EXTRAORDINARY

PUBLISHED BY AUTHORITY

No. 584, CUTTACK, TUESDAY, MARCH 31, 2020 / CHAITRA 11, 1942

FINANCE DEPARTMENT

NOTIFICATION

The 31st March, 2020

S.R.O. No. 88/2020— In exercise of the powers conferred by section 148 of the Odisha

Goods and Services Tax Act, 2017 (Odisha Act 7 of 2017) (hereinafter referred to as the said Act),

the State Government, on the recommendations of the Goods and Services Tax Council, do

hereby notify those registered persons(hereinatyfter referred to as the erstwhile registered person),

who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016

(31 of 2016), undergoing the corporate insolvency resolution process and the management of

whose affairs are being undertaken by interim resolution professionals (IRP) or resolution

professionals (RP), as the class of persons who shall follow the following special procedure, from

the date of the appointment of the IRP/RP till the period they undergo the corporate insolvency

resolution process, as mentioned below.

2. Registration.- The said class of persons shall, with effect from the date of

appointment of IRP / RP, be treated as a distinct person of the corporate debtor, and shall

be liable to take a new registration (hereinafter referred to as the new registration)in each

of the States or Union territories where the corporate debtor was registered earlier, within

thirty days of the appointment of the IRP/RP:

Provided that in cases where the IRP/RP has been appointed prior to the date of

this notification, he shall take registration within thirty days from the commencement of this

notification, with effect from date of his appointment as IRP/RP.

3. Return.- The said class of persons shall, after obtaining registration file the first

return under section 40 of the said Act, from the date on which he becomes liable to

registration till the date on which registration has been granted.

2

4. Input tax credit.-(1)The said class of persons shall, in his first return, be eligible

to avail input tax credit on invoices covering the supplies of goods or services or both,

received since his appointment as IRP/RP but bearing the GSTIN of the erstwhile

registered person, subject to the conditions of Chapter V of the said Act and the rules

made thereunder, except the provisions of sub-section (4) of section 16 of the said Act and

sub-rule (4) of rule 36 of the Odisha Goods and Service Tax Rules, 2017 (hereinafter

referred to as the said rules).

(2) Registered persons who are receiving supplies from the said class of

persons shall, for the period from the date of appointment of IRP / RP till the date of

registration as required in this notification or thirty days from the date of this notification,

whichever is earlier, be eligible to avail input tax credit on invoices issued using the GSTIN

of the erstwhile registered person, subject to the conditions of Chapter V of the said Act

and the rules made thereunder, except the provisions of sub-rule (4) of rule 36 of the said

rules.

5. Any amount deposited in the cash ledger by the IRP/RP, in the existing

registration, from the date of appointment of IRP/RP to the date of registration in terms of

this notification shall be available for refund to the erstwhile registration.

Explanation.- For the purposes of this notification, the terms “corporate

debtor”, “corporate insolvency resolution professional”, “interim resolution professional”

and “resolution professional” shall have the same meaning as assigned to them in the

Insolvency and Bankruptcy Code, 2016 (31 of 2016).

[No.10640-FIN-CT1-TAX-0002/2020]

By Order of the Governor

SMITA ROUT

Joint Secretary to Government

Printed and Published by the Director, Printing, Stationery and Publication, Odisha, Cuttack-10

Ex. Gaz. 2244-173+10