Liquidator notification obligation: inform tax authority and preserve assets pending tax intimation while personal liability attaches. The liquidator must notify the Assessing Officer of his appointment and, on the Assessing Officer's intimation of an amount to cover tax liabilities, must ... Summary
Liquidator notification obligation: inform tax authority and preserve assets pending tax intimation while personal liability attaches.
The liquidator must notify the Assessing Officer of his appointment and, on the Assessing Officer's intimation of an amount to cover tax liabilities, must set aside that amount which becomes a first charge on remaining company assets subordinate only to workmen's dues and specified secured creditors; failure to notify or to set aside renders the liquidator personally liable, and obligations are joint and several where multiple liquidators act.
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