GST Compliance Procedure for persons Under Insolvency and Bankruptcy Code, 2016 (IBC)

in the 39^th GST Council meeting, there was a mention made about the GST Compliance Procedure under IBC for Corporate Debtors undergoing Corporate Insolvency and resolution process (CIRP). Corporate Debtors simply means a person who has made default in repayment of the amount above prescribed threshold limit. Earlier the threshold limit was Rs 1 lakh which was recently changed to Rs 1 crore due to COVID-19 Pandemic.