Recently Central Board of Indirect Taxes and Customs

Solution

Insolvency and Bankruptcy Code -: It is a reform enacted in 2016. It amalgamates various laws relating to the insolvency resolution of business firms. It lays down clear-cut and faster insolvency proceedings to help creditors, such as banks, recover dues and prevent bad loans, a key drag on the economy. Central Board of Indirect Taxes and Customs (CBIC) has issued standard operating procedures (SOPs) to ensure the timely recovery of goods and services tax (GST) dues from companies undergoing liquidation under the Insolvency and Bankruptcy Code (IBC). CBIC has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI) within 90 days of the commencement of the process.