The Ministry of Corporate Affairs vide its notification dated 6th March 2020 has issued clarification on statutory compliances in respect of companies under Corporate Insolvency Resolution Process (CIRP). This circular has been issued in supersession to its earlier Circular dated, 17.02.2020.
Key Highlights from the circular:
- The Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RPl) or 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 2O16.
- 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).
- 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 architecture of the existing form. All filings of eforms 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”.
- 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.
- It is further 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 there under through e-form GNL-2.
- Click here to read the Notification.
