Corporate Updates – 24-04-2017


IBBI has published the draft regulations for Fast Track Corporate Insolvency Resolution Process of Corporate Persons. Under the draft regulations, such Corporate Debtors with assets and income below a certain level or such class of creditors or such amount of debt or such categories of Corporate Persons, as may be notified by Central Government, may opt for the resolution process under Fast Track Regulations which shall be completed within a period of 90 days from the insolvency commencement date and can be extended by 45 days with the permission of Adjudicating Authority under certain circumstances. IBBI has also submitted a draft regulation on “Eligible Corporate Persons” on whom these Fast Track Corporate Insolvency Resolution Process regulations shall apply, to be notified by Central Government under section 55 (2) of the Insolvency and Bankruptcy Code. The drfat are available for public comments on both regulations i.e Fast Track Insolvency Resolution Process for Corporate persons and Eligible Corporate Debtor under Fast Track Insolvency Resolution Process. Accordingly, comments on each provision of the draft regulations are invited from Public by 8th May, 2017.


Ministry of Finance (Department of Revenue) has issued a Clarification on removal of Cyprus from the list of notified jurisdictional areas under Section 94A of the Income Tax Act, 1961. Cyprus was specified as a "notified jurisdictional area" (NJA) under section 94A of the Income Tax Act, 1961 vide Notification N0.86/2013 dated 01.11.2013. The said Notification No. 86/2013 was subsequently rescinded vide Notification No. 114 dated 14.12.2016 and Notification No. 1 19 dated 16.12.2016 with effect from the date of issue of the notification. For removal of doubts, it is hereby clarified that Notification No. 86/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus as a notified jurisdictional area with retrospective effect from 01.11.2013.

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