Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
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This notification amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It substitutes certain words in regulations 12(3) and 16A(2)(i) for clarity. The proviso in 16A(1) is replaced to clarify the choice of insolvency professional as authorized representative by a financial creditor class. A new proviso is inserted in 16A(2) regarding the interim role of the selected insolvency professional until appointment of the authorized representative. Regulation 40A's table is amended to omit the row for 12(2) and modify the row for 13(1) by removing references to claims verification under 12(2) and the associated timeline. These amendments aim to streamline the insolvency resolution process for corporate persons.
This notification amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It substitutes certain words in regulations 12(3) and 16A(2)(i) for clarity. The proviso in 16A(1) is replaced to clarify the choice of insolvency professional as authorized representative by a financial creditor class. A new proviso is inserted in 16A(2) regarding the interim role of the selected insolvency professional until appointment of the authorized representative. Regulation 40A's table is amended to omit the row for 12(2) and modify the row for 13(1) by removing references to claims verification under 12(2) and the associated timeline. These amendments aim to streamline the insolvency resolution process for corporate persons.
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