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Dear Professional Colleagues,

Greetings of the Day !

Office of the Commissioner of the State Goods and Services Tax Department has issued an update regarding Kerala SGDT Dept. issues SOP for IBC cases before NCLT dated November 21, 2023.

Highlights

Kerala SGST Department issues Standard Operating Procedure for NCLT cases to safeguard Revenue’s interest in situations where claims in the corporate insolvency resolution process (CIRP) get unnotified due to failure to submit timely claims before the Resolution Professional (RP);
Attributing the reason to non-receipt of information regarding the initiation of CIRP which ultimately leads to extinguishment of unnotified claims once resolution plain is approved, appoints the 'Deputy Commissioner of State GST, Kerala' as the State Nodal Officer (SNO) for receiving and disseminating information regarding CIRP initiation from IBBI;
Tasks the SNO with promptly sharing the information regarding insolvency process with all Joint Commissioners (Taxpayers Services) (ie within 3 days) and further, entrust the JCs with communicating this information to the respective Taxpayer Services Circle/Division and to the District Nodal Officer (DNO), to ensure timely filing of claims before the RP and subsequent follow-up action Additionally, makes it obligatory for the Taxpayer Services Circle to daily check public announcements for any new parties entering insolvency and in case of arrears, file claims using Form-B along with all relevant documents before the RP;

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Best regards,

AMRG Team

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