ICAI FAQ on Insolvency and Bankruptcy Code 2016. Revised January 2022 Edition

ICAI FAQ on Insolvency and Bankruptcy Code 2016.Revised January 2022 Edition

ICAI FAQ on Insolvency and Bankruptcy Code 2016

The Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India (ICAI) in 2017 brought out a comprehensive and a handy book titled as Frequently Asked Questions (FAQs) on the Insolvency and Bankruptcy Code, 2016 to provide guidance to its chartered accountants and other stakeholders for clear interpretation and understanding of the new law. The publication was revised in the year 2019.

The Insolvency and Bankruptcy Code, 2016 had been enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally. The Code is one of the major economic reform Code initiated by the Government in the year 2015. Before, there were multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India.

The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December, 2015 and referred to the Joint Parliamentary Committee. After due consultation process, the Joint Committee submitted its Report to the Hon’ble Parliament which was subsequently passed by both the Houses of Parliament in May 2016 as the Insolvency and Bankruptcy Code, 2016 which got assent of the President of India on 28th May, 2016.

Since the last revision in 2019, several amendment in Regulations, Judicial Pronouncements etc. have taken place necessitating a revised edition. 

The revised Edition consists of 700+ Questions and Answers, judicial pronouncements etc.

Download ICAI Revised January 2022 Edition of FAQ on Insolvency and Bankruptcy Code 2016 Click Here >>

• Order u/s 69 of the CGST Act has to be communicated before arrest of person concerned– SC
• Refund can not be denied on the ground that it was claimed in a return filed u/s 148 – ITAT
• Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
• Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
• AO is under an obligation to assign reasons for rejecting explanation of the assessee