Central Government orders and assigns to SFIO, investigation cases involving many companies where alleged fraudulent activities by corporates are reported which includes cases of misappropriation of funds by the promoters / top management and cheating the lenders.
As per the information provided by IBBI, in the years 2020-21 and 2021-22 (upto 31st December, 2021), 538 and 522 cases, respectively, have been admitted into the corporate insolvency resolution process (CIRP)
On receipt of application for revocation of cancellation of registration, the proper officer shall pay a visit to the POB of the taxpayer in order to ensure that the taxpayer is in genuine business from his premises. This will ensure that the revocation is not done in the ease of non-existent / non-genuine tax payer.
