No new petition shall be entertained without record of default under section 7 of IBC, 2016 and the Authorized Representative/Parties in the cased pending for admission under aforesaid section of IBC also directed to file default record from Information Utility before next date of hearing.
As per IBC, once an entity defaults certain threshold amount, Corporate Insolvency Resolution Process(CIRP) gets triggered and the management of such entity (Corporate Debtor) and its assets vest with an interim resolution professional (IRP) or resolution professional (RP). It continues to run the business and operations of the said entity as a going concern till the insolvency proceeding is over and an order is passed by the National Company Law Tribunal (NCLT). To address the aforementioned problems, notification No.11/2020- Central Tax, dated 21.03.2020 has been issued by the Government prescribing special procedure under section 148 of the Central Goods and Services Tax Act, 2017 (CGST Act) for the corporate debtors who are undergoing CIRP under the provisions of IBC and the management of whose affairs are being undertaken by IRP/RP.
In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.11/2020- Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 194(E), dated the 21st March, 2020
Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR Circular No. IBBI/RVO/033/2020 23rd April, 2020 ToAll Recognised Registered Valuer Organisations (RVOs)(By mail to registered email addresses and on website of the IBBI) Dear Madam /…
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