GSTN enables New Registration functionality for Insolvency Resolution Professionals
New Delhi, 29thMay 2020: The Goods and Services Tax Network (GSTN) has enabled New Registration functionality on the GST portal for erstwhile registered entities who are now corporate debtors under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. This facility will benefit the companies which are undergoing the corporate insolvency resolution process and whose management affairs are being undertaken by Interim Resolution Professionals (IRP) or Resolution Professionals (RP).
To use this functionality, the appointed IRP/RP should choose the reason to obtain new registration in the drop down menu as “Corporate Debtor undergoing the Corporate Insolvency Resolution Process by IRP/RP” while applying for registration on the GST portal.
The CBIC, in its notification no. 11/2020 dated 21st March 2020, had stated that the corporate debtors shall be liable to obtain new registration through IRP/RP. Accordingly, the IRP/RPs can apply for new registration on behalf of corporate debtors within 30days from their appointment or by 30th June 2020, whichever is later. The registration can be applied in each of the States/UTs where the corporate debtor was registered earlier