CIRP company: NCLT
Posted By :
SHALU /
Published on :
02-Aug-2022 07:34 AM /
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586 /
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A company is under a resolution process and NCLT has approved a resolution plan submitted by the resolution applicant and a copy of the order is yet to be received.
As per resolution plan submitted by the resolution applicant, below are the compliances which are need to be done:
v Shareholders/Share Application Money:
Ø On the Trigger Date (date of the NCLT order), the Resolution Applicant shall subscribe to the shares of the Corporate Debtor as per the provisions of this Resolution Plan. Thereafter, upon the issuance of the RA Equity Shares, pursuant to the implementation of the Resolution Plan, the Resolution Applicant and its Nominees shall hold the entire share capital of the Corporate Debtor.
Do we need to file PAS-3 in this case? If we file the same then the paid up capital of the company will be increased. So please guide me how to deal with this. And also guide me how to comply with the minimum shareholders criteria in this case.
Ø The existing capital shall be treated as Zero on the date of approval of the Resolution Plan and shares allotted in the name of erstwhile shareholders shall stand cancelled upon approval of Resolution Plan without any consideration or claim or rights. Further, Share Application Money and Unsecured Financial Creditors holding any rights for issuance of shares of Corporate Debtor at a future date shall not be paid any amount and/or no shares shall be issued to them.
When we file an NCLT order in the form INC-28, the cancellation of shares will reflect in the master data of the company, or we have to file some particular form for the same. Please guide me.
v Reconstitution of the Board and other matters:-
Ø On the Trigger Date, the Resolution Applicant/ its Nominees shall reconstitute the Board of Directors of the Corporate Debtor (“Reconstituted Board”) by appointing the directors nominated by the Resolution Applicant/ its Nominees on the Board.
Ø The powers of the existing Board of directors of the Corporate Debtor shall remain suspended till the formation of the Reconstituted Board and the said powers shall be discharged by the Monitoring Committee constituted as per the provisions of this Resolution Plan. The members of the Monitoring Committee shall be subject to and bound by the terms of this Resolution Plan. All filings required to be made to the Registrar of Companies (ROC) as per the provisions of the Companies Act for change in composition of board of directors shall be complied with by the Resolution Professional/ existing Board of Directors as the case may be.
In this case resignation from the existing directors would be required?
Can we file a form with the DSC of the resolution professional?
Read more on : nclt company cirp
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Posted By : SHALU /
Published on :
26-Feb-2024 06:48 AM /
View :
706 /
Comments : 39
India shares its land borders with seven countries. Pakistan and Afghanistan in the northwest, China , Nepal, and Bhutan in the North and Myanmar and Bangladesh in the east, please share the success file if any passed by MCA for any DIN security clearance, so far they are not giving any approval and rejected on wrong grounds. any communication or appeal process ?
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Posted By : SHALU /
Published on :
09-Feb-2024 11:53 AM /
View :
496 /
Comments : 16
As of 27.10.2023, it is now mandatory for all private companies (excluding small companies) to dematerialize their securities. This requirement is outlined in Rule 9B of the PAS Rules.
Applicable for Section -8 as well ?
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Posted By : SHALU /
Published on :
09-Feb-2024 11:51 AM /
View :
521 /
Comments : 9
To perform an MSME and verify a Udyam Registration Number, follow these steps:
1. Visit the Udyam Registration portal using the link: [Udyam Registration Portal](https://udyamregistration.gov.in/Udyam_Verify.aspx)
2. On the webpage, locate the option for "Verify Udyam Registration Number" or a similar feature.
3. Enter the Udyam Registration Number that you want to verify into the provided field.
4. Click on the "Verify" or "Submit" button to proceed.
5. The system will process the information and display the details associated with the provided Udyam Registration Number, including the major activity and type of enterprise.
6. Review the displayed information to ensure its accuracy.
7. If the details are correct, you have successfully verified the Udyam Registration Number.
8. If you encounter any discrepancies or issues, you may need to contact the appropriate authorities for further assistance.
By following these steps, you can easily verify a Udyam Registration Number using the newly added feature on the Udyam Registration portal.
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Posted By : SHALU /
Published on :
09-Feb-2024 11:51 AM /
View :
370 /
Comments : 13
I would like to inform you that the MCA now has several centers for form processing and scrutiny:
1. CRC*: Responsible for incorporation-related matters.
2. CPC*: Handles the processing of other e-forms.
3. CSC: Central Scrutiny Centre scrutinizes STP forms.
4. C-PACE: Deals with the closure of companies.
This division of responsibilities ensures that the jurisdictional ROC can focus on its core responsibilities without being burdened by these tasks.
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Posted By : SHALU /
Published on :
09-Feb-2024 11:49 AM /
View :
328 /
Comments : 6
Does anyone know the mechanism of IPO allotment, especially in cases of oversubscription?
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Posted By : SHALU /
Published on :
09-Feb-2024 11:48 AM /
View :
500 /
Comments : 3
Hello, what is the distinction between Compensatory Contribution and Equalization Levy?
Are these concepts mutually exclusive?
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Posted By : SHALU /
Published on :
09-Feb-2024 11:47 AM /
View :
379 /
Comments : 6
As a practice, we have been using the bank credit date for INVI filing. This is because we need to provide supporting documents such as bank statements or FIRC during the filing process. Is it right ?
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Posted By : SHALU /
Published on :
09-Feb-2024 11:46 AM /
View :
404 /
Comments : 6
For INVI filing purposes, what would be considered the date of allotment of units? Is it the drawdown due date/funding date or the date when units are credited in demat?
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