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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required


Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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        Corp. Laws, SEBI & IBC

        Lok Sabha passes amendments to Insolvency and Bankruptcy Code

        August 1, 2019

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        New Delhi, Aug 1 (PTI) Lok Sabha on Thursday passed amendments to the Insolvency and Bankruptcy Code, with the government asserting that the spirit behind the law is not to allow companies to die.

        Rajya Sabha has already passed the bill and with its passage in the lower house, the Insolvency and Bankruptcy Code is set to be amended.

        Responding to the debate on the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman said the liquidation of a company is not the sole agenda of the Insolvency and Bankruptcy Code.

        As many as seven sections of the Code are to be amended.

        Once the Corporate Insolvency Resolution Process (CIRP) begins, it has to be completed in 330 days, including litigation stages and judicial process, the minister said, citing proposed amendments.

        CIRP time limit set to include litigation and judicial stages under amended insolvency framework, emphasising rescue over liquidation. Parliament approved amendments to seven sections of the Insolvency and Bankruptcy Code to prioritise corporate rescue over liquidation and to require completion of the Corporate Insolvency Resolution Process within a single prescribed period that expressly includes litigation stages and judicial processes, thereby setting a definitive procedural horizon for timely resolution while maintaining necessary court engagement.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                CIRP time limit set to include litigation and judicial stages under amended insolvency framework, emphasising rescue over liquidation.

                                Parliament approved amendments to seven sections of the Insolvency and Bankruptcy Code to prioritise corporate rescue over liquidation and to require completion of the Corporate Insolvency Resolution Process within a single prescribed period that expressly includes litigation stages and judicial processes, thereby setting a definitive procedural horizon for timely resolution while maintaining necessary court engagement.


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