The Ministry of Corporate Affairs (MCA) notified the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020.
The Insolvency and Bankruptcy Board of India (IBBI) on 10th September 2020 has published the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020 to further amend the Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018.
The Amendment is brought under rule 4 which deals with the time schedule for submission of the annual report in which the dates for submission of the annual report for audit leading to the issue of Audit Certificate by the Comptroller and Auditor General of India and for submission to the Ministry of Corporate Affairs for timely submission to the Parliament.
Firstly, the approved and authenticated annual accounts shall be made available by the Insolvency and Bankruptcy Board of India to the concerned Audit Office and commencement of an audit of annual accounts by 30th June. Secondly, the issue of the final Separate Audit Report (SAR) in English with Audit Certificate to Insolvency and Bankruptcy Board of India shall be 31st October and the submission of the annual report and audited accounts to the Ministry of Corporate Affairs for it to be laid on the Table of the Parliament shall be on 31st December.
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