TMI BlogStandard Operating Procedure (SOP) for NCLT cases in respect of the Insolvency and Bankruptcy Code (IBC)X X X X Extracts X X X X X X X X Extracts X X X X ..... Procedure (SOP) for NCLT cases in respect of the Insolvency and Bankruptcy Code (IBC)- reg. I am directed to inform that the Insolvency and Bankruptcy Board of India has requested that role of GST and Customs authorities in certain key issues under the Insolvency and Bankruptcy Code, 2016 needs to be formulated. Further, GST and Customs Authorities have been classified as operational Creditors and are required to submit their claims against corporate debtors when the Corporate insolvency and resolution process is initiated and public announcement inviting claims is made by the insolvency professional. 2. A timeline of 90 days from the insolvency commencement date is available for filing of claims. However, it has been observed tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Standard Operating Procedure (SOP) for NCLT cases The Insolvency and Bankruptcy Code (IBC), 2016, was enacted to consolidate the fragmented laws pertaining to insolvency. The IBC handles the insolvency proceedings cases through tribunals i.e. NCLT and appellate tribunal NCLAT. The code recognizes three different types of creditors: Financial Creditors, Operational Creditors and other Creditors. Section 5(20) of the Code defines an Operational debt as a claim in respect of the provisions of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority. An Operational cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... official email, to all Zonal Pr./ Chief Commissioners with a copy to the concerned Pr. Commissioner/ Commissioner within 02 (Two) working days. ii. For faster and timely dissemination of the information a dedicated WhatsApp group will also be created by the Nodal Officer which will have ADC/JC concerned (who may be nominated as nodal officer for the Zone) in the Pr./ Chief Commissioner s office, and the Pr. Commissioners/ Commissioners concerned as its members. iii. The concerned office/ Commissionerate which has arrears pending against the unit/ company shall file its claims timely for safeguarding and realisation of the government dues and inform the fact of having filed its claim to the Nodal Officer through the ADC/ JC in the Chi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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