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This Article contains statutory compliance calendar 2020. This article is specific about various Compliance requirements that come under statutory laws. However, before heading forward it is must to know what “Compliance” actually means. It means a formal act of adhering to any rule or any other law or order. Corporate Compliance Requirement Under various statutes is as follows:
Ministry of Micro, Small and Medium Enterprises vide press release dated 16 March 2020 has addressed certain issues related to delayed in the payments of Micro, Small and Medium Enterprises (MSMEs). Following corporate compliance steps has to be taken by a Ministry
IBBI amends CIRP Regulations to provide certain kind of relief in corporate insolvency resolution process due to COVID-19[1] grievous outbreak. The Insolvency and Bankruptcy Board of India has amended a CIRP Regulations which provides that a period of lockdown that is imposed by the Central Government in the wake of COVID-19 outbreak must not be counted for a purposes of the time-line for any activity that remained incomplete because of the lockdown, in relation to a corporate compliance and insolvency resolution process. However it would be subject to the overall time limit provided in the present Code.
The IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) on date 29th March 2020. It becomes difficult for the insolvency professionals for continuing to conduct the process, for members of committee of the creditors to attend those meetings, and for the prospective resolution applicants needs to prepare and submit resolution plans, during the period of lockdown due to outbreak of Covid-19. Therefore, it has become difficult to complete various activities during a corporate insolvency resolution process within the timelines specified in the CIRP Regulations.
Also, Read: Important Compliance for Running Business in India.
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