MCA Circular for filing of various forms in the Registry (MCA-21) by IPs appointed under IBC, 2016



Quick Summary
The Ministry of Corporate Affairs (MCA) has issued a circular clarifying the process for Insolvency Professionals (IPs) appointed under the Insolvency and Bankruptcy Code, 2016 (IBC) to file necessary forms for companies. IPs must first file the NCLT order approving their appointment using Form INC-28, selecting 'Others' as their designation. Once approved by the ROC, the IP will be authorised to file all subsequent forms on behalf of the company, using 'Chief Executive Officer' as their designation for these filings.

General Circular No. 04/2020  

F.No. 01/02/2019- CL-V 
Government of India 
Ministry of Corporate Affairs 
5th Floor, 'A' Wing, Shastri Bhawan, 
Dr. Rajendra Prasad Road, New Delhi-1. 
Dated: 17.02.2020 

To 

All Regional Directors, 
All Registrar of Companies, 
All Stakeholders. 

Subject: 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). 

Sir, 

Several requests have been received in the Ministry with respect to filing of documents in the MCA-21 registry where an Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) has been appointed under IBC, 2016 in respect of a company. Keeping in view the requirements for statutory compliances by such companies under the Companies Act, 2013 and to enable compliance of such requirements by such Resolution Professionals, it is hereby clarified that the following procedures shall be followed in respect of all such cases:- 

(i) The IRP/RP/ Liquidator would have to first file the NCLT order approving him as the IRP/RP/Liquidator in form INC-28 on the MCA21 portal by selecting the option "Others" at serial no. 5(a)(i) from the drop down menu in the form. After filling in the form, the IRP/RP/Liquidator while affixing his DSC, shall choose his designation as "Others" in the declaration box. 

(ii) Jurisdictional ROC, shall thereafter examine and approve the INC-28 form so filed if the same is found to be in order. If the filed Form is not in order, he shall mark the form as under Re-submission/Rejected category as applicable. Once the INC-28 form is approved, only the IP (IRP/RP/ Liquidator) shall thereafter be allowed to file any form on behalf of the company. For all subsequent filings, the IP shall choose his designation as "Chief Executive Officer"(CEO), for the purpose of filing e-forms, in various e-forms.

To read more in details, find the enclosed file
 

FAQ :

This circular is for Insolvency Professionals (Interim Resolution Professionals, Resolution Professionals, or Liquidators) appointed under the Insolvency and Bankruptcy Code, 2016, and all stakeholders involved.

The IP must first file the NCLT order approving their appointment as IRP/RP/Liquidator in Form INC-28 on the MCA-21 portal.

When filing Form INC-28, the IP should select the option 'Others' at serial no. 5(a)(i) from the drop-down menu.

While affixing their DSC for Form INC-28, the IP shall choose their designation as 'Others' in the declaration box.

Once the INC-28 form is approved by the jurisdictional ROC, only the IP will be allowed to file any further forms on behalf of the company.

For all subsequent filings after the INC-28 approval, the IP shall choose their designation as 'Chief Executive Officer' (CEO) for the purpose of filing e-forms.




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