MCA mandates Filing of MCA-21 by Insolvency Professionals [Read Circular]

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The Ministry of Corporate Affairs (MCA) under the Government of India issued a Circular on February 17, 2020, mandating the Insolvency professionals who are also called Interim Resolution Professional (IRP) or Resolution Professionals (RP) or Liquidators, appointed under Insolvency Bankruptcy Code 2016 to fill the forms in the Registry (MCA-21).

The circular was issued by KMS Narayan, Assistant Director (Policy) addressing all the regional directors, registrar of the company and the stakeholders. The reason behind issuance of such circular was because of the request received by the ministry pertaining to the filing of forms in the Registry (MCA-21) by the Insolvency professionals who are also called Interim Resolution Professional (IRP) or Resolution Professionals (RP) or Liquidators, appointed under Insolvency Bankruptcy Code 2016.

Further, the circular contained the procedure which is to be followed while filling the forms. 

Firstly, it was mandatory for the IRP/RP/Liquidator to file NCLT order so as to get himself approved as an IRP/RP/Liquidator in form INC-28 and then he must choose his designation as “Others” in the declaration box. 

Secondly, the jurisdictional ROC, who is empowered to examine the form INC-28 and approve it, if it is found to be in order, however, if it is not found in order then the jurisdictional ROC shall mark the form in the re-submission or rejection category. 

Thirdly, after the form INC-28 is approved, the master data displays all the details of the company and the IP so appointed will be displayed in the CEO column. 

Fourthly, the IP is responsible to file all the documents, disclosures, and returns in order to comply with the Companies Act, 2013. 

Fifthly, e-form MGT-7 will be signed by the IP instead of any director and thereafter that form needs to be certified by the Secretary of the company. 

Sixthly, the IRP/RP/Liquidator who are designated CEO has to again file the e-forms, when their resolution plan, initiation of liquidation proceedings etc. which is approved and is reflected in the master data of the company.

Lastly, in case of any new appointment of the management, the details of 1st authorized signatory of such board will be inserted by the jurisdictional Registrar.

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