IBBI Update – Disclosure of information relating to carry forward of losses in Information Memorandum (IM)

All Insolvency Professionals shall include a dedicated section in the IM explicitly detailing the carry forward of losses under the Income Tax Act, 1961. This section shall prominently highlight, but is not limited to, the following aspects:

 a) The quantum of carry forward losses available to the corporate debtor ; 

b) A breakdown of these losses under specific heads as per the Income Tax Act,1961;

 
c) The applicable time limits for utilizing these losses; and 

d) If there are no carry forward of losses available to the Corporate debtor , the Information Memorandum should explicitly specify the fact

Link – https://ibbi.gov.in/uploads/legalframwork/6fb7768b385beefa146df2af2ff67a65.pdf