MCA issues clarification for statutory compliances in respect of IRP

Filing of forms by Insolvency Professional with the MCA (Ministry of Corporate Affairs)

Filing of forms with MCA-21 (which is registry) by the Interim Resolution Professional (IRP)/ Resolution Professional (RP)/ Liquidator appointed under Insolvency Bankruptcy Code (IBC), 2016.

MCA vide General Circular No. O8/2O2O dated 06.03.2020, has introduced a clarification for statutory compliances in regard of companies which are under Corporate Insolvency Resolution Process (CIRP).

1. The Interim Resolution Professional (IRP)/ Resolution Professional (RP)/ Liquidator would need to initially record the NCLT (National Company Law Tribunal) order affirming him as the Interim Resolution Professional (IRP)/ Resolution Professional (RP)/ Liquidator in Form INC-28 by choosing the drop down box in field 5(a)(iii) by choosing the proper section of Insolvency Bankruptcy Code (IBC), 2O16.

2. The Interim Resolution Professional (IRP)/ Resolution Professional (RP)/ Liquidator while affixing his DSC (Digital Signature Certificate), will pick his designation as "CEO' in the declaration box for the purpose of filing only and choose "Others" from the Drop down Menu.

3. The Master Data for change in the status of the organizaton from Active/ Inactive to Corporate Insolvency Resolution Process (CIRP)/ Liquidation or Corporate Insolvency Resolution Process (CIRP)/Liquidation to "Active" shall be affected based on Formal Change Request Form submitted by IBBI to e-governance Cell, MCA(HQ).

4. The Interim Resolution Professional (IRP)/ Resolution Professional (RP)/ Liquidator will be liable for filing all the e-forms in the Ministry of Corporate Affairs gateway and sign the form in the capalimitcity of CEO so as to meet filing convention in the current or existing forms architecture.

5. All filings of e-forms including AOC-4 and MGT-7 will be filed through e-form GNL-2 by method of attachments till the organization is under Corporate Insolvency Resolution Process (CIRP). In the existing field no.3 of form no.GNL-2, Interim Resolution Professional (IRP)/ Resolution Professional (RP)/ Liquidator will choose radio button "Filings under IBC".

6. Against date of occasion or event and Board Resolution in INC-28 and GNL-2, date of order of NCLT/NCLAT/Court might be referenced.

7. In regard of organizations which are set apart under Corporate Insolvency Resolution Process in the Registry, Form for filing annual return by a company (e-form MGT-7) and Form for filing financial statement and other documents with the Registrar (e-form AOC-4) and other documents under the provisions or arrangements of the Companies Act, 2013, in accordance with directions issued by the NCLT/ NCLAT/Courts, will be filed as attachments with e-form GNL-2 (Form for submission of documents with the Registrar) against the payment of one time normal fee only, till such time the organization stays under CIRP. Separate GNL-2 forms will be filed by the IRP/RP for each such document.

8. Concerned IRP/RP of every organization which was under CIRP preceding to the issue of this circular, will likewise file e-form INC-28 for such organizations and from that point proceed to file different documents/fact/ data as required under the Act and Rules there under through e-form GNL-2.

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