Manoj Kumar

On June 06, 2018 the Government has amended the Insolvency & Bankruptcy Code through Ordinance for the 2nd time. The ordinance as various very important changes, mostly as recommended by the IBC Law Committee. It brought several clarification in the Law and resolved the practical difficulties and issues creating cause of litigation.

There are certain major issues relating to income tax law in the insolvency resolution process that should be addressed in Budget 2018:
- The implication of deemed income under section 56(2)(x) of the Income Tax Act
- Section 50CA of the I-T Act
- Minimum Alternate Tax and taxation on write-off of interest or principal amount of lenders and operational creditors
- Carry forward of tax losses

NCLT directed liquidator to form a monitoring committee comprising of Financial Creditors to monitor work of liquidator. Liquidator is expected to perform its duties u/s 35 of the Code for which no prior approval from NCLT is required.

Innoventive Industries case is the pioneer case at the Supreme Court of India under the Insolvency and Bankruptcy Code 2016, where the Court has dwelt upon various aspects of the Code and its implecations on other laws. We have tried to summarise the key issues discussed and adjudged by the Apex Court

Mergers & Acquisitions are very critical aspects of the corporate life and its strategies are originally made with commercial considerations but the implementation of these transactions need to be carried out keeping in mind several critical aspects such as legal framework governing these transactions, tax and other costs aspects, contractual obligations, impact of HR issues. Thus, it is imperative to structure M&A in a very thoughtful manner so that maximum advantage can be derived with the… Show more

Mergers & Acquisitions are very critical aspects of the corporate life and its strategies are originally made with commercial considerations but the implementation of these transactions need to be carried out keeping in mind several critical aspects such as legal framework governing these transactions, tax and other costs aspects, contractual obligations, impact of HR issues. Thus, it is imperative to structure M&A in a very thoughtful manner so that maximum advantage can be derived with the least possible hassle. Show less

Despite the teething challenges the new law of Corporate Insolvency, with its time bound approach, makes it much more effective that the old regime of SICA/SARFAESI or CDR/SDR/S4A etc. it is being actively used by lenders as well as corporates

Dynamics of Mergers, Demergers and corporate restructuring of India Inc. is changing drastically with the implementation of Insolvency & Bankruptcy Code wef. 01.12.2016 and then of M&A related chapter of Companies Act, 2013 wef. 15.12.2016. In this backdrop, Corporate Professionals took a detailed session at SEBI's NRO for its Officials. I got the opportunity to share my practical experience and explained the legal & procedural changes in M&A transactions with an emphasis on the role of SEBI in… Show more

Dynamics of Mergers, Demergers and corporate restructuring of India Inc. is changing drastically with the implementation of Insolvency & Bankruptcy Code wef. 01.12.2016 and then of M&A related chapter of Companies Act, 2013 wef. 15.12.2016. In this backdrop, Corporate Professionals took a detailed session at SEBI's NRO for its Officials. I got the opportunity to share my practical experience and explained the legal & procedural changes in M&A transactions with an emphasis on the role of SEBI in M&A process of listed companies. Also tried to discussed the issues and concerns, conflicts and non-clarity in SEBI Laws and the new M&A process under Companies Act, 2013. Pleased to share the glimps and also the presentation given there. Show less

Mergers & Acquisitions are very critical aspects of the corporate life and are considered as inevitable tools for inorganic growth and unlocking the value. M&A strategies are originally made with commercial considerations but the implementation need to be carried out keeping in mind legal framework governing these transactions, tax and other costs aspects, contractual obligations, impact of cultural and HR issues and hence it is important to craft and structure M&A in a very thoughtful manner… Show more

Mergers & Acquisitions are very critical aspects of the corporate life and are considered as inevitable tools for inorganic growth and unlocking the value. M&A strategies are originally made with commercial considerations but the implementation need to be carried out keeping in mind legal framework governing these transactions, tax and other costs aspects, contractual obligations, impact of cultural and HR issues and hence it is important to craft and structure M&A in a very thoughtful manner so that maximum advantage can be derived with the least possible hassle.... Page 58-59 Show less