The IBBI has made it mandatory for insolvency professionals to disclose carry-forward losses in the Information Memorandum during the insolvency process. This aims to provide potential resolution applicants with a comprehensive understanding of the corporate debtor’s financial position.
New Delhi, Mar 19 (PTI) The IBBI has mandated insolvency professionals to disclose details of carry-forward losses under the Income Tax norms in the information memorandum prepared during the insolvency process.
In a circular issued on Monday, the Board said all Information Memorandum(s) must contain a dedicated section detailing the quantum of losses available for carry forward under the Income Tax Act, 1961.
“The Insolvency and Bankruptcy Board of India…
