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Companies Under NCLT Asked to Inform about Export Liabilities

Companies Under NCLT Asked to Inform about Export Liabilities

Companies Under NCLT - The total outstanding duty saved amount / dues along with interest, and any penalty imposed under Foreign Trade (Development and Regulation) Act, or any other dues, shall be counted as part of the dues to the govt against the said firm / company. Under the Insolvency and Bankruptcy Code, NCLT deals with cases of payments defaults. New Delhi: Companies that are under the adjudication proceedings before the NCLT have been directed to inform the Directorate GeneralNSE -4.75 % of Foreign Trade (DGFT) about their outstanding export obligations and liabilities.

The companies shall inform the concerned regional authorities of DGFT and NCLT about their export liabilities, a notification said. "Any firm / company coming under the adjudication proceedings before the National Company Law Tribunal (NCLT) shall inform the concerned Regional Authority (RA) and NCLT of any outstanding export obligations/liabilities under any of the schemes under FTP (foreign trade policy)," the DGFT said. It said that the total outstanding duty saved amount / dues along with interest, and any penalty imposed under Foreign Trade (Development and Regulation) Act, or any other dues, shall be counted as part of the dues to the government against the said firm / company. Under the Insolvency and Bankruptcy Code, NCLT deals with cases of payments defaults.

Source: https://economictimes.indiatimes.com

 

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