12th May 2K20
Ø E-commerce policy put on hold
Ø China threatens 'countermeasures' against US
Ø Media, entertainment sector revenue could take 16% hit
Ø No increase in lease rent of SEZ units for 2020-21
Ø ONGC losses on gas business to widen to Rs 6,000 cr
Ø Life insurers’ business performance dips in April
Ø Economy requires Rs 4.5 lakh crore fiscal support at current juncture: Ficci to FM
Ø Govt changes tack with plans for bigger stimulus rivaling G-20 peers
Ø After Franklin fiasco, unlisted debt securities come under Sebi scrutiny
Ø Worst yet to come: Fed official after US loses 20.5 mn jobs due to Covid-19
Ø Tata Power SED bags Rs 1,200 cr deal to modernise 37 military airfields
Ø Adani drops out of Snowman acquisition as Covid shrinks industry valuation
Ø ‘Economic activities to gather steam in coming days’
Ø Indian power sector adds more new capacity in FY20 vis-à-vis FY19
Ø Gujarat amends APMC Act by promulgating Ordinance
Ø IndianOil raises refinery operations to 60 per cent of design capacity
Ø Piramal Enterprises posts net loss of Rs 1,702.6 crore in Q4
Ø India to further open up economy with focused steps to contain pandemic
Ø Jio's ₹70,000-crore capital raising may help RIL's mega rights issue
Ø Tata Power dropped moratorium plea, now repaying debt as agreed: CFO
Ø Yield on 10-year bond settles higher on increased government borrowing
Ø Extra borrowing: FY21 fiscal deficit likely at 5.8%, growth to slip to 0.5% says report
Ø US economy will bounce back despite getting ‘biggest negative shock’: White House officials
Ø Saudi Arabia triples taxes, cuts $26 billion in costs amid coronavirus pandemic
Ø CII seeks Rs 15 lakh crore as immediate stimulus package
Ø PNB scam: Nirav Modi's extradition trial to begin in UK over money laundering case
Ø FM Nirmala Sitharaman postpones meet with PSB chiefs to later this week
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Authority & Competency of Professionals to issue Demand Notice under Section 8 (1) of Insolvency and Bankruptcy Code, 2016
The author is of view that earlier, NCLAT was negative in approach to decide the issue in its older judgments. It not only ignored the true spirit of Section (30) of the Advocates Act, 1961 but also shut its eyes on Article 19(1) (g) of Constitution of India. Though the NCLT & NCLAT are required to follow the principle of natural justice, without following stringent and technical provisions of CPC or Evidence Act while deciding matter before it so that they remain out of legal complexity while deciding issue under IBC, they chose to enter into complex legal issues that too with negative answers. The professional like Advocates, Chartered Accountants, and Company Secretaries have been specifically allowed to participate in proceedings of IBC by Code itself, in different capacity, hence any interpretation should be such which empower them to assist the Tribunal more effectively to achieve aims and objects of Code.
https://ibclaw.in/authority-competency-of-professionals-to-issue-demand-notice-under-section-8-1-of-insolvency-and-bankruptcy-code-2016-by-advocate-jatin-rajput/
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No Bar on Chartered Accountants for Acceptance of more than 15% Fees from Single Client: ICAI issues Clarification
Read more at: https://www.taxscan.in/no-bar-on-chartered-accountants-for-acceptance-of-more-than-15-fees-from-single-client-icai-issues-clarification/57436/
Read more at: https://www.taxscan.in/no-bar-on-chartered-accountants-for-acceptance-of-more-than-15-fees-from-single-client-icai-issues-clarification/57436/
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👉 The National Company Law Tribunal has refused to admit an insolvency petition filed by India Resurgence Asset Reconstruction Company, a joint venture between Piramal Enterprises and Bain Capital, against Indian Steel Corporation, calling it “defective”.
The asset reconstruction company (ARC) had approached the Mumbai bench of the NCLT, claiming that the Gujarat-based maker of cold rolled coils and sheets had failed to pay Rs 1,487.59 crore of debt as on September 30, 2019. The ARC had acquired the debt in May last year from State Bank of India.
Indian Steel Corp owed SBI and its former associate banks ₹1,829 crore. The state-run lender, which had declared the assets as non-performing in May 2016, had sold the loans for ₹362 crore.
After hearing arguments from both parties, the bench said on Friday that there was no document placed on record acknowledging the liability in the three-year period commencing from December 31, 2013, which would have the effect of extending the period of limitation — the period within which legal action could be initiated or a right enforced.
“The petition filed by the financial creditor (India Resurgence ARC) is, therefore, defective to the extent indicated,” the order by judges Rajasekhar VK and Ravikumar Duraisamy said.
👉 Pre-packaged corporate insolvency resolution plan will help expedite resolution process for stressed assets as well as reduce the number of insolvency-related cases before the National Company Law Tribunal (NCLT), according to experts.
The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution framework. An insolvency resolution has to be approved by NCLT.
As part of efforts to fast-track processing of cases, the government has been mulling introduction of the provision for pre-packaged (pre-pack) corporate insolvency resolution plan wherein a restructuring plan would be agreed upon in advance between the company and its creditors.
Last year, the corporate affairs ministry sought comments on pre-packaged resolution plans but a final decsion on the provision is awaited.
"Pre-pack process will cut short time spent at the NCLT, and the consequent delay in implementation of a workable resolution plan.
"If a pre-pack is properly implemented and the court intervention is reduced, it is likely to bring efficiency in the resolution process and in turn have a positive effect on the value maximisation for the creditors," Punit Dutt Tyagi, Executive Partner at Lakshmikumaran & Sridharan Attorneys said.
Under the pre-packaged process, he said main stakeholders like creditors, shareholders and the existing management/ promoter can come together to identify a prospective buyer and negotiate terms of a resolution plan, before submitting it to NCLT for formal approval.
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👉🏻Clarification on Fees from a Single Client - ICAI
(ICAI clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees from a single client)
👇🏻 👇🏻 👇🏻
https://bit.ly/3bjKqb3
👉🏻IBA wants to house Rs 75,000 crore bad loans via Bad Bank
(The Indian Banks Association has firmed up a proposal to house approximately Rs 70,000-75,000 CR of bad loans at book value in its proposed ‘bad bank’)
👇🏻 👇🏻 👇🏻
https://bit.ly/3fJWKoK
👉🏻Overview of Multilateral Instruments (MLI) and Equalisation Levy
(Overview of Multilateral Instruments MLI and Equalisation Levy discussed by CA.Gaurav Makhijani)
👇🏻 👇🏻 👇🏻
https://bit.ly/35Vl0PZ
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Britannia Winkin’ Cow Thick Shake’ classifiable as Flavoured Milk attracting 12% GST: AAR [Read Order]
Read more at: https://www.taxscan.in/britannia-winkin-cow-thick-shake-classifiableas-flavoured-milk-attracting-12-gst-aar/57445/
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Sale of DVDs and CDs with Licensed Software will attract Higher GST Rate: AAR [Read Order]
Read more at: https://www.taxscan.in/sale-of-dvds-and-cds-with-licensed-software-will-attract-higher-gst-rate-aar/57431/
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