Capital gains on sale of assets by ailing company would have boosted IBC

Shardul S Shroff, executive chairman and national practice head, insolvency & bankruptcy, Shardul Amarchand Mangaldas: ''The Finance Bill, 2018 provides relief on MAT and carry forward of loss for distressed companies under the IBC process. However, in order to facilitate the successful resolution of such companies under the IBC, a few more tax exemptions should have been provided including exemption on capital gains on sale of assets by ailing company, exemption to acquirer acquiring the shares of distressed companies at substantial discounted price, waiver of requirement to obtain NoC from tax department.''