TaxTMI 
TaxTMI 
STATES TO BE INCENTIVIZED FOR IMPLEMENTATION OF THEIR BUSINESS REFORMS ACTION PLANS AND DIGITALIZATION: UNION BUDGET 2024-25
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....TATES TO BE INCENTIVIZED FOR IMPLEMENTATION OF THEIR BUSINESS REFORMS ACTION PLANS AND DIGITALIZATION: UNION BUDGET 2024-25 <br>Budget<br>Dated:- 23-7-2024<br><BR>SETTING UP OF INTEGRATED TECHNOLOGY PLATFORM TO IMPROVE THE OUTCOMES UNDER INSOLVENCY AND BANKRUPTCY CODE MORE THAN 1,000 COMPANIES RESOLVED BY IBC, RESULTING IN DIRECT RECOVERY OF OVER `3.3 LAKH CRORE TO CREDITORS: SMT. NIRMALA SITHARA....
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....MAN SERVICES OF CENTRE FOR PROCESSING ACCELERATED CORPORATE EXIT TO BE EXTENDED FOR VOLUNTARY CLOSURE OF LLPs & FURTHER REDUCE CLOSURE TIME STRENGTHING OF DEBT RECOVERY TRIBUNALS AND ESTABLISHMENT OF ADDITIONAL TRIBUNALS TO SPEED UP DEBT RECOVERY As part of the detailed roadmap for the pursuit of 'Viksit Bharat' and to generate ample opportunities for all, the Union Budget 2024-25, tabled in P....
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....arliament today by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, envisages sustained efforts on the 9 priorities with a special focus on ensuring 'ease of doing business' and strengthening the Insolvency and Bankruptcy ecosystem. EASE OF DOING BUSINESS "For enhancing 'Ease of Doing Business', we are already working on the Jan Vishwas Bill 2.0.", the Union Minister o....
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....f Finance announced, while proposing that states be incentivized for implementation of their Business Reforms Action Plans and digitalization. STRENGHTENING THE IBC ECO-SYSTEM The Finance Minister also proposed that an Integrated Technology Platform will be set up for improving the outcomes under the Insolvency and Bankruptcy Code (IBC), thereby ensuring the consistency, transparency, timely p....
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....rocessing and better oversight for all stakeholders. Smt. Nirmala Sitharaman highlighted that IBC has resolved more than 1,000 companies, resulting in direct recovery of over `3.3 lakh crore to creditors. In addition, 28,000 cases involving over `10 lakh crore have been disposed of, even prior to admission. She further proposed that appropriate changes to the IBC, reforms and strengthening of th....
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....e tribunal and appellate tribunals will be initiated to speed up the insolvency resolution. The Union Minister also proposed the establishment of additional tribunals out of which, some will be notified to decide cases exclusively under the Companies Act. VOLUNTARY CLOSURE OF LLPs The services of the Centre for Processing Accelerated Corporate Exit (C-PACE) has also been proposed to be exten....
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....ded for voluntary closure of Limited Liability Partnerships (LLPs), thereby reducing the closure time. STRENGHTENING DEBT RECOVERY It is also proposed that steps for reforming and strengthening debt recovery tribunals be taken and additional tribunals be established to speed up the recovery.<BR> News - Press release - PIB....