CBIC seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016

Circular No. ES/116/2020-21                                                            7th May, 2020             

 

To : Members of the Council

 

Sub: CBIC seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016

 

Dear Member,

 

CBIC has issued Notification No. 39/2020 – Central Tax dated 5th May, 2020 seeking to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.

 

Following amendments have been made in the Notification No.11/2020- Central Tax dated  21st March, 2020-

 

1. in the first paragraph, the following proviso shall be inserted, namely: -

 

“Provided that the said class of persons shall not include those corporate debtors who have furnished the statements under section 37 and the returns under section 39 of the said Act for all the tax periods prior to the appointment of IRP/RP.”;

 

2. for the paragraph 2, with effect from the 21st March, 2020, the following paragraph shall be substituted, namely: -

 

“2. Registration.- The said class of persons shall, with effect from the date of appointment of IRP / RP, be treated as a distinct person of the corporate debtor, and shall be liable to take a new registration (hereinafter referred to as the new registration)in each of the States or Union territories where the corporate debtor was registered earlier, within thirty days of the appointment of the IRP/RP or by 30th June, 2020, whichever is later:”.

 

Members may kindly make a note of the above.

 

Thanking you,

 

Yours faithfully,

 

S.BALARAJU

EXECUTIVE DIRECTOR

 

 

 

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