Skip to main content

Insolvency rules for corporate guarantors firms soon

Insolvency rules for corporate guarantors firms soon
The insolvency rules for corporate guarantors and individual firms under the Insolvency and Bankruptcy Code (IBC) are likely to be notified by December.“It will come in a phased manner.At this point, we are trying to cover corporate guarantors.That is our main issue
In the first phase, we are dealing with corporate guarantors and individuals having businesses like proprietorship firms,” Ranjita Dubey, deputy general manager, Insolvency &Bankruptcy Board of India (IBBI), said. Dubey was speaking on the sidelines ofaround table on draft insolvency regulations on individuals and firms, organised by the IBBI in association with ICSI Insolvency Professional Agency and Merchants´ Chamber of Commerce &Industry (MCCI).
Mamta Binani, chairperson, standing committee on corporate law and governance, MCCI, said so far the rules were only in respect of the corporate insolvency resolution process and the rules concerning individuals and partnership firms were due to come.“The IBBI constituted a working group to recommend strategy and approach for implementation of the provisions of the IBC, 2016, dealing with insolvency and bankruptcy in respect of guarantors to corporate debtors, personal guarantors and individuals having businesses, and submit a report along with draft rules and regulations,” she said.IBBI had put up the draft rules online for public comments
The last date for submitting the comments was over, but the board was keeping the window open for further feedback
The Business Standard, New Delhi, 04th November 2017


Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Coffee-Toffee, the GST Debate Continues

Hundreds of crores of rupees in the form of taxes ride on the exact categorisation of products Is Parachute hair oil or edible oil? Is KitKat a chocolate or a biscuit? Is a Vicks tablet medicament or confectionery? For the taxpayer and the tax collector, this is much more than an exercise in semantics -hundreds of crores of rupees ride on the exact categorisation.
As the government moves closer to rolling out the goods and services tax (GST) on July 1, many such distinctions are being debated so that no ambiguity remains. Not just that, the government is revisiting old tax cases that were lost over product categorisation, according to people with knowledge of the matter, presumably with a view to making sure that revenue collections can be maximised. “In the past, several tax officers had challenged some of the product categorisations, including those in the retail segment, but lost out in court or at appellate level,“ said one of the persons. “Now we have a chance to go ahead with speci…

Deposit gush:-CA Institute Bats for Special Audit