Challenges to actions of a monitor can be brought by an application to court by a creditor or anyone affected by the moratorium on the grounds that an act, omission or decision of the monitor has caused unfair harm. The provision is also extended to apply in the two new restructuring procedures, the moratorium and the restructuring plan. Pre-moratorium debts for which there is no payment holiday for amounts falling due in the moratorium period.

for each of the Short-Deduction and/or Non-Deduction transact ions to the accountant identified for certifying Annexure A and obtain the membership no. Note:– Deductor/Collector can be allocated only a single CA for each unique DIN/ Alpha-Numeric Strings. While there is no legal definition of financial difficulty, most stakeholders can quickly identify when a company is in financial difficulty. In this sense, the purpose of a stay is to expedite the restructuring process and maximise the outcome for all the stakeholders.Enter No Deduction transactions: Deductor needs to enter details of No- Deduction transaction at TRACES, if any and submit transact ion details at TRACES in the rows provided for this purpose. However, different CA can be assigned for different unique records for a single request filed on TRACES portal for Form 26A/Form 27BA. CSV file, fill the requisite details: PAN of Payee, Date of Payment, Amount paid or credited, section, Amount of TDS, Short/non deducted amount and non-deduction section e. When the court considers an application by a liquidator against a director under Section 214 IA 1986, when making an assessment of the director’s liability to contribute to the losses of the company in the period of wrongful trading, it should “assume that the person is not responsible for any worsening of the financial position of the company or its creditors that occurs during the relevant period”. It is far more common that the second or third parts of the purpose are achieved and that only part of the business continues as a going concern post sale.

The initial period can be extended without creditor consent after the first 15 business days, by the directors filing with the court: (a) a notice stating that they wish to extend the moratorium; (b) a statement by the directors that the moratorium debts, and the pre-moratorium debts for which the company does not have a payment holiday, have been paid or discharged; (c) a statement by the directors confirming that the company is, or is likely to become, unable to pay its pre-moratorium debts; and (d) a statement from the monitor that in his or her view it remains likely that the moratorium will result in the rescue of the company as a going concern. The CBDT vide notification number 11/2016 dated 2nd December 2016 has provided the procedure for furnishing and verification of Form 26A for removing default of Short Deduction and or Non-Deduction of Tax at source. We feel that this is the way our clients want us to work, and that specialisation leads to the provision of a better service. Importantly the suspension does not apply to companies which are excluded from being “eligible” and are listed in the Schedules to the Act which include insurance companies, banks, public private partnership project companies and overseas companies.However, the proviso to section 201(1) along with rule 31ACB provides relief for resident payees who have met certain criteria, including PAN validation and tax payment. The court has the power to stay proceedings any creditors may initiate in the interim period before the convening hearing. Information to be filled is – Name of the head under which income is accounted for, Receipts on which tax has not been deducted, gross receipts under the head of income under which the receipts are accounted for, Net receipts under the head of income, taxable income under the head of income. In case of non-deduction or non-payment of tax deducted at source (TDS) from certain payments made to residents, the entire amount of expenditure on which tax was deductible is disallowed under section 40(a)(ia) for the purposes of computing income under the head “Profits and gains of business or profession” the disallowance shall be restricted to 30% of the amount of expenditure on which TDS is not deducted. Section 39 of the Act concerns the filing of certain documents with the registrar at Companies House.

If your business is facing an insolvency or restructuring proposal, you may be a party to a Part 26A restructuring plan. However, it is not good news for landlords and suppliers also in need of cash because it prevents them from putting pressure on the debtor to pay the debt. Condition A: members of the dissenting class would not be any worse off in the Restructuring Plan than they would be in the event of the relevant alternative to the Restructuring Plan. The Pension Protection Fund is to be treated as a creditor of the company and is able to challenge the decisions of the directors.The Companies proposed four classes of creditors: 1) finance creditors, being the Companies’ lenders and parties to a lock up agreement that supported the restructuring plans; 2) landlords under leases entered into by DeepOcean 1 UK Limited; 3) two creditors of UK vessel owner creditors chartered by DeepOcean 1 UK Limited; and 4) other creditors. For company meetings, whether AGMs or general meetings, held between March 26, 2020 and March 30, 2021(referred to in the Act as the “relevant period”), the meeting need not be held at a particular place; meetings may be held and votes may be cast by electronic or other means; the meeting may be held without a quorum of participants having to be together in one place; and members do not have the right to attend in person, to participate other than by voting, or to vote by particular means. In case of non-deduction or non-payment of tax deducted at source (TDS) from certain payments made to residents, the expenditure on which tax was deductible is disallowed under section 40(a)(ia) for the purposes of computing income under the head “Profits and gains of business or profession”. This applies to any winding up petition presented in the period from April 27, 2020 to June 30, 2021. Extract the zip files and add the records for Non-Deduction or Non-Collection in the extracted CSV files with the relevant details.