Liability transfer allows IEC PAN changes on firm conversion while preserving prior liabilities and updating official records. DGFT permits modification of IEC to replace the PAN when a change in constitution or legal form produces a new PAN, on the basis that liabilities of the transferor entity vest in the transferee entity by operation of law. Regional Authorities must ensure transfer of liabilities, update and circulate the modified IEC showing the new PAN, and accept applications digitally signed by authorised signatories or power of attorney holders.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liability transfer allows IEC PAN changes on firm conversion while preserving prior liabilities and updating official records.
DGFT permits modification of IEC to replace the PAN when a change in constitution or legal form produces a new PAN, on the basis that liabilities of the transferor entity vest in the transferee entity by operation of law. Regional Authorities must ensure transfer of liabilities, update and circulate the modified IEC showing the new PAN, and accept applications digitally signed by authorised signatories or power of attorney holders.
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