Application of provisions of Chapters II, III, VI, and VII to this Chapter (1) Save as provided under this Chapter, the provisions of sections 24, 25A, 26, 27, 28, 29A, 32A, 43 to 51, and the provisions of Chapters VI and VII of this Part shall, mutatis mutandis apply, to the pre-packaged insolvency resolution process, subject to the following, namely: (a) reference to “members of the suspended […]
Initiation of corporate insolvency resolution process. (1) The committee of creditors, at any time after the pre-packaged insolvency commencement date but before the approval of resolution plan under sub-section (4) or sub-section (12), as the case may be, of section 54K, by a vote of sixty-six per cent. of the voting shares, may resolve to initiate
Termination of pre-packaged insolvency resolution process (1) Where the resolution professional files an application with the Adjudicating Authority, – (a) under the proviso to sub-section (12) of section 54K; or (b) under sub-section (3) of section 54D, the Adjudicating Authority shall, within thirty days of the date of such application, by an order, – (i) terminate the
Appeal against order under section 54L Any appeal from an order approving the resolution plan under sub-section (1) of section 54L, shall be on the grounds laid down in sub-section (3) of section 61. Amendment 1 Ins. by Act No. 26 of 2021, sec.8 (w.e.f. 04-04-2021). Practice area’s of B K Goyal & Co LLP Income Tax
Approval of resolution plan. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12) of section 54K, as the case may be, subject to the conditions provided therein, meets the requirements as referred to in sub-section (2) of section 30, it shall, within
India is amongst the fastest-growing economies globally, with substantial human potential and a large market comprising over 1.2 billion people. The opportunities present in India have attracted a large amount of Foreign Direct Investment (FDI) into the country. Each year, the FDI inflow increases due to many foreign businesses establishing their operations in India. However,
After the registration under GST, a registered taxpayer can make changes in registration by applying the amendment of registration. Adding an additional place of business is considered a core field amendment. Businesses are exploring and expanding. To accommodate the expansion, some businesses add additional places to their business list. The GST law requires taxpayers to disclose
Mee Bhoomi is an Andhra Pradesh government initiative to digitise all records and make it easily accessible to the public. Mee Bhoomi makes the procedure for getting encumbrance certificate or land records easy through the portal while improving speed and transparency. Mee Bhoomi can be used by any person to obtain government land records in all the villages,
Consideration and approval of resolution plan. (1) The corporate debtor shall submit the base resolution plan, referred to in clause (c) of sub-section (4) of section 54A, to the resolution professional within two days of the pre-packaged insolvency commencement date, and the resolution professional shall present it to the committee of creditors. (2) The committee of
Vesting management of corporate debtor with resolution professional. (1) Where the committee of creditors, at any time during the pre-packaged insolvency resolution process period, by a vote of not less than sixty-six per cent. of the voting shares, resolves to vest the management of the corporate debtor with the resolution professional, the resolution professional shall
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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