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Introduction to Corporate Insolvency Resolution Process (CIRP)

  INTRODUCTION: The Insolvency and Backruptcy Code, 2016 was introduced to improve the relationship between Creditors and Debtors. The IB Code, 2016 was first passed by Lok Sabha on 05 th May, 2016 and by Rajya Sabha on 11 th May, 2016. Further, the President of India, gave its assent on IB Code, 2016 in the month of December, 2016. However, on 01 st June, 2016, Hon’ble National Company Law Tribunal (NCLT) and its appellate Tribunal was set up by the Government under the Companies Act, 2013 to adjudicate the matters of Insolvency of Corporates and Limited Liability Partnerships. Further, resolution of disputes of individuals and Partnership Firms comes under the jurisdiction of Debt Recovery Tribunal commonly known as DRT.   NEED FOR INTRODUCTION OF INSOLVENCY AND BANKRUPTCY CODE, 2016 Now, the question which arises in our mind is, what is the need to introduce Insolvency and Bankruptcy Code, 2016 and set up separate bench for resolution of financial disputes when c...
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START-UP INDIA SCHEME

The Government of India had promulgated The Start-up India Scheme in the year 2016 with the aim to develop an ecosystem to nurture the innovation and bring development across the nation. The reason behind pro mulgation of this sche me is to shift the vision of the youth of our nation from job seekers to job providers. The youth of the nation, when given various benefits to start their own entrepreneurship, will focus more on innovation which in turn will generate more employment opportunities for others and hence more revenue to the economy.       ELIGIBILITY FOR REGISTRATION UNDER START-UP SCHEME In order to be eligible under the start-up scheme, one needs to fulfill the following eligibility requirements for registration under start-up scheme:  1.      Which has not yet completed 10 years since the date of its incorporation.  2.      Is a Private Limited Company/ A Partnership Firm/ Limited Liability Partnership.  3...
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AMENDED POINTERS FOR ANNUAL FILING FOR YEAR ENDED 2021

Hello Readers! We all are aware that Ministry of Corporate Affairs (MCA), always comes up with various amendments in various provisions of Companies Act. Now the Ministry has amended Companies (Management and Administration), Rules, 2014. As per the recent amendment followed by the Union Budget, 2021, there has been changes in the definition of Small Companies under Section 2(85) of the Companies Act, 2013. Further, there has been changes in the definition and threshold limits of One Person Company. Let’s discuss the amendments one-by-one.   As per Companies Act, 2013, “Small Company” means a company, other than a public company, having- 1. Paid-up share capital of which does not exceed Rs. 50 Lakhs or such higher amount as may be prescribed which shall not be more than Rs. 10 Crores; and 2. Turnover as per the profit and loss account which does not exceed Rs. 2 Crores or such higher amount as may be prescribed which shall not be more than Rs. 100 Crores. Provided that not...
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