FACILITATING RESOLUTION OF DISTRESSED COMPANIES - Measures for resolution of distressed companies

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..... takes place in a previous year pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 (IBC) subject to the condition that jurisdictional Principal Commissioner or Commissioner is provided a reasonable opportunity of being heard. Thus, loss in such cases can be carried forward and set off even if there is change in voting power or shareholding. This benefit is propose .....

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..... ording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner. Further, it is also proposed that under section 115JB of the Act for calculating book profit, the aggregate amount of unabsorbed depreciation and loss (excluding depreciation) brought forward shall also be allowed to be reduced in cases of the above mentioned companies. This amendment wil .....

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