The Ministry of Corporate Affairs (MCA) issued a circular to clarify the statutory compliances of Corporate Insolvency Resolution (CIR) under Insolvency Bankruptcy Code, 2016 (IBC).
The circular was issued on March 3, 2020, in the name of Assistant Director, K.M.S. Narayanan addressing all the Regional Directors, Registrars of a Company and the Stakeholders.
The subject matter of the circular pertains to the 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).
It was clarified by the Ministry of Corporate Affairs (MCA) through this circular that all those companies who are marked under Corporate Insolvency Resolution Process (CIRP) in the registry, Annual Returns, and financial statements and other documents under Companies Act, 2013 which have the e-forms in accordance with the directions issued by the National Company Law Tribunal (NCLT) or National Company Law Appellate Tribunal (NCLAT) or any other court must be filed with the e-forms against the payment of one time normal fee-only, till such times the company remains under the process of Corporate Insolvency Resolution Process (CIRP).
The master data pertaining to the change in the status of the company will be effected only on the basis of a request form submitted to the e-governance cell.
The circular issued with the permission of competent authority also clarified that concerned Intellectual Property Rights (IPR) or liquidator of the company which was under Corporate Insolvency Resolution Process (CIRP) before issuance of the circular is also liable to file the e-forms INC-28 for such company and subsequently proceed to file any other document or fact or information as required to be furnished under the Act and the Rules.
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