April 12, 2021 Summary of the notifications issued by MCA and IBBI on 09/04/2021 Government notifies the minimum amount of default to initiate Pre-Packaged Insolvency Resolution Process (IRP) of Corporate Debtor under IBC, 2016 Through this notification, the Central Government has notified Ten Lakh rupees as the minimum amount of default for the [...]
April 05, 2021 Summary of the ordinance issued by the President of India on 04/04/2021 Government introduces Pre-Packaged Insolvency Resolution Process(IRP) for distressed Micro, Small and Medium Enterprises (MSMEs) under IBC, 2016 With the objective to ensure quicker, cost-effective and value maximising outcomes for all the stakeholders, in a manner which is least [...]
April 02, 2021 Summary of the notifications issued by MCA on 01/04/2021 MCA further amends Companies (Accounts) Rules, 2014 MCA has now deferred the date from which audit trails of books of accounts maintained in any accounting software needs to be recorded from financial year commencing 1st April 2021 to 1st April 2022. [...]
March 25, 2021 Summary of the notifications issued by MCA on 24/03/2021 MCA relaxes penal provisions with respect to Unpaid Dividend Account and Valuation by a Registered Valuer as per the Companies Amendment Act, 2020 Through this notification, MCA has relaxed penal provisions under the Companies Act, 2013 with respect to contravention of the [...]
March 19, 2021 Summary of the notifications and circular issued by MCA and IBBI on 18/03/2021 MCA notifies the commencement of provision related to remuneration of non-executive directors in case of inadequate/nil profits. MCA has notified the provision that non-executive director, including an independent director, can be remunerated by the Company in case [...]
March 16, 2021 Summary of the notification issued by IBBI on 15/03/2021 IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Through this amendment - - a creditor shall now update its claim with the Interim Resolution Professional/ Resolution Professional (IRP/RP), as and when the claim is [...]
March 08, 2021 Summary of the notifications and circular issued by MCA and IBBI on 05/03/2021 and 04/03/2021 respectively MCA notifies the commencement of the provision with respect to abridged Annual Return for One Person Company and Small Company under the Companies Act, 2013 MCA has notified the provision that empowers Central Government [...]
March 05, 2021 Summary of the notification issued by IBBI on 04/03/2021 IBBI notifies Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021 Through this amendment, the requirement, as specified in Regulation 31(2), to announce the filing of list of stakeholders with the Adjudicating Authority through public announcement in newspapers in [...]
February 22, 2021 Summary of the notification issued by MCA on 19/02/2021 MCA exempts certain class of Companies from the definition of ‘Listed Company’ under the Companies Act, 2013 with effect from 01/04/2021 In a move to further improve the ease of doing business in India by reducing compliance burden, MCA has excluded [...]
February 15, 2021 Summary of the notification issued by MCA on 12/02/2021 ADMINISTRATIVE CHANGES - Revisions to the NCLT benches constituted by the Central Government under the Companies Act, 2013 Further to the recent amendments to the constitution of Indian Union Territories, the Central Government has notified the following changes to its notification on [...]