Following is the Summary of the Recommendations of the Bankruptcy Law Reforms Committee (BLRC) The Report of the BLRC is in two parts: i. Rationale and Design/Recommendations; ii. A comprehensive draft Insolvency and Bankruptcy Bill covering all entities. The draft Bill has consolidated the existing laws relating to insolvency of companies, limited liability entities (including…
The Finance Minister Shri Arun Jaitley, in his Budget Speech 2015-16, had identified Bankruptcy Law Reform as a key priority for improving the ease of doing business and had announced that a comprehensive Bankruptcy Code, meeting global standards and providing necessary judicial capacity, will be brought in fiscal 2015-16. The Government had constituted a Bankruptcy…
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th October, 2015 INCOME-TAX S.O. 2965(E).— In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department…