Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
34. Recovery of tax dues in case of a company in liquidation.
1. The liquidator shall inform the Assessing Officer, who has jurisdiction to assess the undisclosed foreign income and asset of the company, of his appointment within a period of thirty days of his becoming the liquidator.
2. The Assessing Officer shall, within a period of three months from the date on which he receives the information, intimate to the liquidator the amount which, in his opinion, would be sufficient to provide for any tax arrears or any amount which is likely to become payable thereafter, by the company under this Act.
3. The liquidator—
a. shall not part with any of the assets of the company, or the properties, in his custody until he has been intimated by the Assessing Officer under sub-section (2); and
b. on being so intimated, shall set aside an amount equal to the amount intimated.
4. Upon receipt of the intimation from the Assessing Officer under sub-section (2), the amount so intimated shall, notwithstanding anything in any other law for the time being in force, be the first charge on the assets of the company remaining after payment of the following dues, namely:—
a. workmen’s dues; and
b. debts due to secured creditors to the extent such debts under clause (iii) of the proviso to sub-section (1) of section 325 of the Companies Act, 2013 are pari passu with such dues.
5. The liquidator shall be personally liable for the payment of the amount payable by the company, if he—
a. fails to inform in accordance with sub-section (1); or
b. fails to set aside the amount as required by sub-section (3).
6. The obligations and liabilities attached to the liquidator under this section shall attach to all the liquidators jointly and severally in a case where there is more than one liquidator.
7. The provisions of this section shall prevail over anything to the contrary contained in any other law for the time being in force.
8. In this section,—
a. “liquidator” in relation to a company which is being wound up, whether under the orders of a court or otherwise, shall include a receiver of the assets of the company;
b. “workmen’s dues” shall have the meaning assigned to it in section 325 of the Companies Act, 2013.