The Kerala GST Department issued Standard Operating Procedure (SOP) vide SGST/973/2023-LEGAL3 dated November 21, 2023, for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (NCLT).
The Insolvency and Bankruptcy Code (IBC), 2016, was enacted to consolidate the fragmented laws pertaining to insolvency. The IBC handles the insolvency proceedings cases through Tribunals i.e. NCLT (National Company Law Tribunal) and its appellate tribunal NCLAT (National Company Law Appellate Tribunal). The code recognizes three different types of creditors: Financial Creditors, Operational Creditors and other Creditors. Section 5 (20) of the Code defines an Operational debt as a claim in respect of the provisions…
Read the full article at: https://www.a2ztaxcorp.com/kerala-gst-department-issued-sop-for-the-ibc-cases-before-national-company-law-tribunal-nclt/