Hi Friends, can anyone please guide me if Fast Track Exit (FTE) Mode is still available under companies Act 2013?
If yes, can a loss making company that has not traded in 2 years with unpaid Unsecured Loans (from Shareholders) apply? (no Secured Debt or Bank lending)
Thanks in advance for your help.
I think you can go for FTE mode still. The only thing is that u need to clear the loans outstanding, close the bank account with nil assets & liabilities.
And attached herewith the circular for the same which is still applicable
| Originally posted by : Aakansha Jain | ||
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I think you can go for FTE mode still. The only thing is that u need to clear the loans outstanding, close the bank account with nil assets & liabilities. And attached herewith the circular for the same which is still applicable |
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Thanks a lot Aakansha.
In the circular you posted it mentions in section 1(e) that FTE is not available to companies that: (ix) have secured loans and
(xii) dues to Income Tax..financial institutions, etc
...it does not anywhere mention that companies with outstanding 'unsecured loans' can not apply...or am I reading this wrong?
You r correct, u need to make your balance sheet nil before applying FTE.
Suggested to pay all debts & close the Bank Account of the company.
Please confirm if a company can go for FTE if it hasn't filed annual filing forms from incorporation (2006) till date. Or is it required to file all the forms before filing FTE. Company does not have assets & liabilitiees, and has not done any business.
Dear Experts,
Pls advice the above mentioned query as i also have the same
and as there is no rules framed for winding up as per new Act, what wud b the guidelines for the same.
CAclubindia
