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CBDT: Adjudicating Authority may appoint Other Person for discharging Duties, functions of Resolution Professional, or Liquidator

1. The Central Board of Direct Taxes (CBDT) has notified that the Adjudicating Authority may appoint other people for discharging duties, functions of interim resolution professional, resolution professional, or liquidator.

2. The CBDT empowered under clause (c) and clause (cd) of section 140 and clause (viii) of sub-section (2) of section 288 read with section 295 of the Income Tax Act, 1961 has inserted Rule 12AA and 51B by notifying Income-tax Rules by the Income Tax (24th Amendment) Rules, 2021, which seeks to further amend the Income-tax Rules, 1962.

3. Rule 2AA is in respect of a prescribed person for the purposes of clause (c) and clause (cd) of section 140 which reads as, “For the purpose of clause (c) or clause (cd), as the case may be, of section 140, any other person shall be the person, appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.” For the purposes of this rule, “Adjudicating Authority” shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).”

4. The new Rule 51B deals with the appearance by Authorised Representative in certain cases which says that for the purposes of clause (viii) of sub-section (2) of section 288, any other person, in respect of a company or a limited liability partnership, as the case may be, shall be the person appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder

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