Page 200 - ES 2020-21_Volume-1-2 [28-01-21]

Process Reforms: Enabling decision-making under uncertainty 183

T + 300 • Intimating about commencement of voluntary liquidation and appointment of
liquidator to Income tax, RoC, IBBI, GST authorities and PF department.
• Public announcement in newspapers inviting claims
• Opening a designated bank account for cash and liquid funds
• Closure of existing bank account(s) and transfer of funds to designated bank account

T + 315 • Preparation and submission of preliminary report to shareholders of Corporate Debtor
T + 315 Income tax 3
to • Completion of on-going and new assessment proceedings, appellate litigation and
T + 1350 submission of responses to various notices, simultaneously.
• Furnishing a bank guarantee from principal shareholder of the Corporate Debtor with
income tax authorities to obtain tax NOC.
Provident Fund (PF) 4
• Filing for closure of EPF account of establishment with regional PF authorities
GST registration
• Periodic statutory compliances (payment of tax under reverse charge and returns
filing)
• Surrendering GST registration towards completion of voluntary liquidation process
Foreign exchange laws*
• Reporting under Foreign exchange laws to be verified at the time of discussions with
Authorized dealers bank, for requisite documents to process final remittance to the
shareholders.
Communication from ex-employees and Claims from operational credits
• Frequent requests from ex-employees reg PF portal of the company
• Claims from operational creditors post 30-day claim period from liquidation
commencement date
Security deposit from government bodies
• Refund of security amount deposited by Corporate Debtor at the time of registration/
obtain licenses with government bodies
T + 1350 • Final remittance to shareholders and deposit of applicable withholding taxes thereon
to Completion of voluntary liquidation process
T + 1360 • Closure of designated bank account

T + 1360 • Submission of final report to shareholders, RoC, IBBI and NCLT (along with
to dissolution petition)
T + 1370 • Filing of application with dissolution of Corporate Debtors with NCLT

T + 1430 • Scheduled date of first hearing of NCLT
• NCLT’s order seeking reports/ reply from income tax department, RoC and IBBI

3 Bank guarantee from principal shareholder of Corporate Debtor was furnished with income tax authorities and tax
NOC was obtained after ~ 1000 days from filing of intimation.
4 Inspection proceedings by PF authorities concluded in ~ 370 days and subsequently, inquiry in relation to payment
of interest and damages on payment of PF shortfall was initiated, concluded in another ~ 300 days.