We all know that the Union Finance Minister vide a press release dated 24.03.2020 had announced several relief measures relating to statutory and regulatory compliance matters pertaining to various matters including Income Tax, GST etc. in view of COVID-19 outbreak. Now, in order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding … Continue reading Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020
Month: March 2020
Period of lockdown shall be excluded for the purpose of counting of the period for ‘Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016
We are aware that the IBBI amended the CIRP Regulations, 2016 to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to the lockdown, in relation to a corporate … Continue reading Period of lockdown shall be excluded for the purpose of counting of the period for ‘Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016
PERIOD OF LOCKDOWN SHALL NOT BE COUNTED FOR THE PURPOSE OF TIMELINE FOR ANY ACTIVITY IN RELATION TO CIRP AS PROVIDED IN THE REGULATIONS
(A) BACKGROUND The time period for the completion of the entire resolution process prescribed by the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”), is the maximum time provided for the completion. As per Section 12(1), the CIRP shall be completed within a period of 180 days from the date of admission … Continue reading PERIOD OF LOCKDOWN SHALL NOT BE COUNTED FOR THE PURPOSE OF TIMELINE FOR ANY ACTIVITY IN RELATION TO CIRP AS PROVIDED IN THE REGULATIONS
Clarification on contribution to PM CARES Fund as eligible CSR activity under item no. (viii) of the Schedule VII of Companies Act, 2013
We hope that you all have been spending quality time with family and encouraging friends, relatives and other people to stay safe during lockdown due to COVID-19. The Ministry of Corporate Affairs ("MCA") in the wake of the rapidly spreading COVID-19 vide its Circular No. 10 / 2020 dated 23.03.2020 clarified that the amount spent on COVID-19 by companies will count towards … Continue reading Clarification on contribution to PM CARES Fund as eligible CSR activity under item no. (viii) of the Schedule VII of Companies Act, 2013
CONDITIONAL EXTENSION GRANTED BY THE HON’BLE APEX COURT VIDE ORDER DATED 27.03.2020
(A) OVERVIEW The Hon’ble Supreme Court vide its Order dated 24.10.2018 had said that no motor vehicle conforming to the emission standard Bharat Stage IV (for short “BS-IV”) shall be sold or registered in the entire country with effect from 01.04.2020. The Hon’ble in its Order dated 24.10.2018 observed that every vehicle sold after the … Continue reading CONDITIONAL EXTENSION GRANTED BY THE HON’BLE APEX COURT VIDE ORDER DATED 27.03.2020
Abott Law Office 