Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a third time and has notified the amendment on 13.09.2022. The amendment has introduced Clause 34B and Schedule II to the CIRP Regulations which have brought about the following changes: The fee of the interim resolution professional or the resolution professional, appointed on or after 1st October 2022 shall be...

GST On House Rent: Do All Tenants Have To Pay 18% GST?

The 47th GST Council meeting, presided over by Union Finance Minister Nirmala Sitharaman in June, approved a slew of changes to the taxing scheme. The modifications went into effect on July 18, 2022.One of the most significant changes was that a GST-registered tenant must pay Goods and Services Tax at the rate of 18% when renting a residential property. Earlier Regime Before June 18, 2022, the residential property was not subjected to any kind of taxes, irrespective of the fact that...

Know GST Rate On 7 Goods

Based on the recommendations of the GST Council in its 47th meeting held on the 28th and 29th June at Chandigarh, the CBIC has issued clarifications with reference to the GST levy on various goods.5% GST on electrically operated vehicle The CBIC has clarified that an electrically operated vehicle is to be classified under HSN 8703 irrespective of whether the battery is not fitted to the vehicle at the time of supply. The supply attracts 5% GST in terms of entry 242A of Schedule I...

IBBI Notifies Amendments To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") vide a notification dated 04.07.2022 in the Gazette of India (Extraordinary) has notified amendments to the IBBI (Insolvency Professionals) Regulations, 2016. These amendments have come into force on 04.07.2022. The following clauses have been inserted in the Insolvency Professional Regulations: Clause 8B: Insolvency professional shall disclose his relationship, if any, with the corporate debtor, other professionals engaged by...

IBBI Amends Its Regulations On Information Utilities

The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 ("Information Utility Regulations") vide a notification dated 14.06.2022, bearing No. IBBI/2022-23/GN/REG085, in order to improve the availability of information. These amendments have come into force on 14.06.2022. The Information Utility Regulations were first published on 31.03.2017 in the Gazette of India...

IBBI Rescinds Its Previous Circulars

The Insolvency and Bankruptcy Board of India (IBBI) vide its circular dated 23.05.2022 has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016. As per circular dated 23.05.2022, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required due to incorporation of those changes in the IBBI (Insolvency Resolution Process for Corporate...

IBBI Notifies The Amended Insolvency And Bankruptcy Board Of India (Voluntary Liquidation Process) Regulations, 2017

The Insolvency and Bankruptcy Board of India ("IBBI") has issued a Press Release on 08.04.2022 notifying the public that amendments have been made to Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 ("Voluntary Liquidation Regulations"). These amendments were initially notified by the IBBI on its website on 05.04.2022 and it became Effective From The Same Date. Reason For The Amendment The Voluntary Liquidation Regulations encompasses the...

IBBI Amends Regulations Governing Corporate Insolvency Resolution Process

On 07 November 2017, the Insolvency and Bankruptcy Board of India (IBBI) amended: (A) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and (B) The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Fast Track CIRP Regulations), issued under the Insolvency and Bankruptcy Code, 2016 (Code). The stated objective of the amendments is to...