IBC & Insolvency Support
Services
Specialized backend taxation and compliance support for Insolvency Professionals — a rare expertise at CA Ankush Garg
The Insolvency and Bankruptcy Code, 2016 (IBC) has transformed the insolvency landscape in India. Insolvency Professionals (IPs) handling Corporate Insolvency Resolution Processes (CIRP) face complex taxation, compliance, and filing requirements throughout the CIRP — often under tight timelines and significant legal pressure.
CA Ankush Garg offers specialized backend taxation and compliance support to registered Insolvency Professionals — covering all tax filings, GST compliance, income tax matters, and regulatory requirements during CIRP, Liquidation, and Voluntary Liquidation proceedings.
Who is This Service For?
Insolvency Professionals (IPs) Registered IPs handling CIRP, Liquidation, or Voluntary Liquidation cases who need a CA with IBC expertise for backend compliance.
Resolution Professionals (RPs) RPs appointed by NCLT who require assistance with corporate debtor’s tax filings, GST returns, and statutory compliances during CIRP.
Liquidators Liquidators managing corporate debtor assets who need CA support for tax matters, creditor reporting, and winding-up compliance.
Our IBC & Insolvency Support Services
1. GST compliance during CIRP
The Resolution Professional acts as the responsible person for GST compliance of the corporate debtor from the CIRP commencement date. We handle:
- 1. GST return filing (GSTR-1, GSTR-3B, GSTR-9) for the corporate debtor during CIRP
- 2. GST registration review and continuity management
- 3. Input Tax Credit (ITC) analysis and reconciliation
- 4. GST notices and departmental correspondence during CIRP
- 5. GST liability assessment for the pre-CIRP and CIRP periods
2. Income tax compliance during CIRP
The RP/IP is responsible for ensuring income tax compliance of the corporate debtor during CIRP. We provide:
- 1. Income tax return filing for the corporate debtor for CIRP period
- 2. TDS compliance — deduction, payment, and return filing
- 3. Advance tax computation and payment
- 4. Income tax notices and scrutiny assessment support
- 5. Tax clearance certificates required for resolution plan implementation
3. Tax due diligence for resolution applicants
Before submitting a resolution plan, resolution applicants need to understand the tax liabilities of the corporate debtor — both admitted and contingent. We prepare a tax due diligence report covering:
- 1. Income tax dues — assessed, disputed, and contingent
- 2. GST liabilities — filed, unfiled, and under litigation
- 3. TDS defaults and interest liability
- 4. Department notices, assessments, and appeals pending
4. Interim finance — tax and compliance support
When the RP raises interim finance during CIRP, there are specific tax and compliance implications. We advise on:
- 1. Tax treatment of interim finance in the hands of the corporate debtor
- 2. TDS obligations on interest payment on interim finance
- 3. GST applicability on transactions funded by interim finance
- 4. Documentation and board resolution support for interim finance compliance
5. Liquidation — tax compliance
During liquidation, the Liquidator must ensure all tax obligations are met before distribution to creditors. We assist with:
- 1. Income tax and GST filing for the liquidation period
- 2. Capital gains computation on sale of assets during liquidation
- 3. Tax clearance from income tax and GST departments
- 4. Coordination with tax departments for NOC/clearance certificates
6. Voluntary liquidation — tax compliance
Companies and LLPs undergoing voluntary liquidation under IBC require specific tax filings and clearances. We handle the complete voluntary liquidation tax compliance — from pre-liquidation tax planning to final closure.
7. Creditor compliance and reporting
We assist IPs with preparing financial statements, tax reports, and compliance summaries required for Committee of Creditors (CoC) meetings, NCLT hearings, and IBBI reporting.
Why CA Ankush Garg for IBC Support?
- Hands-on IBC experience - We have provided backend support on active CIRP matters — we understand NCLT timelines and IP workflows
- Tax + IBC combination - Very few CAs combine deep GST/income tax expertise with IBC process knowledge — we bridge that gap
- Fast turnaround - CIRP timelines are tight. We prioritize IBC client deliverables and provide quick responses
- Confidentiality - All corporate debtor information is handled with strict professional confidentiality
- NCLT city coverage - We support IPs handling matters before NCLT Chandigarh and other benches across North India
- Flexible engagement - Per-case, per-filing, or retainer basis — we work around your engagement structure
Which Class Does Your Business Fall Under?
- 1. Initial briefing – IP shares the CIRP commencement order, corporate debtor details, and pending compliance list
- 2. Compliance audit – We review all pending GST, income tax, TDS, and ROC filings of the corporate debtor
- 3. Catch-up filing – We prepare and file all pending returns under the RP's authority
- 4. Ongoing compliance - Monthly/quarterly compliance calendar managed throughout the CIRP period
- 5. Due diligence reports - Prepared for CoC meetings and resolution applicants as required
- 6. Liquidation/closure - Tax clearance and final compliance managed through to NCLT order
Frequently Asked Questions
Is an IP personally liable for the corporate debtor's tax filings during CIRP?
The RP/IP acts as the responsible person for the corporate debtor’s compliance during CIRP — though personal liability is generally protected as long as the RP acts in good faith. Ensuring timely compliance significantly reduces risk.
Can a corporate debtor claim ITC during CIRP?
Yes — you can file separate applications for your brand name (wordmark)Yes — ITC can be claimed on genuine business purchases made during CIRP. However, ITC from pre-CIRP periods requires careful analysis and may be subject to reversal under certain conditions. and logo (device mark) for maximum protection.
What happens to pending income tax assessments during CIRP?
Under the IBC moratorium, tax authorities cannot initiate or continue recovery proceedings. However, assessments can continue — and we represent the RP before tax authorities during CIRP.
Do you work on a per-case or retainer basis?
We work on both — per-case for short CIRP matters, and monthly retainer for longer CIRPs or where ongoing compliance support is needed throughout the process.
Can you prepare the tax due diligence report for our CoC?
Yes — we prepare comprehensive tax due diligence reports for CoC meetings and resolution applicants, covering all pending tax liabilities of the corporate debtor.