Insolvency and Bankruptcy Code (IBC) Latest Notifications

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Insolvency and Bankruptcy Code (IBC) Latest
Notifications
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Implementation of sections 55 to 58 starts from
14th June 2017 Ministry of Corporate
Affairs NOTIFICATION New Delhi 14th June
2017 S.O.1910(E)- Exercising the powers granted
by subsection (3) of section 1 of the IBC 2016
(31 of 2016), The Central Government declared
that the provisions of section 55 to 58, shall
come into effect from 14th June
2017. NOTIFICATION New Delhi 14th June
2017 S.O.1911(E)- Exercising the powers granted
by (2) of section 55 of the IBC Latest
Notification 2016 (31 of 2016), The Central
Government declared that requisition for
corporate insolvency resolution process can be
made regarding the following corporate debtors
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• Small companies as mentioned under clause (85) of
  section 2 in the Companies act 2013(18 of 2013)
• b) Individual startups as mentioned in the
  notification of Indian Government in the Ministry
  of Commerce and Industry number G.S.R .501(E),
  23rd May 2017 published in the Gazette of India,
  Extraordinary, Part II, Section 3, Subsection (i)
  of 23rd May 2017
• c) Unrecorded companies with total assets, not
  more than 1 crore rupees, as outlined in the
  financial statement of the preceding year.

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Export Promotion Capital goods Scheme (EPCG)
notifications ? Import of goods for pre and post
production incurs zero customs duty. ? Exemption
from IGST till 30th September 2018 ? Capital
goods for EPGC scheme include computer software
systems, spares molds, tools etc. ? Import of
capital goods for Project imports declared by the
Central Board of Excise and customs is allowed
under the EPCG scheme notification. ? Import
under EPGC scheme is liable for an export
obligation i.e. 6 times of duty saved on capital
goods, within 6 years from the issue of
authorization. ? The validity of authorization is
18 months ? The import of second-hand goods is
not admissible under the EPCG scheme.
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