Ministry of Corporate Affairs
IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018
The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consistent with the Code and the rules made thereunder; (c) are made by a notification published in the official gazette; and (d) are laid, as soon as possible, before each House of Parliament for 30 days.
Given the importance of subordinate legislations for the various processes under the Code, it is essential that the IBBI has a structured, robust mechanism, which includes effective engagement with the stakeholders, for making regulations. Section 196 (1) (s) of the Code requires the IBBI to specify mechanisms for issuing regulations, including the conduct of public consultation processes, before notification of regulations. In sync with this philosophy and the statutory requirement, the IBBI notified the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018 (Issuing Regulations) to govern the process of making regulations and consulting the public .
The Issuing Regulations provide that for the purpose of making or amending any regulations, the IBBI shall upload the following, with the approval of the Governing Board, on its website seeking comments from the public-
draft of proposed regulations;
the specific provision of the Code under which the Board proposes regulations;
a statement of the problem that the proposed regulation seeks to address;
an economic analysis of the proposed regulations;
a statement carrying norms advocated by international standard setting agencies and the international best practices, if any, relevant to the proposed regulation;
the manner of implementation of the proposed regulations; and the manner, process and timelines for receiving comments from the public.
The IBBI shall allow at least twenty-one days for public to submit their comments. It shall consider the public comments received and upload the same on its website along with a general statement of its response on the comments, not later than the date of notification of regulations. If the Governing Board decides to approve regulations in a form substantially different from the proposed regulations, it shall repeat the process under the Issuing Regulations. The regulations shall be notified promptly after it is approved by the Governing Board and the date of their enforcement shall ordinarily be after thirty days from the date of notification unless a different date is specified therein.
However, where the IBBI is of the opinion that certain regulations are required to be made or existing regulations are required to be amended urgently, it may make regulations or amend the existing regulations, as the case may be, with the approval of the Governing Board, without following the above process of consultation.
The Issuing Regulations are effective from 22nd October, 2018. These are available at www.mca.gov.in and www.ibbi.gov.in.
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Cenvat Credit available to Non-Excisable Goods cleared for Consideration: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/cenvat-credit-non-excisable-goods-cestat/29949/
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👉🏻Government plans to tighten rules for Auditors
(The Corporate Affairs Ministry, which is implementing the companies law, is working on ways to bolster the overall corporate governance framework.)
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https://goo.gl/3WRpCa
👉🏻Vehicle owners to pay 18% under GST on pollution check
(Vehicle owners will have to pay a GST of 18 per cent to get pollution certificate for their vehicles, the Authority for Advance Ruling (AAR) has said)
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https://goo.gl/BFhvmj
👉🏻Two crore Indians file returns but pay zero income tax
(As many as 2.02 crore individuals filed income-tax returns in 2017-18 declaring their income, but paid zero tax since they are not in the taxable income bracket yet)
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https://goo.gl/5kZpfc
👉🏻Appointment of Statutory Auditor for Clean Ganga Fund for FY 2014-15 to 2017-18
(Appointment of Statutory Auditor for Clean Ganga Fund for Financial Year 2014-15 to 2017-18. Last Date - 08/11/2018.)
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https://goo.gl/R6vpe3
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Ada’ Classifiable as ‘Vermicelli’, 5% GST Leviable: Kerala AAR [Read Order]
Read more at: http://www.taxscan.in/ada-vermicelli-gst-kerala-aar/29953/
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GSTN updates Facility to Claim Refund of Excess Payment of Tax
Read more at: http://www.taxscan.in/gstn-refund-excess-tax/29960/
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GST Inspector Arrested in a Bribery Case
Read more at: http://www.taxscan.in/gst-inspector-bribery-case/29963/
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Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians looking to invoke the new anti-black money law for strict criminal action in many such cases.
CBDT Data FY 14-17: Correlate taxpayers rise by nearly 70%, returns filed rise by 80%, gross income up by 67% to Rs 44.9 lakh crore between FY14 and FY17 (much higher than the nominal GDP growth of 36% during the period.
Gujarat enforcement branch of the State GST department has unearthed a bogus billing scam for edible and non-edible oil to the tune of Rs 1,000 crore. ITC benefit worth Rs 58 crore has been illegally claimed by several culprits.
MCA Forms DIR-11,GNL-2,INC-4,SH-8,SH-9,I-XBRL,CHG-8,GNL-1 and 21A are likely to be revised on MCA21 Company Forms Download page W.e.f 25th OCTOBER , 2018.
SEBI announced a raft of measures designed to improve transparency in investment expenses while reducing portfolio churning and mis-selling in mutual fund schemes. From now on, all schemerelated expenses, including commissions, shall be paid from the scheme only and not from the books of the asset management company.
ICAI releases Draft Exposure of Indian Accounting Standard (Ind AS) 40, Investments property. Ind AS 40 notified by MCA has been taken as the base for formulating the upgraded Standard on Investment Property. There is no corresponding Standard on Investment Property in the existing Accounting Standards.
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Chartered Accountant and Advocate arrested for evading GST of Rs. 50 Crore
Read more at: http://www.taxscan.in/chartered-accountant-advocate-gst/29978/
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Indian CAs to have Employment Oppurtunities in Afganistan: Cabinet approves MoU with CPA Afghanistan
Read more at: http://www.taxscan.in/indian-cas-employment-oppurtunities-afganistan-cabinet-approves-mou-cpa-afghanistan/29997/
