Recently, the ministry of finance notified the process to be followed by an interim resolution professional (IRP) or resolution professional (RP) for ensuring GST compliances of corporate debtors (CD) undergoing corporate insolvency resolution process (CIRP). This has been further explained through a circular dated March 23.
This is probably in response to the plethora of representations filed in this regard, after the enactment of the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). It is pertinent to mention that a few days back, the ministry of corporate affairs vide its General Circular No. 08/2020 had also outlined the procedure to be followed by IRP/RP, while undertaking compliances of the CD under the Companies Act, 2013.
Brief background
