LLP, registered partnership firm/company to be recognised as an insolvency professional entity only if their sole objective is to provide support services to IPs
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 30th June, 2020
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020
No. IBBI/2020-21/GN/REG061.—In exercise of the powers conferred by sections 196, 207 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: –
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020.
(2) They shall come into force on the date of publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, in regulation 12, in sub-regulation (1), for clause (a), the following clause shall be substituted, namely: —
“(a) its sole objective is to provide support services to insolvency professionals;”.
DR. M. S. SAHOO, Chairperson
[ADVT. III/4/Exty./101/2020-21]
Download Notification Click Here >>
- In absence of satisfaction recorded for penalty u/s 271D, penalty couldn’t be levied
- GST Act requires personal hearing either on request, or when adverse order is contemplated
- Once registration u/s 12A granted, registration u/s 80G cannot be refused – SLP dismissed
- NFAC dismissed appeal despite part reply filed and further time sought – case remanded
- In DBFOT contract assessee entitled to depreciation on “Right to Collect Toll” as intangible asset
