Compliance under GST to be followed by Resolution Professional during CIRP

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.

Management of affairs of corporate debtor by Interim Resolution Professional

Chapter-3 : CIRP Topic-4 : Management of affairs by IRP Management of affairs of corporate debtor by Interim Resolution Professional I. Management of affairs of corporate debtor by Interim Resolution Professional[Sec. 17] 1. Cease the powers of Managements [Sec. 17(1)]…

Appointment & Remuneration of Liquidator under Sec. 34 of IBC

Chapter-4 : Liquidation Process Topic-2 : Appointment & Remuneration of Liquidator Appointment & Remuneration of Liquidator under Sec. 34 of IBC I. Appointment of liquidator and fee to be paid[Sec. 34] 1. Appointment [Sec. 34(1)] Where the Adjudicating Authority passes…

Role of an Interim Resolution Professional and Resolution Professional

Role of an Interim Resolution Professional and Resolution Professional "The role of the RP is not adjudicatory but administrative"1 How to become an Insolvency Professional. The role of the resolution professional in the…

References   [ + ]

1. Supreme Court in Essar Steel India Ltd. case

Proceeds of Liquidation, Distribution of Proceeds, Dissolution of Corporate Debtor under Sec. 41, 53 & 54 of IBC

Chapter-4: Liquidation Process Topic-9: Proceeds of Liquidation and Distribution of Proceeds Proceeds of Liquidation, Distribution of Proceeds and Dissolution of corporate debtor under Sec. 41, 53 & 54 of IBC I. All money to be paid in to bank account…

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