IRP/RP/Liquidator cannot Provide for IT except under S. 53 of IBC in Absence of Separate Account for PF: NCLT [Read Order]

IRP - RP - Liquidator - IT - IBC - Absence of Separate Account - Separate Account - PF - NCLT - taxscan

The National Company Law Tribunal (NCLT), Mumbai Bench has held that if the corporate debtor (CD) failed to keep a separate account for the Provident Fund (PF), the  Insolvency Resolution Professional (IRP)/RP /Liquidator cannot Provide for Income Tax except under section 53 of Insolvency Bankruptcy Code (IBC). It has been submitted that under the provision…

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