Provisions related to personal guarantors to corporate debtors under IBC 2016 effective from 01.12.2019

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.

• Date of digital signature and issue determines date of a notice u/s 148 of Income Tax Act
• DGFT authorises IACCIA to issue Certificate of Origin (Non- Preferential)
• Net profit rate may not have variation commensurate to increase of turnover
• Mushroom growing apparatus cannot be classified as ‘agricultural machinery’
• Statutory presumption attached to issuance of a cheque to be accorded due weight – SC