IBC-SECTION 29A TO SECTION 32

Section 29A Persons not eligible to be resolution applicant 

INSOLVENCY AND BANKRUPTCY CODE, SECTION 29-A :- PERSONS NOT ELIGIBLE TO BE RESOLUTION APPLICANT

• Person shall not be eligible to submit a Resolution plan, if the such person acting or concern with any other persons and is an undercharged insolvent then the such person shall not eligible to be resolution applicant and also the such person is willful defaulter in accordance with the guidelines of the RBI issued under the Banking Regulations Act, 1949 then the such person shall not eligible to be a resolution applicant.

• Submission of resolution plan has an account or account of the corporate debtor under the control and management of the such persons and the such persons is classified as NPA in accordance with the guidelines of the RBI issued under the banking regulations act, 1949. Then the such person shall not be eligible to be resolution applicant.

• From the date of above classification of NPA until 1 year of period has been lapsed till  the date of commencement of the CIRP of the corporate debtor.

• Before the submission of resolution plan the resolution applicant paid all overdues amount with interest thereon and charges relating to NPA account paid then the such person is eligible for resolution applicant.

• Where the such applicant is a financial entity and is not a related party to the corporate debtor then the such person is eligible for resolution applicant. 

• If the Resolution applicant has been convicted for any offence punishable with imprisonment for 2 years or more under any act specified under the 12th schedules or for 7 years or more under any law for the time being in force then the such person is not eligible to be a resolution applicant.

• If the such person is disqualified as a director under the companies act,2013 and also is related to be a connected person then the such person shall not be eligible to be a resolution applicant.

• Is prohibited by SEBI then the such person is not eligible to be a resolution applicant.

• Promoters /management & control of the corporate debtor and following transaction has been taken place likes as:- preferential transaction, extortionate credit transaction, undervalued transaction, fraudulent transaction  in respect of which order has been made by NCLT.

• Shall not apply the following transaction prior to the acquisitions of the corporate debtor by the resolution applicant pursuant to a resolution plan approved under this code then the such person shall not be eligible to be a resolution applicant.

• If the resolution applicant has execute a guarantee in favour of the creditor in respect of the corporate debtor then the such resolution applicant is not eligible.

• Is subject to any disability clause under (a) to (h) under any law in a jurisdiction outside india or has a connected person not eligible under clause (a) to (i).

• Where the resolution applicant is a financial entity and it’s not a related party then the such resolution applicant is eligible u/s29.

Section 30 Submission of Resolution Plan

INSOLVENCY AND BANKRUPTCY CODE, SECTION 30 SUBMISSION OF RESOLUTION PLAN

Resolution applicant has submit a resolution plan to RP along with affidavit stating that he is eligible under section 29A.

RP shall examine each of the resolution plan and to confirm that each resolution plan.

• payments of insolvency resolution process cost is the manner specified by the board.

• Payments of debts of operational creditors in such manner as may specified by board.

• Management of affairs of the corporate debtor.

• Implementation and supervision of the Resolution Plan.

• Does not contravene any provisions of the law.

The RP shall represent the resolution plan to COC for the approval and the COC may approve the Resolution plan by a vote is not less than 66% of the voting shares of the financial creditor after considering its feasibility and viability.

Note :- If the COC shall not approve the resolution plan submitted before IBC amendment ordinance,2017 where the Resolution applicant is ineligible u/s 29A then RP has invite a fresh resolution plan where other resolution plan is  not available with it.

Note :- RP  referred in the first proviso is ineligible under clause ( c) of section 29A, the Resolution applicant shall allowed by the COC such period not exceeding 30days to make payment of overdue amounts.

• Resolution applicant may attend the meeting of the COC.

• Resolution applicant has not right to vote at the meeting of the COC.

• RP submit the plan to RP and RP approved by COC and COC to NCLT.

SECTION 30-CHART

Section 31 Approval of Resolution Plan

INSOLVENCY AND BANKRUPTCY CODE, SECTION 31 APPROVAL OF RESOLUTION PLAN

1. If the NCLT is satisfied the approval of COC and meets all the requirements then NCLT has approved the resolution plan.
2. If the NCLT is not satisfied the approval of COC and its not meets all the requirements of the NCLT then NCLT has reject the resolution plan.

Now after the order of approval under sub-section (1)

• The moratorium order passed by the NCLT shall be cease.

• RP shall forwards all records and plan to IBBI to be recorded on its database.

Resolution applicant shall pursuant to the resolution plan approved under sub-section(1) obtain the approval under any law for the time being in force within a period of 1years from the date of approval of resolution plan by the NCLT under sub-section (1). Or within such period as provided in such law whichever is later

SECTION 31-CHART

Section 32 Appeal 

INSOLVENCY AND BANKRUPTCY CODE, SECTION 32 APPEAL

Any appeal from an order approving the Resolution plan shall be in the manner and on the grounds laid down in section 61(3).

IBC-SECTION 27 TO SECTION 29

Section 27 Replacement of resolution professional by committee of creditors

INSOLVENCY AND BANKRUPTCY CODE, SECTION 27 REPLACEMENT OF RESOLUTION PROFESSIONAL BY COMMITTEE OF CREDITORS

Process flow:- 

1. At any time during the CIRP process, COC is of the opinion that RP is required to replace with another RP.
2. COC may at the meeting, by a vote 66% of voting share then to replace RP to another RP and subject to a written consent from the proposed RP in the specified form.
3. COC shall forwards the name to NCLT.
4. After NCLT shall forwards the name to IBBI (board) for its confirmation and a RP shall be appointed in the same manner as laid down in section 16.
5. If any disciplinary proceedings are pending against the Proposed RP then RP shall continue till the appointment of another RP.

SECTION 27-CHART

Section 28 Approval of committee of creditors for certain actions

INSOLVENCY AND BANKRUPTCY CODE, SECTION 28 APPROVAL OF COMMITTEE OF CREDITORS FOR CERTAIN ACTIONS

1. RP shall not take any action during the CIRP without prior approval of the CIRP (without a vote 66% of voting share otherwise action will be void).
2. If RP raise any interim finance in excess of the amount as may be decided by COC in their meeting. 
3. RP create any security over the assets of the corporate debtor.
4. RP are change the capital structure of the corporate debtor then prior approval of COC.
5. If RP are change the ownership interest of the corporate debtor then prior approval of COC.
6. From any such accounts RP has given the instructions to financial institutions maintaining the accounts of the corporate debtor for a debit transaction in excess of the amount as may be decided by the COC in their meeting. 
7. RP has undertaken any related  party transaction, then prior approval of COC.
8. RP has amend any constitutional documents of the corporate debtor. 
9. RP delegates the authority to any other person with the prior approval of COC.
10. If RP has disposed of or permit the disposal of shares of any shareholder of the corporate debtor. 
11. RP makes any change in the management of the corporate debtor. 
12. RP makes changes in the appointment or terms of contract of statutory auditors or internal auditors of the corporate debtor.

SECTION 28-CHART

Section 29 Preparation of information memorandum

INSOLVENCY AND BANKRUPTCY CODE, SECTION 29 PREPARATION OF INFORMATION MEMORANDUM

RP shall provide all relevant information to resolution applicant and all relevant information its access by RP in physical or electronic from, provided such resolution applicant undertakes:- 

• Relating to confidentiality and insider-trading.

• Resolution applicant has to protect any intellectual property of the corporate debtor.

• Resolution applicant has not to share relevant information with third parties.

SECTION 29-CHART

IBC-SECTION-24 TO SECTION-26

Section 24 Meeting of committee of Creditors 

Insolvency And Bankruptcy Code, Section 24 Meeting of Committee of Creditors

IRP has made a constitute a committee of creditors (COC) and within 7 days first meeting held of committee of creditors.

1. All the members of COC may meet electronically to person or such other persons.
2. All the meetings of the COC shall be conduct by RP.
3. RP shall give notice to members, authorised representatives of the COC and to members of the suspended BOD or partners of the Corporate debtors and operational creditors or its other representatives its amount of debts should not be less than 10% of the debts.
4. All the partners/directors/& one representatives of the operation creditors may attend the meetings of COC but not right to vote in such meeting.
5. If the operational creditors its absence of the meetings of COC shall not invalidate proceeding of such meetings.
6. Any creditors who is the members of the COC may appoint an IP. And fees payable to such IP representing any individual creditors will be borne by such creditors.

SECTION 24-CHART

Section 25 Duties of Resolution Professional

Insolvency And Bankruptcy Code, Section 25 Duties of Resolution Professional

The Duties of resolution professional to preserve and protect the assets of the corporate debtor and its also to manage the business operations of the corporate debtors.  

The RP shall take following actions in sub-section(1)

1. All the records/assets of the business of the corporate debtor in the custody and  control of the RP.
2. RP shall exercise the right, represent and act on behalf of the corporate debtor with the third parties.
3. If increase the interim finances of the corporate debtors then subject to the approval of the COC u/s28.
4. RP has a right to appoint accountants,legal or other professionals in the manner as specified by IBBI.
5. RP has maintained an updated list of claims.
6. RP has prepared the information and also to attend the meeting of the COC..

SECTION 25-CHART

Section 25-A Rights and duties of authorized representatives of financial creditors 

Insolvency And Bankruptcy Code, Section 25-A A Right and Duties of authorized representatives of financial creditors

• Authorized representative of financial creditors has a right to participate and voting at a meeting of COC. Before voting authorized representative represents to financial creditors through physical or electronic and also authorized representative shall not act against financial creditors.

• If the authorized representative represents several financial creditors, then he cast his vote in respect of each financial creditors.

• If the financial creditor does not give prior instruction to the authorized representative through physical or electronic then financial creditors have not right against authorized representative. 

• Authorized representative file with the COC any instructions received by way of physical or electronic means from the financial creditor he represents for voting to insure correctness of voting.

SECTION 25A-CHART

Section 26 Application for avoidance of transactions not to affect proceedings

Insolvency And Bankruptcy Code, Section 26 Application for avoidance of transactions not to affect proceedings

Filing of an avoidance application under section 25(2)(J) by RP shall not affect the proceedings of the CIRP.

SECTION 26-CHART

BLACK MONEY & IMPOSITION OF TAX ACT

BLACK MONEY & IMPOSITION OF TAX ACT

Chargeability :- 

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 had been introduced in the Parliament on 20-03-2015 which thereafter received President’s assent on 26th May 2015 and notified in the month of July 2015.

This act define a assessee defination 

• Assessee :- Every Person who is a Resident ( other than not ordinary resident ).

• Not to apply On NR.

• Includes every person who is deemed to be an assessee in default under this Act.

NOTE :-

1. Tax Rate :- @30% on Gross of Undisclosed foreign Income & undisclosed foreign Assets in the Previous Year.

* PREVIOUS YEAR CONCEPTS UNDERSTAND THROUGH DIAGRAM:-

PREVIOUS YEAR -CHART

Define :- sec 2(11) Undisclosed assets 

• Undisclosed Assets ( located outside india )  shall be charged to tax in the P.Y. in which comes to notice to A.O. on the value as per sec 3(2) & as per rule 3.

• Assets held by the assesee ( including financial interest ) 

• In his name 

• He is a beneficial owner and no explanation or inaccurate explanation about the source / investment.

Sec 4:- scope of undisclosed foreign income & foreign assets

Source of income which is located outside India and not shown in return of income.               

                             ‘OR’

Return of Income Not Furnished 

Note :- No Double Taxation- if tax & penalty paid under this Act , No income or/& assets shall be considered under this Income tax Act .

Sec 5 :- computation of total undisclosed foreign assets /income 

In this Act Provide  :- No any deduction , not any set-off to be allowed. Gross amount / or undisclosed income to be tax in this act then again not to be tax in income tax act. 

 

Relevant points 

• Foreign Assets shall be taxed in the year in which they come to notice of the assessing officers.

• Rate of tax under B.M Act is flat rate 30%, no cess , no surcharge is applicable.

• Not set-off & c/f are allowed.

• No deduction or exemption shall be allowed.

• Valuation Date :- 1st day of the P.Y.

For example :- A.O. noticed a assets of Mr.x at 26-12-2018 value on 26-12-2018 is $20 lacs.For the purpose of Valuation Date shall be as on 1-4-2018.

Penalties & prosecutions 

PENALTIES & PROSECUTIONS-CHART

                                                        

Atmanirbhar Bharat-PART-2

Direct Support to Farmers and Rural Economy gave post COVID 

• 3 crore ranchers with agrarian credits of Rs 4 22 lakhs crore profited the advantage of 3 months loan moratorium. 

• Interest Subvention and Prompt Repayment Motivating force on crop credits, due from 1 st March, expanded up to 31 st May, 2020. 

• 25 lakh new Kisan Credit Cards endorsed with a credit cutoff of Rs 25 000 cr. 

Liquidity Support to Farmers and Rural Economy gave post COVID 

• 63 lakh credits of Rs 86 600 crore endorsed in Agriculture between 1 3 2020 to 30 04 2020.

• Renegotiating of Rs 29 500 crore gave by NABARD, to Agreeable Banks Regional Rural Banks in March, 2020. 

• Backing of Rs 4 200 crore gave under Rural Infrastructure Improvement Fund to States during March, 2020 for country foundation. 

• Working capital restriction of Rs 6 700 crore authorized for obtainment of farming produce to State Government elements since March, 2020.

Support for Migrants and Urban Poor during most recent 2 months 

• Administration of India has allowed State Governments to use State Calamity Response Fund ( for setting up cover for vagrants and giving them food and water and so on. 

• Focal Government additionally discharged Rs 11002 crore of its commitment in advance to all States on 3 rd April, to expand assets in their SDRF. 

• Cleanly arranged three dinners daily accommodated the inhabitants of Sanctuaries for Urban Homeless ( during the lockdown w e f March 28 2020. 

• 12 000 SHGs have created 3 crore covers and 1 20 lakh liters of sanitizers This gave extra business chance to the urban poor. 

• Disbursal of Revolving Fund ( to Self Help Groups was on boarded on PAiSA Portal in April 2020 on a pilot premise in Gujarat and is currently being turned out over all the States in May 2020. 

• 7 200 new Self Help Groups of urban poor have been shaped during the period beginning 15 th March, 2020. 

MGNREGS backing to bringing Migrants back 

• 14.62 crore individual long stretches of work produced till 13 th May 2020. 

• Genuine Expenditure till date is around Rs . 10,000 Cr. 

• Work offered to 2.33 Crore wage searchers yesterday in 1.87 Lac Gram Panchayats. 

• 40 -50% more people selected, contrasted with May a year ago.

• Normal pay rate increased to Rs. 202 from Rs. 182 in last FY. 

• Drive being embraced to select bringing migrants back.

• States/UTs encouraged to give attempts to transient specialists according to the arrangements of the Act.

• Getting ready for proceeding MNREGA works in Monsoon too:- manors, agriculture, animals related sheds.

Work Codes -Advantages for Workers 

• Universalization of right of least wages and ideal installment of wages to all specialists including sloppy laborers by and by least wages material to just 30% of laborers. 

• Legal idea of National Floor Wage presented: will lessen territorial divergence in least wages. 

• Obsession of least wages improved, prompting less number of paces of least wages and better consistence. 

• Arrangement letter for all specialists this will advance formalization. 

• Yearly Health Check up for representatives. 

• Word related Safety and Health (OSH) Code likewise pertinent to foundations occupied with work of risky nature even with edge of under 10 specialists. 

• Meaning of inter-state migrant worker changed to incorporatetransient specialists utilized straightforwardly by the business, laborers straightforwardly coming to goal State of their own other than the transient specialists utilized through a temporary worker. 

• Compactness of government assistance benefits for transient specialists. 

• Expansion of ESIC inclusion container India to all locale what not foundations utilizing at least 10 workers as against those in informed regions/territories as it were. 

• Expansion of ESIC inclusion to representatives working in foundations with under 10 workers on willful premise. 

• Required ESIC inclusion through notice by the Central Government for workers in dangerous businesses with not exactly 10 workers. 

• Standardized savings Scheme for Gig laborers and Platform laborers. \

• Re skilling store presented for saved workers. 

• All occupations opened for ladies and allowed to work around evening time with shields. 

• Arrangement for Social Security Fund for disorderly laborers. 

• Tip for Fixed Tem Employment Provision of tip on finishing of one year administration as against 5 a long time. 

Measures declared Yesterday 

• Various measures were reported yesterday for Businesses all in all and MSMEs specifically. The measures which will help all organizations are recorded again for your comprehension.

• Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs. 

• No Global tenders for Government tenders of upto Rs 200 crore.

• Broadening EPF Support for business and sorted out laborers for an additional 3 months for pay a long time of June, July and August 2020 will give liquidity to laborers in MSME and different Businesses. 

• EPF Contribution diminished for Employers and Employees for 3 months to 10% from 12% for all foundations for next 3 months for laborers not secured by Govt support under PMGKP and its expansion will likewise help white collar class representatives will give liquidity to laborers in MSME and different Businesses. 

• Help to Contractors surrendered by augmentation of to a half year for consummation of legally binding commitments,remembering for regard of EPC and concession understandings. 

• Expense help to business as pending personal duty discounts to beneficent trusts and non corporate organizations and callings to be given right away. 

• Decrease in Rates of 'Expense Deduction at Source' and 'Duty Collected at Source" by 25% for the remaining time of FY 20 21 and Due Dates for different duty related compliances expanded will profit all organizations.

Free Food grain Supply to Migrants for 2 months 

• Vagrants in different states require food grain help.   

• Transients who are neither NFSA or State Card recipients in the state they are positioned will be given 5 kg of grains for every individual and 1 kg Chana per family every month for two months.   

• Around 8 crores transients are relied upon to profit.

• Rs 3500 Crore will be spent on this intercession for 2 months.

• Cost will be completely borne by Government of India. 

• State Governments answerable for execution, distinguishing proof of vagrants and full appropriation and giving itemized rules. 

Innovation Systems to be utilized empowering Migrants to get to Open Distribution System (Ration) from any Fair Price Shop in India by March 2021 One Nation One Ration Card 

• Vagrant families can't get to food in different states.

• This plan will empower a vagrant recipient to get to Open Distribution System from any Fair Price Shop in the nation (Intra State transportability presented in 20 States). 

• Some portion of the PM s Technology Driven System Reforms. 

• 67 crore recipients in 23 states covering 83 of PDS populace will be secured by national conveyability by August, 2020. 

• 100 National conveyability will be accomplished by March, 2021. 

• All the States/UTs will finish full FPS computerization by Walk, 2021.

Rs 1500 crores Interest Subvention for MUDRA Shishu Loans 

• Private ventures under MUDRA have been upset the most and has likewise affected their ability to pay EMIs. 

• Credit ban has just been conceded by RBI. 

• The present arrangement of MUDRA Shishu credits is ~ Rs 1.62 Lakh crore (Maximum credit measure of 50,000 Rs. 

• Legislature of India will give Interest aid of 2% for brief payees for a time of a year. 

• Help of Rs 1500 cr to MUDRA Shishu loanees. 

Rs 5000 cr Special Credit Facility for Road Vendors 

• Unfavorable effect on the vocations of the road sellers due to COVID 19. 

• Government will dispatch an uncommon plan inside a month to encourage simple access to credit to road merchants. 

• Beginning stirring capital up to Rs . 10,000. 

• Computerized installments will be boosted through fiscal prizes and improved working capital credit would be made accessible for good reimbursement conduct. 

• Will bolster almost 50 lakh road merchants. 

• Will give liquidity of Rs 5000 crores. 

Moderate Rental Housing Complexes 

• Transient work/urban poor face difficulties in getting houses at moderate lease Government will dispatch a plan under PMAY for transient work/urban poor to give simplicity of living at moderate lease by, 

• Changing over government financed lodging in the urban areas into Moderate Rental Housing Complexes  under PPP mode through concessionaire. 

• Boosting producing units, businesses, organizations, relationship to create Affordable Rental Housing Complexes on their private land and work and, 

• IncentivizingStateGovernmentAgencies/CentralGovernmentOrganizationsonthesimilarlinestodevelopAffordableRentalHousingComplexes(ARHC)andoperate.

Rs 6000 crore business push utilizing CAMPA reserves 

• There is have to make openings for work for our residents. 

• Compensatory Afforestation Management and Planning Authority (CAMPA) set up under Compensatory Afforestation Fund Act , 2016. 

• Plans worth Rs 6000 crores will be affirmed in a matter of seconds. 

• Assets to be utilized by State Governments for :- 

• A fforestation and manor works, remembering for urban zones. 

• Counterfeit recovery, helped regular recovery. 

• Woodland the board, soil and dampness protection works. 

• Woodland security, timberland and natural life related foundation advancement, untamed life insurance and the board and so on. 

• Will make openings for work in urban, semi urban and country territories. 

• Will make openings for work for Tribals Adivasis. 

Rs 30,000 crores Additional Emergency Working Capital Funding for ranchers through NABARD 

• Lacking money related assets with Small and Marginal Farmers. 

• RRBs and Rural Cooperative banks are primary hotspot for credit. 

• NABARD will expand extra renegotiate backing of Rs 30 000 crore for crop credit prerequisite of Rural Co operation Banks RRBs. 

• This is well beyond Rs 90 000 crore to be given by NABARD through the ordinary renegotiate course during this year. 

• Front stacked on tap office to 33 State Co employable banks, 351 Locale Co employable banks and 43 RRBs accessible on tap dependent on their loaning.

• To profit around 3 crore ranchers generally little and negligible ranchers. 

• To meet post gather ( current Kharif prerequisite in May/June. 

Rs 2 lakh crore Concessional credit lift to 2.5 crore ranchers through Kisan Credit Cards 

• Exceptional drive to be embraced to give concessional credit to PM KISAN recipients through Kisan Credit Cards. 

• Anglers and Animal Husbandry ranchers will likewise be remembered for this drive. 

• This will empower such ranchers to access institutional credit at concessional financing cost. 

• 2 5 crore ranchers will be secured and will profit by credit stream of about Rs 2 lakh crores. 

Rs 70,000 crore lift to lodging division and center pay bunch through expansion of CLSS 

• Credit Linked Subsidy Scheme for Middle Income Group (Yearly Income Rs 6 18 lakhs) was operationalized from May 2017. 

• CLSS was reached out up to 31 st March 2020.

• Plan has profited 3 lakh white collar class families up until this point. 

• Government will stretch out the CLSS Scheme up to March 2021. 

• 2 5 lakhs center salary families will profit during 2020 -21. 

• Will prompt Investment of over Rs 70 000 Crores in lodging. 

• Will make employments. 

• Will invigorate interest for steel, concrete, transport and other development materials.

Atmanirbhar Bharat- PART-1

Call for Aatmanirbhar Bharat or Self Reliant India Movement 

• Five mainstays of Atmanirbhar Bharat Economy, Infrastructure, Framework, Vibrant Demography and Demand.

• Unique financial and thorough bundle of Rs 20 lakhs crores equal to 10 % of India s GDP. 

• Bundle to take into account different segments, including house industry, MSMEs, workers, white collar class, ventures, among others. 

• Striking changes across segments will drive the nation's push towards independence. 

• The time has come to get vocal for our neighborhood items and make them worldwide.

Pradhan Mantri Garib Kalyan Package 

• Rs. 1.70 Lakh Crore alleviation bundle under Pradhan Mantri Garib Kalyan Yojana for the poor to assist them with taking on the conflict against Corona Virus. 

• Protects front of Rs 50 Lakh for each wellbeing laborer. 

• 80 crore destitute individuals given advantage of 5 kg wheat or rice per individual for next 3 months. 

• 1 kg beats for every family unit for nothing consistently for the following 3 months. 

• 20 crore ladies Jan Dhan account holders get Rs 500 every month for next 3 months. 

• Gas chambers, liberated from cost, gave to 8 crore poor families for the next 3 months. 

• Increment in MNREGA pays to Rs 202 every day from Rs 182 to profit 13.62 crore families. 

• Ex gratia of Rs 1,000 to 3 crore poor senior resident, poor widows furthermore, poor Divyang.

• Front stacked Rs 2,000 paid to ranchers under existing PM KISAN to advantage 8.7 crore ranchers. 

• Building and Construction Workers Welfare Fund permitted to be used to give alleviation to laborers.

• 24% of month to month wages to be credited into their PF represents next a quarter of a year for workers beneath Rs 15,000 p.m. in organizations having under 100 laborers. 

• Five crore laborers enlisted under Employee Provident Fund EPF to get non refundable development of 75% of the sum or three months of the wages, whichever is lower, from their records. 

• Breaking point of guarantee free loaning to be expanded from Rs 10 to Rs 20 lakhs for Women Self Help Groups supporting 6.85 crore family units. 

• Region Mineral Fund (DMF) to be utilized for enhancing and increasing offices of clinical testing, screening and so on..

Different Measures 

• On the solicitation of the Government of India, RBI raised the Ways and Means advance restrictions of States by 60% what's more, upgraded the Overdraft span limits. 

• Given all the pending personal assessment discounts up to ₹5 lakh , quickly profiting around 14 lakh taxpayers. 

• Executed "Unique Refund and Drawback Disposal Drive" for all pending discount and disadvantage claims. 

• Both the above measures add up to ₹18,000 crore of discount. 

• Authorized Rs 15,000 crores for Emergency Health Reaction Package.

• Given Relaxation in Statutory and Compliance matters, for example, Expanding last date for Income Tax Returns to June 30,2020.

• Stretching out documenting GST comes back to end of June 2020. 

• 24*7 custom freedom till 30 th June, 2020. 

• Unwinding for 3 months for charge cardholders to pull back money liberated from any ATMs, and so forth Permitting installment before 15 May, 2020 for Motor Vehicle and Health Insurance Policies. 

• Obligatory Board gatherings reached out by 60 days till 30 September. 

• Permitting Extraordinary General Meetings through Video Gathering with e casting a ballot/improved democratic office.

Measures taken by Reserve Bank of India 

• Decrease of Cash Reserve Ratio (CRR) has come about in liquidity upgrade of ₹1,37,000 crores. 

• Directed Long Term Repo Operations (TLTROs) of ₹1,00,050 crore for new organization in speculation grade corporate securities, business paper, and non convertible debentures. 

• TLTRO of Rs.50,000 crore for putting them in speculation grade bonds, business paper, and non convertible debentures of NBFCs, and MFIs. 

• Expanded as far as possible for acquiring for the time being under the peripheral standing office (MSF), permitting the financial framework to profit an extra ₹1,37,000 crore of liquidity at the diminished MSF rate.

• Declared unique renegotiate offices to NABARD, SIDBI and the NHB for an aggregate sum of 50,000 crore at the approach repo rate.

• Declared the opening of a unique liquidity office (SLF) of 50,000 crore for shared assets to lighten increased liquidity pressures. 

• Ban of a quarter of a year on installment of portions an installment of Interest on Working Capital Facilities in regard of all Term Loans. 

• Facilitating of Working Capital Financing by decreasing edges. 

• For advances by NBFCs to business land segment, extra time of one year has been given for expansion of the date for beginning for business tasks (DCCO).

1). Rs 3 lakh crores Collateral free Automatic Advances for Businesses, including MSMEs 

• Organizations/MSMEs have been gravely hit due to COVID 19 need extra financing to get operational liabilities assembled together, purchase crude material and restart business. 

• Choice Emergency Credit Line to Businesses/MSMEs from Banks furthermore, NBFCs up to 20 of whole remarkable credit as on 29 2 2020. 

• Borrowers with up to Rs 25 crore remarkable and Rs 100 crore turnover qualified. 

• Credits to have multi year tenor with ban of a year on Head reimbursement. 

• Enthusiasm to be topped 100 credit ensure spread to Banks and NBFCs on head and intrigue. 

• Plan can be profited till 31 st Oct 2020. 

• No assurance expense, no new security. 

• 45 lakh units can continue business movement and protect employments.

2). Rs 20,000 crores Subordinate Debt for Stressed MSMEs

• Focused on MSMEs need value support. 

• Go I will encourage arrangement of Rs 20 000 cr as subordinate obligation. 

• Two lakh MSMEs are probably going to profit. 

• Working MSMEs which are NPA or are focused will be qualified.

• Govt will offer a help of Rs 4 000 Cr to CGTMSE.

• CGTMSE will give fractional Credit Guarantee backing to Banks. 

• Advertisers of the MSME will be given obligation by banks, which will at that point be mixed by advertiser as value in the Unit.

3). Rs 50,000 cr. Value mixture for MSMEs through Fund of Funds 

• MSMEs face extreme deficiency of Equity. 

• Store of Funds with Corpus of Rs 10,000 crores will be set up. 

• Will give value financing to MSMEs with development potential and suitability. 

• FoF will be worked through a Mother Fund and few girl reserves.

• Reserve structure will help influence Rs 50,000 cr of assets at little girl subsidizes level.

• Will assist with extending MSME size just as limit. 

• Will urge MSMEs to get recorded on fundamental leading group of Stock Trades.

4). Worldwide tenders to be prohibited upto Rs 200 crores 

• Indian MSMEs and different organizations have frequently confronted out of line rivalry from outside organizations. 

• In this manner, Global tenders will be refused in Government obtainment tenders upto Rs 200 crores.

• Essential changes of General Financial Rules will be affected. 

• This will be a stage towards Self Reliant India atmanirbhar and bolster Make in India.

• This will likewise help MSMEs to build their business. 

5). Other interventions for MSMEs

• MSMEs at present face issues of advertising and liquidity due to COVID. 

• e showcase linkage for MSMEs to be elevated to go about as a substitution for exchange fairs and presentations. 

• Fintech will be utilized to upgrade exchange based loaning utilizing the information produced by the e commercial center. 

• Government has been persistently checking settlement of levy to MSME merchants from Government and Central Public Sector Endeavors. 

• MSME receivables from Gov and CPSEs to be discharged in 45 days.

6). Rs 2500 crore EPF Support for Business and Laborers for 3 additional months 

• Organizations keep on confronting money related worry as they return to work. 

• Under Pradhan Mantri Garib Kalyan Package ( installment of 12 of manager and 12 worker commitments was made into EPF records of qualified foundations.

• This was given before to pay a very long time of March, April and May 2020.

• This help will be stretched out by an additional 3 months to compensation long stretches of June, July and August 2020.

• This will give liquidity help of Rs 2500 cr to 3 67 lakh foundations and for 72 22 lakh representatives. 

7). EPF commitment diminished for Business and Laborers for 3 months Rs 6750 crores Liquidity Support 

• Organizations need backing to increase creation throughout the following quarter.

• It is important to give more bring home pay to workers and furthermore to offer help to managers in installment of Provident Fund contribution.

• In this manner, legal PF commitment of both business and representative will be decreased to 10% each from existing 12 % each for all foundations secured by EPFO for next 3 months.

• CPSEs and State PSUs will anyway keep on contributing 12% as business commitment. 

• This plan will be material for laborers who are not qualified for 24 EPF support under PM Garib Kalyan Package and its augmentation. 

• This will give alleviation to around 6 5 lakh foundations secured under EPFO and about 4 3 crore such workers.

• This will give liquidity of Rs 6750 Crore to businesses and representatives more than 3 months.

8). Rs 30,000 crore Special Liquidity Plan for NBFCs/HFCs/MFIs 

• NBFCs/HFCs/MFIs are thinking that its hard to fund-raise in obligation markets. 

• Government will dispatch a Rs 30 000 crore Special Liquidity Scheme. 

• Under this plan speculation will be made in both essential what's more, optional market exchanges in venture grade obligation paper of NBFCs/HFCs/MFIs. 

• Will enhance RBI/Government measures to enlarge liquidity. 

• Protections will be completely ensured by GoI. 

• This will give liquidity backing to NBFCs/HFC/MFIs also, shared assets and make trust in the market. 

9). Rs 45,000 crore Partial Credit Assurance Scheme 2.0 for NBFCs 

• NBFCs HFCs and MFIs with low FICO assessment require liquidity to do crisp loaning to MSMEs and people. 

• Existing PCGS plan to be stretched out to cover borrowings, for example, essential issuance of Bonds/CPs (obligation side of asset reports) of such elements. 

• Initial 20 of misfortune will be borne by the Guarantor ie ,Legislature of India. 

• AA paper and beneath including unrated paper qualified for speculation (esp pertinent for some MFIs. 

• This plan will bring about liquidity of Rs 45 000 crores.

10). Rs. 90,000 Cr. Liquidity Injection for DISCOMs 

• Incomes of Power Distribution Companies (DISCOMs) have plunged. 

• Uncommon income issue complemented by request decrease.

• DISCOM payables to Power Generation and Transmission Companies is as of now ~ Rs 94,000 cr. 

• PFC/REC to mix liquidity of Rs 90,000 cr to DISCOMs against receivables.

• Advances to be given against State ensures for select motivation behind releasing liabilities of Discoms to Gencos.

• Linkage to explicit exercises/changes : Digital installments office by Discoms for purchasers, liquidation of remarkable contribution of State Governments, Plan to decrease budgetary and operational misfortunes. 

• Focal Public Sector Generation Companies will offer refund to Discoms which will be given to the last purchasers (enterprises). 

11). Alleviation to Contractors 

• Expansion of as long as a half year (without expenses to contractual worker ) to be given by every Central Agency (like Railways, Ministry of Road Transport and Thruways, Central Public Works Dept, and so forth.

• Spreads development/works and merchandise and administrations contracts. 

• Spreads commitments like consummation of work,middle of the road achievements and so on and augmentation of Concession period in PPP contracts. 

• Government organizations to somewhat discharge bank ensures, to the degree contracts are somewhat finished, to ease incomes.

12). Augmentation of Registration and Completion Date of Real Estate Projects under RERA 

• Antagonistic I mpact due to COVID and tasks stand the danger of defaulting on RERA courses of events Time lines should be broadened.

• Service of Housing and Urban Affairs will exhort States/UTs and their Regulatory Authorities to the accompanying impact.

• Treat COVID 19 as an occasion of Force Majeure under RERA.

• Expand the enrollment and culmination date suo moto by a half year for every single enrolled venture lapsing on or after 25 th March, 2020 without singular applications.  

• Administrative Authorities may broaden this for another time of upto 3 months, if necessary.

• Issue new 'Task Registration Certificates' consequently with reexamined courses of events. 

• Broaden courses of events for different sculpture compliances under RERA simultaneously.

• These measures will de stress land engineers and guarantee consummation of tasks with the goal that homebuyers can get conveyance of their booked houses with new courses of events.

13). Rs 50,000 crores liquidity through TDS/TCS rate decrease  

• So as to give more assets at the removal of the citizens, the paces of Tax Deduction at Source ( for non salaried determined installments made to inhabitants and rates of Tax Collection at Source ( for the predetermined receipts will be diminished by 25 of the current rates. 

• Installment for contract, proficient expenses, intrigue, lease, profit, commission, financier, and so on will be qualified for this decreased pace of TDS.

• This decrease will be appropriate for the rest of the piece of the FY 2020 21 I e from tomorrow to 31 st March, 2021. 

• This measure will discharge Liquidity of Rs 50 000 crore.

14). Other Direct Tax Measures 

• Every pending discount to magnanimous trusts and non corporate organizations callings including ownership, association, LLP and Co agents will be given right away.

• Due date of all income tax return  form for FY 2019 20 will be reached out from 31 st July, 2020 31 st October, 2020 to 30 th November, 2020 and Tax review from 30 th September, 2020 to 31 st October, 2020. 

• Date of evaluations getting banished on 30 th September, 2020 reached out to 31 st December, 2020 and those getting banished on 31 st March, 2021 will be reached out to 30 th September, 2021.

• Time of Vivad se Vishwas Scheme for making installment without extra sum will be reached out to 31 st December, 2020.

IBC-SECTION 20 TO SECTION 23

Section 20 Management of operations of corporate debtor as going concern

IRP shall to preserve and protect the value of the property of the corporate debtor and manage the operations of corporate debtor as going concern.

1. IRP has the authority to appoint accountants, legal and other professionals.
2. IRP has the authority to enter into contracts or to amend or modify the contract on the behalf of the corporate debtor.
3. If the operational creditors provided a loan to corporate debtors without security interest,then without prior consent of the creditors whose debt is secured over such encumbered property.
4. No consent should be required, if the operational creditor to be providing a loan to  corporate debtors and its total value of the loan  its should not be less than  the amount EQUIVALENT TO TWICE THE AMOUNT  OF THE DEBTS and its only to issue an instruction & to take all such actions for keeping the corporate debtor as a going concern.

  

SECTION 20 CHART

Section 21 Committee of Creditors

IRP shall determine the financial position of the corporate debtors after the collection of all claims received against the corporate debtors., constitute a COC.

Financial creditor or authorized representative of the financial creditor, if the financial creditors or its representative is a related party of the corporate debtor shall have not right to representation, participation, voting at a meeting of the COC.

If the corporate debtor has no money to paid financial creditor then corporate debtor instead of money, transfers a security or equity to the financial creditor and the financial creditor become a related party of the corporate debtor and in this case financial creditor have a right to vote and participate.

In two or more financial creditor owes to corporate debtor as a part of an agreement and there voting share shall be determined on the basis of financial debts owed to them.

Where any person is a financial creditor as well as an operational creditor:-

1. Financial creditor to paid the money to corporate debtor like as a financial debts and then financial creditor have a voting right or with voting share proportionate to the extent of financial debts owed to such creditors.
2. Operational creditor to the extent of operational debts owed by the corporate debtor to such creditor then, the person considered as operational creditors.

Financial debts extended as part of a consortium arrangement or syndicated facility provide for a agent to act for all financial creditor.

All decisions of the COC shall be taken by a vote of not less than 51% of voting shares of the financial creditors

1. COC has the right to require all the information from the RP in relation to the corporate debtor at any time during the CIRP.
2. RP shall provide a information to COC under sub-section (9) within a period of 7 days of such requisition. 

SECTION 21 CHART

Section 22 Appointment of resolution professional 

1. IRP has made a constitution of Committee of creditors and within 7 days 1st meeting was held.
2. COC in the first meeting by a majority vote should not be less than 66% of the voting share of the financial creditors and IRP to appoint as an RP but if IRP is replaced to RP.
3. IRP to appoint as an RP subject to a written consent from the IRP in the specified form and discussed or communicate its decisions with NCLT, corporate debtor and IRP.
4. If replace then application file given to NCLT and NCLT to the board if the board not confirm RP within 10days then direct the IRP continue to function as the  RP until such time as the board confirms the appointment of the proposed RP.

SECTION 22 CHART

Section 23 Resolution professional to conduct corporate insolvency resolution process

Subject to sec 27, RP shal conduct CIRP and manage the operations of corporate debtor during the CIRP, If after the expiry of the CIRP then  RP shall continue to manage the operations of corporate debtor until order is passed by the NCLT under section 31.

SECTION 23 CHART

GST DUE DATES & OTHER CHANGES

GST Due Dates and Other Changes

Notifications issued on 3rd April 2020

 

Relief in respect of due date on account of COVID-19

DUE DATES

Illustration explaining revised interest rate for taxpayers with aggregate turnover of more than 5 crores – Circular136/6/2020 – GST

S.No	Due Date of Filing of return	Date of filing of GSTR3B	No of days of Delay	Whether condition for reduced interest fulfilled	Interest
1	20.04.2020	02.05.2020	11	YES	NO INTEREST
2	20.04.2020	20.05.2020	30	YES	Zero interest for 15days + Interest @ 9% p.a for15 days
3	20.04.2020	24.06.2020	65	YES	Zero interest for 15days + Interest @ 9% p.a for 50days
4	20.04.2020	30.06.2020	71	YES	Interest @ 18% p.a for 71 days

 

Notification No 36/2020 – CT – Revised due date of GSTR-3B for May

DUE DATE 27.06.2020 

• Registered person with aggregate turnover > Rs. 5 crores

DUE DATE 12.06.2020  

• Aggregate turnover < Rs. 5crores.                                               
•  States Covered – Chhattisgarh, MP,Gujarat,Maharashtra, Karnataka, Goa, Kerala, TN, Telangana, Andhra Pradesh, Daman &Diu and Dadra and Nagar Haveli, Puducherry, Andaman and  Nicobar Island and   Lakshadweep.                                                                                          

DUE DATE 12.06.2020 

•  Aggregate Turnover < Rs. 5Crores.
•  States Covered – HP, Punjab, Uttarakhand, Haryana,Rajasthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, WB, Jharkhand, Odisha, J&K, Ladakh, Chandigarh and Delhi.

Amendment in Rule 36(4)

Position before amendment

•  The registered person shall be required to claim ITC to the extent of 110% of eligible ITC getting reflected in GSTR 2A of the tax period
•  Taxpayer was required to calculate the amount as per the above provision for every tax period before filing of GSTR3B.

 

Position after amendment

• Cumulative calculation of ITC allowed for period of February, March, April, May,July and August 2020. Therefore, for the returns furnished in said tax period, condition of Rule 36(4) not applicable. 

• GSTR 3B for September 2020 to be furnished after adjustment of cumulative ITC calculated for the said months.    

Notification No 35/2020 – Central Tax

 

Validity of E-way Bill 

• Where e-way bill expires between 20.03.2020 and 15.04.2020, validity deemed to have been  extended till 30.04.2020.

Extension of time limit till 30th June

•  For completion or compliance of any action due date of which falls between 20th March, 2020 to 29th,June,2020.

Activities of Authority/Commission/Tribunal to which extension applies

•  Completion of proceedings, Passing of any order, Issuance of Notice, Intimation, Notification, Sanction or approvals.

Activities of taxable person to which extension applies

•   Filing of appeal, reply, application, furnishing of any report, document return, statement,       records.

 

 

 

Other Amendment

 

Notification 30/2020 – Central Tax

• Intimation in respect of opting to pay tax under composition scheme for the FY2020-21 can be filed till 30.06.2020 in Form GSTCMP-02. 

• Statement in Form GST ITC-03 in relation to above intimation to be filed upto 31.07.2020     

 

Notification 34/2020 – Central Tax

• Registered person availing the benefit provided under Notification 2/2019 –Central Tax (Rate) shall be required to furnish details of self-assessed tax in Form GST CMP-08 for quarter ending March 2020 by 07.07.2020. 

• The yearly return for 19-20 shall be required to be filed in Form GSTR 4 by the above persons till 15.07.2020.