A 'Connected Person' under the IBC often refers to a person within the immediate company network. The definition highlights one key differentiator: the existence of a personal relationship between the company and the person. Read on to understand the nuances of identifying a Connected Person.
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PayPal has been hit by Rs. 96 Lakh penalty by the Financial Intelligence Unit (FIU) for alleged contravention of the anti-money laundering law and accused of 'concealing' suspect financial transactions and abetting "disintegration" of India's financial system.
A three-month extension of the suspension of insolvency proceedings has been issued by the Corporate Affairs Ministry, in furtherance of the Insolvency and Bankruptcy Ordinance, 2020.
PUFE Transactions are covered under sections 43, 45, 66, and 50 of the Insolvency and Bankruptcy Code, 2016. It lists four types of vulnerable transactions, namely Preferential, Undervalued, Fraudulent, and Extortionate.
MSMEs have to resort to the standard Corporate Insolvency Resolution Process for maximization of value of assets.
FinCEN Files are a set of over 2,100 “Suspicious Activity Reports” (SARs) and other documents, filed by banks with the United States Department of the Treasury’s Financial Crime Enforcement Network.