Analysis of General Circular No. 04/2020 Dated 17.02.2020 on 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).

What is Relevant?

Filling of forms in MCA by the IRP & RP appointed under IBC Code 2016

In view of the request received from the IRP/RPs

Prior Filling of Form-INC 28

IRP/RP/Liquidator would have to file NCLT order approving him as IRP/RP/Liquidator

In Form-INC-28 on MCA by selecting the option other at Sr. no-59(a)(i) in the form

After filling the form, the IRP/RP/Liquidator while affixing his DSC select his designation as other in the declaration box.

During filling of Form-INC 28

If everything is in order, concerned ROC shall approve the Form

If something not is in order ROC shall mark the form as under Re-submission

Post- filling of Form-INC 28 If Form approved

Thereafter, IP shall allow to file forms on behalf of the Company

For every subsequent filling IP shall choose his designation as CEO for filling purpose

Master data of the company clearly display that said Company under CIRP or liquidation & the name of IP so appointed shall be display under CEO column

IP shall be responsible & be able to file all documents/disclosures/returns for the purpose of all compliances under the Companies Act, 2013

For filling form SH-8, SH-9 & IXBRL, the IP shall be allowed to file the same in his role as CEO.

In form MGF-7 the IP shall sign the form instead of Director & then thereafter CS in practice shall signed.

Unless the Form INC-28 is not approved no other forms shall be filed by the IP in his role of Designated CEO.

Further filling of Form INC-28

In following cases the IP shall again file the form INC-28 in his role as Designated CEO

Initiation of the liquidation proceedings

a. On Approval of the resolution plan

b. Withdrawal of application for CIRP

The status of the company would get suitably reflected in the Company Master Data.

In case the order of admission of a Company into CIRP or Into Liquidation is stayed or side by the Tribunal or Appellate Tribunal or other Court. The status in Master Data of the Company will change accordingly.

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January 2021