator or the resolution professional, as the case may be, shall demonstrate that— (i) such… Read More »

Section – 45 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 45 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Avoidance of undervalued transactions. 45. (1) If the liquidator or the resolution professional, as the case may be, on an examination of the transactions of the corporate debtor referred to in sub-section… Read More »

Section – 44 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 44 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Order in case of preferential transactions. 44. (1) The Adjudicating Authority, may, on an application made by the resolution professional or liquidator under sub-section (1) of section 43, by an order :… Read More »

Section – 43 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 43 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Preferential transactions and relevant time. 43. (1) Where the liquidator or the resolution professional, as the case may be, is of the opinion that the corporate debtor has at a relevant time… Read More »

Section – 42 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 42 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Appeal against the decision of Liquidator. 42. A creditor may appeal to the Adjudicating Authority against the decision of the liquidator rejecting the claims within fourteen days of the receipt of such… Read More »

Section – 40 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 40 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Admission or rejection of claims. 40. (1) The liquidator may, after verification of claims under section 39, either admit or reject the claim, in whole or in part, as the case may… Read More »

Section – 39 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 39 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Verification of claims. 39. (1) The liquidator shall verify the claims submitted under section 38 within such time as specified by the Board. (2) The liquidator may require any creditor or the… Read More »

Section – 38 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 38 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Consolidation of claims. 38. (1) The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process. (2)… Read More »

Section – 37 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 37 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Powers of Liquidator to access information. 37. (1) Notwithstanding anything contained in any other law for the time being in force, the liquidator shall have the power to access any information systems… Read More »

Section – 36 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 36 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Liquidation Estate. 36. (1) For the purposes of liquidation, the liquidator shall form an estate of the assets mentioned in sub-section (3), which will be called the liquidation estate in relation to… Read More »

Section – 35 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 35 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Powers and duties of Liquidator. 35. (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:— (a) to verify claims of all the… Read More »

Section – 34 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 34 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] Appointment of Liquidator and fee to be paid. 34. (1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the… Read More »

Section 33 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016

Section – 33 of Insolvency and Bankruptcy Code 2016 [ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ] CHAPTER III LIQUIDATION PROCESS Initiation of Liquidation. 33. (1) Where the Adjudicating Authority,— (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the… Read More »

No reopening of case u/s 147 due to increased sales in FY 2016-17 : CBDT Circular

By | December 11, 2016

Circular No. 40/2016 Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, the 9th of December, 2016 Subject: – Directions under section 119 of the Income-tax Act, 1961-regd.- Recent initiatives of the Government to curb the black economy in the country has encouraged people to shift towards digital mode of… Read More »

section 33 to section 54 of Insolvency and Bankruptcy Code 2016 w.e.f 15.12.2016

By | December 11, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 9th December, 2016 S.O. 3687(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 15th day of December, 2016 as the date on which the provisions of section 33… Read More »

New Book on Benami Property Law and Taxation of Demonetised Notes -December 2016 Edition

By | December 11, 2016

New Law Relating to Benami Properties with Benami Properties Law and Taxation of Demonetised 500/- and 1000/- Notes (December 2016 Edition) What is Benami Transaction?**** What is ‘Benami Property’? Who is benamidar and who is ‘beneficial owner’?****Legal consequences of Benami Transactions,**** Income Declaration Scheme, 2016 (IDS) & New Benami Law,****Pradhan Mantri Garib Kalyan Yojana (PMGKY)… Read More »

List of Top Cashless Countries

By | December 11, 2016

TOP CASHLESS COUNTRIES COUNTRIES CASHLESS TRANSACTIONS 1-Singapore 61% 2-Netherlands 60% 3-France 59% 4-Sweden 59% 5-Canada 57% 6-Belgium 56% 7-United Kingdom 52% 8-USA 45% 9-Australia 35% 10-Germany 33% 11-South Korea 29% 12-Spain 16% 13-Brazil 15% 14-Japan 14% 15-China 10% India 2% Source: Mastercard Advisor’s Measuring progress toward a cashless society

Banks in India to Install one million new PoS terminals by 31st March 2017

By | December 11, 2016

In order to facilitate the move towards cashless transactions, the Government has directed the banks to install an additional one million new PoS terminals by 31st March 2017;. 2,73,919 camps organized to open banks accounts for unorganized labour in which 24.54 lakh accounts opened. As part of the plan to expand the digital payments eco-system… Read More »

New Rs 500 Note to be issued by RBI

By | December 11, 2016

Date : Dec 08, 2016 Issuance of Rs 500 bank notes without inset letter, in the Mahatma Gandhi (New Series) The Reserve Bank of India will shortly issue Rs 500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and… Read More »

FAQs on GST in Bangla

By | December 11, 2016

FAQs on GST in Bangla Related Post State /India GST Material    What is GST? How does it work?- Answer GST Enrolment Plan State Wise : Announced by Indian Govt List of Documents required for GST Migration (India) Steps to enrol on GST Common Portal (India) How to Enroll on GST Portal (India) -FAQ’s How… Read More »

Indian Govt issues report on Companies Amendment Bill 2016

By | December 11, 2016

STANDING COMMITTEE ON FINANCE (2016-17) SIXTEENTH LOK SABHA THE COMPANIES (AMENDMENT) BILL, 2016 (MINISTRY OF CORPORATE AFFAIRS) THIRTY-SEVENTH REPORT LOK SABHA SECRETARIAT NEW DELHI December, 2016 / Agrahayana, 1938 (Saka)

DigiShala : Govt launches new channel to promote digital payments

By | December 11, 2016

DigiShala : Govt launches new channel to promote digital payments In an attempt to promote digital payments in the country, Ministry of Electronics and IT has introduced ‘Digi Dhan Abhiyan’ campaign to enable every citizen, small trader and merchant to adopt digital payments in their everyday financial transactions.DigiShala will impart information and education, especially in… Read More »

डिजिटल लेनदेन को बढ़ावा देने के उद्देश्य से सरकार ने शुरू किया डिजिशाला टीवी चैनल

By | December 11, 2016

डिजिटल लेनदेन को बढ़ावा देने के उद्देश्य से सरकार ने शुरू किया डिजिशाला टीवी चैनल

Eligibility Criteria to become Insolvency Professional

By | December 11, 2016

Eligibility Criteria to become Insolvency Professional For Chartered Accountants to become Insolvency Professional An individual shall be eligible to be registered for a limited period (as per Regulation 9 of the said Regulations) as an insolvency professional if he has been ‘in practice’ for a minimum period of fifteen years as a chartered accountant enrolled… Read More »

ICAI Syllabus for Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional

By | December 11, 2016

Insolvency and Bankruptcy Board of India 30th November, 2016 Limited Insolvency Examination The Board hereby publishes the syllabus, format and frequency of the “Limited Insolvency Examination” under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016: I. Syllabus for Examination The syllabus for the “Limited Insolvency Examination” is as under:… Read More »

Post Demonetization -ICAI issued Advisory for CA Members

By | December 11, 2016

ANNOUNCEMENT For attention of Members Demonetisation Policy announced by Government of India- An Advisory for Members As you may be aware, the ICAI has always been supportive of the bold initiatives taken by the Government in strengthening the economic growth of our country and also in its efforts to weed out black money and corruption… Read More »

CA’s in Practice have to comply Know your Client Norms -(Mandatory) for attest functions w.e.f 01.01.2017

By | December 11, 2016

ANNOUNCEMENT OF KYC NORMS All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the Know Your Client (KYC) norms at it’s 356th Meeting held on 29th, 30th June and 1st July, 2016 KNOW YOUR CLIENT (KYC) NORMS The financial services industry… Read More »

Faq’s on Aadhaar Payment Bridge (APB) System

By | December 11, 2016

Aadhaar Payment Bridge (APB) System What is Aadhaar number? It is a 12 digit unique identification number that stores demographic and biometric information of the resident with photograph issued by Unique Identification Authority of India (UIDAI) on behalf of Government of India. Aadhaar serves as a proof of identity and address, anywhere in India. What… Read More »

Govt of India New Incentive Scheme for Digital Payments – digital to digi-dhan

By | December 11, 2016

Press Information Bureau Government of India NITI Aayog 10-December-2016 18:18 IST Incentivizing Digital Payments Government of India has initiated numerous steps to combat the scourge of Corruption and Black Money in the last two and a half years. Demonetization of 500 and 1000 Rs. notes is an important milestone in this endeavour. These large denomination… Read More »