The Government of Delhi notifies a special procedure to be followed by registered persons undergoing corporate insolvency resolution process. Such registered persons are corporate debtors under the Insolvency and Bankruptcy Code, 2016. These corporate debtors are having their affairs managed by Interim Resolution Professionals (IRPs) or Resolution Professionals (RPs) and shall be regarded as a special class of persons.
The following are key aspects of the special procedure:
From the date of appointment of the IRPs or RPs, these special class of persons shall be treated as a distinct person of the corporate debtor. These persons are required to make new registrations in each state or Union Territory of the previous registration. This new registration must be made within 30 days of their appointment.
2. After registration, such persons shall file the first return for the period from the date they become liable to register to the date on which registration is granted.
3. Such newly registered persons will be eligible to avail input tax credit on invoices covering the supplies of goods and/or services received after the appointment of the IRPs/ RPs. These invoices must bear the GSTIN of the erstwhile registered persons (corporate debtors). In claiming such credit, the time limit for availing the credit and the restriction on availing unmatched will not be applicable.
4. Registered persons who receive supplies from the newly registered persons will be eligible to avail input tax credit on invoices bearing the GSTIN of the erstwhile registered persons. This applies to the period from the date of appointment of IRP/ RP to the date of new registration. Furthermore, this provision is also subject to conditions specified in the Delhi Goods and Service Tax Act, 2017 and its Rules.
Additionally, any amount that is deposited by the IPR/RP into the cash ledger from the date of his appointment to the date of new registration can be refunded to the previous registration.
