R. S. Mittal Consultants Pvt. Ltd., Corporate Law and Finance Consultants

07/06/2017

Insolvency Professional is appointed to conduct insolvency resolution process in accordance with the procedure laid down in the Insolvency and Bankruptcy Code 2016.
When any Corporate debtor (Company or LLP) fails to pay dues on due date then it defaults for payment on time, which triggers the Insolvency and Bankruptcy code, 2016 and Financial and Operation creditors can start process to recover their dues under the said code.

The role Insolvency Professional starts when a corporate debtor defaults in making payment due to a Financial Creditor or operational creditor defined as under:

(A) "operational creditor" means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred;
"operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority;

(B) "financial creditor" means any person to whom a financial debt is owed and includes a
person to whom such debt has been legally assigned or transferred to;
"financial debt" means a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money and includes—
(a) money borrowed against the payment of interest;
(b) any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent;
(c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;
(d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed;
(e) receivables sold or discounted other than any receivables sold on nonrecourse basis;
(f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing;
(g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account;
(h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution;
(i) the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h) of this clause;

27/02/2017

30/09/2016

I read a story where a leading PSU Bank has given loans of about Rs. 100 crores based on fake accounts and fake auditors and the said company was having only one lakh paidup capital. The said Bank says they are their respected customer.

16/03/2016

ONLY GOD CAN SAVE THE BANKS

24/04/2015

As per the information provided by the ICAI,
the complaints received against members and cases resolved are as under during the last 5 years:
Years - 2010-2015 (Period of more than 5 years)
Cases registered- 1628
Punishment awarded-50
Cases closed/members not found guilty-105
balance cases-1473 (What happened to these cases?)
Which shows that large number of cases kept pending by ICAI instead of taking action against them.

10/04/2015

We help in formulation of an anti-sexual Harassment Policy as required under "THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013" and also support in creating Internal Complaints Committee (ICC) which is compulsory for all types of Organisations employs 10 or more employees, whether contains any women or not. We also help in complying with the submission of Annual Report to the proper authorities.

31/03/2015

TOTAL BANKING FRAUDS OF ABOUT AGGREGATING TO RS. 35713. 10 CRORES REPORTED TO RESERVE BANK OF INDIA (PERIOD FROM 01.01.2008 to 11.03.2015) BY VARIOUS NATIONALIZED BANKS (RS. 30,394.46 CRORES) PRIVATE SECTOR BANKS (RS. 4,496.43 CRORES) AND TWO COOP BANKS (RS, 822.21 CRORES) INVOLVING AMOUNT ABOVE RS. 25 CRORES IN EACH CASE.
OUT OF WHICH BANKS WERE SUCCEEDED IN RECOVERING ONLY RS. 2114.44 CRORES IN AGGREGATE. I.E. ONLY 6 % OF REPORTED FRAUD AMOUNT RECOVERED BY THE ABOVE BANKS.

26/03/2015

BUSINESS STANDARD NEWS 26.03.2015:

HC orderes notice to Union Ministry of Corporate Affairs, ICAI

The Madras High Court today ordered issue of notices to the Union Ministry of Corporate Affairs and the Institute of Charted Accountants of India (ICAI), on a plea by a Charted Accountant against the activities of ICAI.

Justice T S Sivagnanam on a petition by V Venkata Siva Kumar, a senior Charted Accountant seeking a special audit by CAG on the finances of ICAI, ordered the notices.

Kumar, in his petition, submitted that presidents of ICAI during the past several years were indulging in irregularities in the use of funds, misuse of authority, disregarding the regulations and abuse of quasi-judicial functions by exercising them in an arbitrary manner.

He submitted that ICAI does not have independent auditors and members are kept in the dark about its affairs.

"Financial scams in the operation are not being brought to the notice of members for corrective action, resulting in steady erosion in the image of the institution", he submitted.

He alleged several instances of ICAI creating fear among the members in the guise of disciplinary jurisdiction and submitted that "the instances are only the tip of an iceberg and more can come to light if an independent inquiry is ordered."

He alleged that money and several land deals apart from service and procurement contracts involving several crores of rupees have not been properly accounted for by ICAI and prayed for ordering a special and an impartial audit to unearth the "irregularities.