Statutory Compliances During Corporate Insolvency Resolution Process
During the period of CIRP, an IP in his/her capacity as the IRP/ RP is responsible for compliance of various mandatory filings and disclosures related to the Corporate Debtor. This includes but not limited to, various compliances under The Companies Act, 2013; Income Tax Act, 1961; Goods and Services Tax Act 2017; Provident Fund Act, 1952; Employees State Insurance Act, 1948 etc. Though the Liquidator is under no specific obligation to file the Income Tax Return, the non-filing may result in denial of benefit of carry forward of losses to the successor in case the CD is sold as a going concern. In the present article, the author has analysed various compliances to be made during the CIRP and had also made recommendations to ease them. Read on to know more...
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