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of <h1>IBBI Clarifies No Need for No Objection Certificates from Tax Dept in Voluntary Liquidation Under IBC 2016.</h1> The circular issued by the Insolvency and Bankruptcy Board of India clarifies that during the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016, liquidators are not required to obtain a No Objection Certificate or No Dues Certificate from the Income Tax Department. Regulation 14 mandates liquidators to announce and call for claims submission within a specified period. Despite this, some liquidators seek such certificates, which are not envisaged by the Code or Regulations. The circular emphasizes that obtaining these certificates is unnecessary and counterproductive to the Code's objective of a time-bound process.
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