TaxTMI 
TaxTMI 
2021 (8) TMI 1388
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....in N S, JTA, ROC, Guwahati, for Respondent JUDGMENT DR. ASHOK KUMAR MISHRA , TECHNICAL MEMBER 1. The present appeal has been filed by 'Appellant' under Section 61 of the 'Insolvency and Bankruptcy Code, 2016' (in short 'Code') against the impugned order dated 09.10.2020 passed by the 'Adjudicating Authority' (National Company Law Tribunal, Guwahati Bench in I.A No. 05/2020 in CP(IB) /20/GB/2017. 2. The Appellant in Company Appeal (AT) (Ins) No. 1028 of 2020 - M/s.BRS Ventures Investment Ltd (BRS) who is the Resolution Applicant of 'Assam Company India Ltd(ACIL)- Appellant in Company Appeal (AT) (Ins) No. 1042 of 2020) against whom 'Corporate Insolvency Resolution Process' (CIRP) was initiated in October 2017. The Appellant in bo....
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....llows: a. ACIL is the Corporate Debtor / the Company against which the CIRP was initiated by the Tribunal vide its order dated 26.10.2017. b. BRS is the Resolution Applicant whose plan was approved by Committee of Creditors (CoC) in its meeting held on 10.08.2018 with 100% voting. c. The Resolution Applicant / BRS plan was approved by the Adjudicating Authority on 20.09.2018 wherein Hon'ble Mr. Justice P.K.Saikia- Judicial Member has elaborately explained about the mandatory requirements and the Resolution plan in para 9 of its order dated 20.09.2018. He has provided for all the issues except the compliance of Chapter-IX -waival of fees on increased authorized capital/ restructure capital. d. The Resoluti....
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....keholders, the Corporate Debtor is revived and is made an on-going concern. After CoC approves the plan, the Adjudicating Authority is required to arrive at a subjective satisfaction, that the plan conforms to the requirements as are provided in subsection (2) of Section 30 of the I&B Code. Only thereafter, the Adjudicating Authority can grant its approval to the plan. It is at this stage, that the plan becomes binding on Corporate Debtor, its employees, members, creditors, guarantors and other stakeholders involved in the resolution Plan. The legislative intent behind this is, to freeze all the claims so that the resolution applicant starts on a clean slate and is not flung with any surprise claims. If that is permitted, the very calculati....
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.... Ministry of Corporate Affairs has General Article No.12/2020 dated 30.03.2020 is applicable in this case & the same as stated below: General Circular No. 12/2020 F.No. 02/01/2020-CI,V Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, ShastriBhawan, Dr. R. P. Road, New Delhi-110001 Dated: 30/03/2020 To All Regional Directors, All Registrar of Companies, All Stakeholders Subject : Companies Fresh Start Scheme, 2020. Sir(s), In furtherance of the Ministry's Circular No. 11/2020, dated 24th March. 2020 and in order to facilitate the companies registered in India to make a fresh start on a clean slat....
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....enalty on account of delay associated with certain filings. Only normal fees for filing of documents in the MCA-21 registry will be payable in such ease during the currency of CMS-2020 as per the provisions of section 403 read with Companies Registration Offices and Feel Rules, 2014 and section 460 of the Act.. 5. In addition, the scheme gives an opportunity to inactive companies to get their companies declared as 'dormant company' under section 455 of the Act by filing a simple application at a normal fee. The said provision enables inactive companies to remain on the register of the companies with minimal compliance requirements. 6. The details of the Scheme are as under:- (i) The scheme shall come into force on....
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....of prosecution or proceedings for imposing penalty shall be provided only to the extent such prosecution or the proceedings for Imposing penalty under the Act pertain to any delay associated with the filings of belated documents. Any other consequential proceedings, including any proceedings involving interests of any shareholder or any other person qua the company or its directors or key managerial personnel would not he covered by such Immunity For Example, under section 420, every company is required to file a return of allotment within the period provided therin. However, the proviso to section 42(4) also requires that the utilisation of money raised through private placement shall not be made unless the return of allotment has been fil....