Filing Compliance issues of CIRP companies clarified, for Insolvency Professionals (IP/ IRP): MCA

MCA clarifies compliance related issues of companies under Corporate Insolvency Resolution Process (CIRP), i.e. filing of forms in the Registry (MCA-21) by the Insolvency Professionals (IP/ IRP) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016).

MCA General Circular 8/2020 dt. 6 March 2020: Filing Compliance issues of CIRP companies clarified, for Insolvency Professionals (IP/ IRP)

Subject: Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016)

1. In supersession of earlier Circular No. 04/2020 dated, 17-02-2020, the following clarification is issued for statutory compliance in respect of companies under Corporate Insolvency Resolution Process (CIRP).

(i) The IRP/ RP/ Liquidator would have to first file the NCLT order approving him as the IRP/ RP/ Liquidator in Form INC-28 by selecting the drop down box in field 5(a)(iii) by selecting the appropriate section of IBC 2016. After filling in the form, the IRP/ RP/ Liquidator while affixing his DSC, shall choose his designation as “CEO” in the declaration box for the purpose of filing only and choose “Others” from the Drop down Menu.

(ii) The Master Data for change in the status of the company from “Active”/ “inactive” to CIRP/ Liquidation or CIRP/Liquidation to “Active” shall be effected on the basis of Formal Change Request Form submitted by IBBI to e-governance Cell, MCA(HQ). Since this function has been centralized, Registrars of Companies shall not raise and forward CRF either to the e-gov cell or to service provider for the above mentioned purpose.

(iii) The IRP/ RP/ Liquidator shall be responsible for filing all the e-forms in the MCA portal and sign the form in the capacity of CEO in order to meet filing protocol in the existing forms architecture. However, this shall in no way affect his legal status as IRP/ RP/ Liquidator. All filings of e-forms including AOC-4 and MGT-7 shall be filed through e-form GNL-2 by way of attachments till the company is under CIRP. In the existing field No. 3 of form No. GNL-2, IRP/ RP/ Liquidator will choose radio button “Filings under IBC”

(iv) Against date of event and Board Resolution in INC-28 and GNL-2, date of order of NCLT/ NCLAT/ Court may be mentioned.

2. It is further clarified that in respect of companies which are marked under CIRP in the Registry, Annual Return (e-form No. MGT-7) and Financial Statement (e-form AOC-4) and other documents under the provisions of the Companies Act, 2013, in accordance with directions issued by the NCLT/ NCLAT/Courts, shall be filed as attachments with e-form GNL-2 against the payment of one time normal fee only, till such time the company remains under CIRP. Separate GNL-2 forms shall be filed for each such document, by the IRP/ RP.

3. It is also clarified that the concerned IRP/ RP of every company which was under CIRP prior to the issue of this circular, shall also file e-form INC-28 for such companies and thereafter proceed to file other documents/ fact/ information as required under the Act and Rules thereunder through e-form GNL-2.

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Filing Compliance Procedure/ Clarifications for Insolvency Professionals (IP/ IRP) of CIRP companies: MCA

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