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NOC of tax department not required in voluntary liquidation process: IBBI

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NOC of tax department not required in voluntary liquidation process: IBBI

New Delhi, Nov 16 (PTI) The Insolvency and Bankruptcy Board of India (IBBI) has said that insolvency professionals looking into the voluntary liquidation process need not obtain a No Objection Certificate (NOC) from the Income Tax Department during this period.

The reason for issuing this clarification by IBBI is that there have been cases of liquidators demanding NOC and ‘No Dues’ Certificate (NDC) from the tax department even after the opportunity of filing claim is available.

IBBI said NOC or NDC is not required under the Insolvency and Bankruptcy Code or regulations.

Section 178 of the Income Tax Act, 1961 has been cited for this in the IBBI circular dated November 15.

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