IBC Suspended ? What are the alternate remedies for recovery ?

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Scenario of recovery prior to IBC:- Before the enactment of IBC, creditors had the following legal remedies for recovery of debts from the Corporates: i) Summary Suit : The creditors used to pursue the option of filing Summary Suit under O.XXXVII under Code of Civil Procedure. The average time taken by a Civil Court is usually three- four years. The same Suit, if filed before a High Court takes more…

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Do you own MSME ? Get to know the special provisions to recover dues

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3rd July 2020 Know the basics MSME stands for Micro, Small, and Medium Enterprises. The intention of the Government to bring in the MSME Act was to provide large scale employment opportunities at comparatively lower capital costs than large industries. PROVISIONS TO RECOVER DUES MSME ACT? The Act provides for delayed and defaulted payments to Micro and Small Enterprises. The Procedure for dispute resolution under the Act is as under:…

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Step by Step guide to Mutual Consent Divorce and FAQs

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What is Mutual Consent Divorce Divorce by Mutual Consent is the simplest way to dissolve the marriage under the law. It is where both the spouses mutually agree to separate from each other. It is necessary that both the spouses have to agree to the procedure together otherwise one of the spouses cannt apply for divorce under this provision of law unilaterally. What about alimony and child custody? •In this…

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WILL for layman! know the basics

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What is a WILL? WILL is a document in which a person mentions manner in which the person’s property is to be dealt with after his/her death. WILL finds its place in the definition under Section 2(h) of the Indian Succession Act, 1925. A person who makes a WILL is called a testator (male) and testatrix (female). IMPORTANCE OF MAKING A WILL 1)One gets to decide proportion in which the…

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Who can be witness to the WILL? and Who cannot be?

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Witness to a WILL Sec 63 of the Indian Succession Act, 1925 states that Will is required to be attested by two or more witnesses in presence of the testator (Author of the Will). What is “to attest”? The meaning of “attest” is that, the witness is required to execute his/her signature on the Will. The signature of the witness on the Will acknowledges the fact that the witness identifies…

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While Individual defaults are on the rise, What is the law for Individual Insolvency?

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INDIVIDUAL INSOLVENCY Everyone is going gaga over the Insolvency and Bankruptcy Code, 2016 (“IBC”) which presently is only meant for Companies and LLPs. The Individual Insolvency provisions under IBC, 2016 are still to be notified and therefore not applicable. A recent Ruling of Bombay High Court wherein it declared the Promoters of a known Developer Firm as Insolvent, brought into limelight the legislation for individual insolvency. However, not many people…

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No more confusion over GST: Mobile app is here

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There has been a lot of confusion over the rates of GST applicable to products or services. Above that, the WhatsApp forwards are further adding to the confusion.  To clear the position on GST rates, Finance Minister Arun Jaitley has launched a mobile application called “GST Rates Finder” to assist  the citizens who have purchased any product or have availed any service to cross verify the correctness of the of…

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Startup Saturdays- Govt just made it easier to be called as Startup

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Our Prime Minister Shri Narendra Modi had introduced Startup India Scheme on 16th January, 2016 in order to promote entrepreneurship in the Country by providing special benefits to the startup ups such as tax exemption on capital gains on investments. The launch of the scheme got lot of media attention; however it was not well accepted by the prospective startups who wanted to benefit from the scheme. One of the…

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Want to start a Venture? Cannot choose right form of Business? Read on

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I am sure you are confident about the venture you have chosen. However, it is equally important that you choose the right form of business type for your venture. In last few years the government has brought in many reforms which have made it easier for the entrepreneurs to run the business with minimal cost and least compliances. To make the most of these reforms it is important that you…

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RERA – Basic things to know about

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What is RERA? RERA is a much awaited legislation introduced by the Government to regulate the sale of houses by the builders and protect the interest of flat purchasers. RERA is the acronym (short-form) for Real Estate(Regulation and Development) Act, 2016. Purpose of the Act: It is a law passed by the Central government to regulate the sale of flats by the builders/developers to the purchasers and to provide quick…

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