CBDT Office Memorandum On Decentralization Of Cases Under Insolvency & Bankruptcy Code 2016

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The CBDT has issued an Office Memorandum with regard to cases under Insolvency & Bankruptcy Code 2016. The OM harmonizes the guidelines under the OM dated. 16.01.2018 with Circular No. 5/2009 dated 02.07.2009 of CBDT.

It is stated by the CBDT that all pending legal processes relating to sanctioned schemes by BIFR will continue to be handled by Pr. DGIT (Admn. &TPS) as stipulated in circular no. 5/2009 dated. 02.07.2009.

It has been further clarified in the said office memorandum of the CBDT that the transfer to jurisdictional Pr.CCIT will be made only after the order is passed after processing of sanctioned schemes by the Pr.DGIT(Admn.&TPS) as prescribed in circular no. 05/2009 dated. 02.07.2009.

Text of Office Memorandum dated 7th March, 2018 issued by the CBDT

F. No. 385/04/2018-IT(Budget)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi 07th March, 2018

OFFICE MEMORANDUM

Subject: Decentralization of handling of cases under Insolvency & Bankruptcy Code 2016- regarding.

The undersigned is directed to refer to Board’s OM of even number dated. 16.01.2018 on the above subject. In order to harmonize the guidelines under the OM dated. 16.01.2018 with Circular No. 5/2009 dated 02.07.2009 of CBDT, pars 2 (iii) of the said OM dated. 16.01.2018 is partially modified, which may now be read as under:

“All the pending legal processes relating to sanctioned schemes by BIFR will continue to be handled by Pr. DGIT (Admn. &TPS) as stipulated in circular no. 5/2009 dated. 02.07.2009. The transfer to jurisdictional Pr.CCIT will be made only after the order is passed after processing of sanctioned schemes by the Pr.DGIT(Admn.&TPS) as prescribed in circular no. 05/2009 dated. 02.07.2009”.

This issues with the approval of Member (Revenue & TPS), CBDT.

(Sandeep Singh)
Under Secretary to the Govt. of India
Tel: 011-23094182

All the Pr. CCsIT/CCsIT Pr. DGsIT/DGsIT

Copy to: –

1. ADG (Recovery), Directorate of Income-tax, Recovery and TDS.
2. Commissioner (A&J), CBDT
3. Additional Director of IT (Database Cell), CBDT, (Fax no.011-23593359, e-mail: dbc.cbdt@incometax.gov.in) for uploading on the website irsofficersonline.gov.in.