IBC (Amendment) Ordinance 2019 Promulgated, gives immunity against prosecution of corporate debtor
The President of India has promulgated the Insolvency and Bankruptcy Code (amendment) ordinance, 2019 to amend the Insolvency and Bankruptcy Code.
As stated, the Ordinance was brought in view of the need to give the highest priority in repayment to last mile funding to corporate debtors to :
prevent insolvency resolution process or liquidation
provide immunity against prosecution of the corporate debtor
prevent action against the property of such corporate debtors and the successful resolution applicant subject to fulfilment of certain conditions and to fill critical gaps in the insolvency resolution framework.
The Ordinance amends the following sections of IBC 2016:
Section 5
Section 7
Section 11
Section 14
Section 16
Section 21
Section 23
Section 29A, 227, 239, 240
The Ordinance inserts a new section 32A related to liability for prior offences etc, to provide immunity from prosecution to corporate debtor in case of change in the management or control of the corporate debtor.
Mere CBDT Instructions cannot absolve individuals of their obligation to explain the source and nature of their gold holdings, even…
Empanelment of General Observers for ICSI Examinations December 2026 ICSI has invited interested members to enroll as General Observers for…
ITAT answers some important and inter-related issues relating to deduction u/s 80IA In a recent judgment, ITAT has dealt with…
Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year…
Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse…
Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business…