Provisions related to personal guarantors to corporate debtors under Insolvency and Bankruptcy Code, 2016 effective from 1st day of December, 2019
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 15th November, 2019
S.O. 4126(E).―In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st day of December, 2019 as the date on which the following provisions of the said Code only in so far as they relate to personal guarantors to corporate debtors, shall come into force:―
(1) clause (e) of section 2;
(2) section 78 (except with regard to fresh start process) and section 79;
(3) sections 94 to 187 [both inclusive];
(4) clause (g) to clause (i) of sub-section (2) of section 239;
(5) clause (m) to clause (zc) of sub-section (2) of section 239;
(6) clause (zn) to clause (zs) of sub-section (2) of section 240; and
(7) section 249.
[F. No. 30/21/2018-Insolvency Section]
GYANESHWAR KUMAR SINGH, Jt. Secy.
- Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
- Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
- Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT
- Cost Inflation Index for FY/Tax Year 2026-27 notified by CBDT. See Up-to-date Table of CII
- Power of CIT(A) u/s 251(1)(a) to remand case can be exercised only in best judgment assessment
