The CBIC vide Notification No. 39/2020 – Central Tax dated May 05, 2020, which makes an amendment to the special procedure for Corporate Debtors undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 vide Notification No. 11/2020-CT dated Mar 21, 2020. The following are the amendment made In the rules are as under:-
- In the first paragraph, the following proviso shall be inserted, namely: –“Provided that the said class of persons shall not include those corporate debtors who have furnished the statements under section 37 and the returns under section 39 of the said Act for all the tax periods prior to the appointment of IRP/RP”. Therefore, the notified registered person who have filed Form GSTR-1 under section 37 and Form GSTR-3B under section 39 shall not be included in corporate debtors for the appointment of IRP/RP.
- For paragraph 2, with effect from March 21, 2020, the following paragraph shall be substituted, namely: –“2. Registration.- The said class of persons shall, with effect from the date of appointment of IRP / RP, be treated as a distinct person of the corporate debtor, and shall be liable to take a new registration (hereinafter referred to as the new registration) in each of the States or Union territories where the corporate debtor was registered earlier, within thirty days of the appointment of the IRP/RP or by 30th June, 2020, whichever is later”.
The Notification can be accessed at: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-39-central-tax-english-2020.pdf