Hi Folks!
What action is accorded to the Bench on receipt of any additional
evidence as per NCLT Rules, 2016?
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Company which has assets but struck off by MCA for non filing of returns and there is no business for last 10 years, how to get Revive from NCLT
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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?
Please share the application format for How to obtain a certified copy or NCLT order?
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The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against McDowell Holdings Ltd and appointed an interim resolution professional. The Bengaluru Bench of NCLT admitted the plea filed by Sun Star Hotels and Estate Pvt Ltd, a financial creditor of the erstwhile Vijay Mallya-promoted company, claiming default of Rs 16.80 crore. he insolvency tribunal has also appointed KR Raju as the interim resolution professional of the company in its order passed on April 8, 2022.
Can anyone do share the more details about the case.?
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Hello Members,
One of our company is under IRP and NCLT has now accepted the resolution plan of new directors. As per NCLT order, new directors are to be inducted in company. But form DIR-12 can not be filed without the co-operation of old directors but they are not co-operating. We have filed form GNL-2 with all attachments for addition of new directors by ROC from back office. Is it ok?
We have filed application for revival of stuck off company same was processed and received revival order from NCLT. But, company failed to file Form INC 28 within 30 days with ROC and after 30 days when company filed Form INC 28 it was marked for re submission with remarks to file IA with NCLT for allowing delay in filing of Form 28.
Can anyone share format of filing IA with NCLT.?
We have filed application for revival of stuck off company same was processed and received revival order from NCLT. But, company failed to file Form INC 28 within 30 days with ROC and after 30 days when company filed Form INC 28 it was marked for re submission with remarks to file IA with NCLT for allowing delay in filing of Form 28.
Can anyone share format of filing IA with NCLT.?
Hi,
I have few queries to ask wrt to merger with respect to reduction of share capital.
Dear All,
We have received online copy of the NCLT order u/s 252 of the Companies Act for changing the status of the Company from strike off to active. However in lieu of COVID is there any new guidelines in which the said order needs to be filed with the ROC, Mumbai in order to change the status from strike off to active.
Will appreciate the guidance.
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There was a delay in filing of demerger order passed by NCLT with ROC.
Can I condone the delay by filing CG-1 or I need to make an application to NCLT again for the delay.
Hi,
There was a delay in filing of demerger order passed by NCLT with ROC.
Can I condone the delay by filing CG-1 or I need to make an application to NCLT again for the delay.
