Status of Homebuyers under IBC and its Mechanism

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

Insolvency Application viz-a-viz Ongoing Arbitration Proceedings

An application under section 7 filed by the Operational Creditor is barred due to pending Arbitration Proceedings as the on-going arbitration proceedings signifies the pre-existence of dispute

Income Tax Audit-Applicability, Limits, Penal Consequences, Penalty for late filing

There are various kinds of audit being conducted under different laws such as company audit/statutory audit conducted under company law provisions, cost audit, stock audit etc.