The Liquidator undertakes the Insolvency Resolution Process in light of lack of any promoters or directors of the company being present or reachable
In a recent ruling, the West Bengal Authority for Advance Ruling (AAR) has held that any sale of assets of a company in liquidation conducted by its liquidator qualifies as a supply of goods or services under Section 7 of the Central Goods and Services Tax (CGST) Act, 2017.
The AAR ruling came against an application filed by Maheshwary Ispat Limited, a company undergoing liquidation, seeking clarity on the applicability of GST to the sale of its assets by the liquidator, Santanu Brahma who was appointed so by the National Company Law Tribunal (NCLT) on December 19, 2023.
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