Disclosure of carry forward losses mandated in Information Memorandum to aid resolution applicant assessment and plan formulation. Insolvency Professionals must include a dedicated IM section detailing the quantum of carry forward losses available to the corporate debtor, a breakdown of those losses under the Income Tax Act, 1961, the applicable time limits for utilization, and an explicit statement where no carry forward losses exist; this requirement follows an amendment to Regulation 36 of the CIRP Regulations and is issued under section 196 of the Insolvency and Bankruptcy Code, 2016.
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.
Disclosure of carry forward losses mandated in Information Memorandum to aid resolution applicant assessment and plan formulation.
Insolvency Professionals must include a dedicated IM section detailing the quantum of carry forward losses available to the corporate debtor, a breakdown of those losses under the Income Tax Act, 1961, the applicable time limits for utilization, and an explicit statement where no carry forward losses exist; this requirement follows an amendment to Regulation 36 of the CIRP Regulations and is issued under section 196 of the Insolvency and Bankruptcy Code, 2016.
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