Several companies that have successfully bid and taken over operations of a defaulting company under the Insolvency and Bankruptcy Code (IBC) find themselves stuck in litigation for past GST dues, despite the law granting them full protection.
Tax experts note that the Central Board of Indirect Taxes and Customs issued a circular in December 2022, and tax adjudicating authorities were instructed to recover only the reduced amount of liability as was decided during the proceedings relating to the insolvency resolution process. Further, the existing dues of the defaulting company, which were not part of the approved plan stood extinguished.
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