Clarification regarding requirement of seeking No Objection Certificate or No Dues Certificate from the Income Tax Department during Voluntary Liquidation Process under the Insolvency and Bankruptcy Code, 2016 (Code)

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..... Delhi-110001 CIRCULAR No. IBBI/LIQ/45/2021 15th November, 2021 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professionals Agencies (By mail to registered email addresses and on website of the Board) Dear Madam /Sir, Subject: Clarification regarding requirement of seeking No Objection Cert .....

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..... 2. It has been noticed that even after providing opportunity for filing of claims, the liquidators seek 'No Objection Certificate' (NOC) or 'No Dues Certificate' (NDC) from the Income Tax Department despite the fact that the Code or the Regulations do not envisage seeking such NOC/NDC. 3. In this regard, section 178 of the Income-tax Act, 1961 which, inter alia, obligates .....

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..... ome Tax Department as part of compliance in the said process. 6. This Circular is issued in exercise of the powers under section 196 of the Code . Yours sincerely, Sd/- (Nitish Saini) Assistant General Manager Tel: 011-2346 2834 Email: [email protected] - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxman .....

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