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Filing of Returns by the Insolvency Professional appointed under Insolvency Bankruptcy Code, 2016

MCA vide circular dated 17th February, 2020 notified that the Insolvency Professional (lnterim Resolution Professional (lRP) or Resolution Professional (RP) or Liquidator) as appointed under Insolvency Bankruptcy Code, 2016, would have to first file the NCLT order approving him as the IRP/RP/Liquidator in form INC-28 on the MCA Portal.

Procedure to be followed while filing INC-28 by IRP/RP/Liquidator are as follows:

  1. IRP/RP/Liquidator shall file INC-28 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 Digital Signatures, shall choose his designation as “Others” in the declaration box
  2. Jurisdictional ROC shall examine and approve the INC-28 form 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 e-form INC-28 is approved, the Master Data for the company shall clearly display that the said company is under CIRP or Liquidation and the name of the IP so appointed shall be displayed in the CEO column. Further, only the IP (lRP/ RP/ Liquidator) shall be allowed for subsequent filing on behalf of the company by choosing his designation as “Chief Executive Officer”(CEO).

lt is further clarified that in case the order of admission of a company (corporate Debtor) into CIRP or into liquidation is stayed or set aside by the Tribunal or Appellate Tribunal or other courts, such order shall be filed in Form INC-28 by the concerned IP, and the status of the company and the authorization for filing of forms on behalf of company would then change accordingly.

The complete circular is attached herewith:

Circular_17022020

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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