AMENDMENTS IN THE INSOLVENCY AND BANKRUPTCY LAW
By MCA-21 Portal - Compliance by Insolvency Resolution Professionals & Liquidators (MCA Circular dated 6th March, 2020) Posted On : June 01, 2020
Form INC-28 is to be filed after the appointment:
The IRP/RP/Liquidator is required to file the order of the NCLT approving him/her as the IRP/RP/Liquidator in form INC-28 on the MCA-21 portal. The following points must be kept in mind while filing the form:
1. The form to be filed is Form INC-28.
2. The drop-down box in field 5(a)(iii) is to be selected along with the appropriate section of the Insolvency & Bankruptcy Code, 2016.
3. After completion of the details sought in the form, the IRP/RP/Liquidator, while affixing his/her Digital Signature Certificate (DSC), shall choose his/her designation as “CEO” in the declaration box for the purpose of filing only and choose “Others” from the drop-down menu.
4. The date of order of the NCLT/NCLAT/Court may be mentioned against the date of the event and the Board Resolution in Form INC-28.
5. The concerned IRP/RP of every company undergoing CIRP prior to the issue of MCA circular dated 06 March 2020, shall also file e-form INC-28 for such companies and thereafter, should file other documents/facts/information as required under applicable laws and rules through e-form GNL-2.
Annual Return and Financial Statements:
It was also clarified that, in respect of companies which are marked as undergoing CIRP in the Registry, e-form No. MGT-7 (Annual Return), e-form No. AOC-4 (Financial Statement) and other documents required under the provisions of the Companies Act, 2013 and in accordance with the 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 till such time the corporate debtor undergoes CIRP. Separate e-form GNL-2 is to be filed by the IRP/RP for each such document.
Other forms and IRP/RP/Liquidator shall be responsible:
1. The IRP/RP/Liquidator shall be responsible for filing all the e-forms in the MCA portal and shall sign such forms in the capacity of “CEO” in order to meet existing form filing protocols. However, this shall not affect his/her legal status as IRP/RP/Liquidator of the corporate debtor.
2. All filing of e-forms, including e-forms AOC-4 and MGT-7, shall be through e-form GNL-2 by way of attachments till such time as the corporate debtor undergoes CIRP.
3. The IRP/RP/Liquidator shall choose the radio button “Filings under IBC” in field no. 3 of e-form GNL-2.
4. The date of the relevant order of the NCLT/NCLAT/Court may be mentioned against the date of event and board resolution in e-form GNL-2.