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TMI Blog2021 (5) TMI 731X X X X Extracts X X X X X X X X Extracts X X X X ..... djudication on merits of substantial rights of citizens under personal, property and other laws. Procedure has always been viewed as the handmaid of justice and not meant to hamper the cause of justice or sanctify miscarriage of justice. The present management of the Corporate Debtor shall be permitted to approve the Accounts and Returns of the Corporate Debtor for the period prior to 16.10.2019 in its next meeting. The Applicant shall file the relevant Returns and Statements for the period within three months hence - Application allowed. - IA No. 1077 of 2020 in C.P. (IB) No. 1329/MB/2017 - - - Dated:- 19-5-2021 - Janab Mohammed Ajmal , Hon ble Member Judicial Shri V. Nallasenapathy , Hon ble Member Technical For the Applicant : Mr Amir Arsiwala with Ms Radhika Motiani, Advocates. For the Respondent No.1 : None For the Respondent No. 2 : None ORDER Per : Janab Mohammed Ajmal , Member Judicial This is an Application by the Successful Resolution Applicant seeking certain directions against the Registrar of Companies, Maharashtra, Mumbai (Respondent No. 2/R2). 2. The facts giving rise to the Application are that Metallica Industries Limited ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fforts to bring about early resolution of the Corporate Debtor the Applicant has been facing difficulty in implementation of the Resolution Plan, in getting the regulatory compliances accomplished. First, for the fraudulent actions of the former promoters and secondly due to the complications and lockdown resulting by the Covid-19 Pandemic. The Applicant accordingly has not been able to adhere to the timelines set out in the Resolution Plan. Because of the negligence of the former promoters, Annual Returns and Balance Sheets subsequent to 31.03.2013 have not been filed. 8. The Applicant has also not been able to lay its hands on the relevant documents prior to 16.10.2019. No authentic data having been submitted by the disqualified directors, the present directors are not able to sign any anterior document. The Applicant could only be able to provide and submit returns and statements for the period subsequent to 16.10.2019. 9. The Application further avers that the Resolution Plan approved by the Adjudicating Authority is binding on all including R2. While getting the statutory compliances made, the Applicant interacted with the officials of R2 and was informed that he must fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Applicant who takes over the Company. Besides, General Circular No. 08/2020 dated 06.03.2020 issued by the Ministry of Corporate Affairs (MCA), clarified that the Annual Returns in E-form no. MGT-7 and the Financial Statements in E-form No. AOC-4 and other documents as per the provisions of the Act shall have to be filed along with the required fees till such time the Company remains under CIRP. Therefore, the statutory requirements could not be waived, as sought for. 13. As the averments made in the Application would indicate, the Applicant has expressed its genuine difficulty in collating the data for filing of anterior statutory returns and statements and the inability of the Statutory Authority (R2) in accepting the current (post 16.10.2019) returns and statements. Considering the peculiar circumstance this Bench on 18.09.2020 passed the following order. Heard the Counsel for the Applicant in IA No. 1077 of 2020. This Bench requires the presence of some officer from the office of the Registrar of Companies (RoC), so that the issue with regard to the filing of Returns with the RoC through e-filing can be settled. Accordingly, the Applicant is directed to inform t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as directors. Their additions were made by the Registrar of Companies office after removing erstwhile Directors / authorized signatory as per provision of Resolution Plan. b. Application for reduction of Capital was made to the Registrar of Companies. c. A new GST Number was allotted and certificate of Registration was obtained. d. GST Number as per certificate was received. e. Scrutiny fees was paid to BMC for Plan approval. f. Provisional NOC from Chief Fire Officer was obtained. 13. The following Acts were undertaken in the Month of August 2020: a. A Current Bank Account was opened with HDFC Akurli Road, Kandivali East Branch in August. b. Old Charge over immovable property under the Resolution Plan had been removed from the RoC s website. c. Auditing of Financials including balance sheets since 2013-2014 was in process. d. BMC road status with respect to the project was confirmed. e. Title search was allotted to the Advocate. f. SBI cancellation of mortgage deed was in process. g. TDS Number was applied for. h. Revised plans as per new norms were submitted to BMC for approval. i. The 4th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : (2019) SCC OnLine SC 1478 have recognised such a predicament of the new management in respect of fresh claims and have afforded the rescue/respite in the following words. 67. A successful resolution Applicant cannot suddenly be faced with undecided claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution Applicant who successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution Applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution Applicant does on a fresh slate, as has been pointed out by us hereinabove. 20. Though the present predicament faced by the Applicant is not in respect of any new claim, the principle and sentiment echoed by the Hon ble Court can be applied to resolve the present imbroglio. Rules of procedure are but handmaidens of justice (Mr. Shaik Salim Haji Abdul v. Mr. Kumar others: AIR 2006 SC 39 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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