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TMI Blog2021 (8) TMI 1388X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent 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 both the appeals asking the Registrar of Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Resolution Applicant is insisting that once it is mentioned in the Resolution Plan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, 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 calculations on the basis of which the resolution applicant submits its plans, would go haywire and the plan wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame 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 slate, this Ministry has decided to take certain alleviative measures for the benefit of all companies. 2. Companies Act, 2013 requires all companies to make annual statutory compliance by filing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 the 01.04.2020 and shall remain in force till 30.09.2020 (ii) Definitions - In this Scheme, unless the context otherwise requires, (a) 'Act" means the Companies Act, 2013 and Companies Act, 1956 (where ever applicable); (b) " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 filed in the registry. Now, the immunity under the Scheme shall only be available in respect of the proceeding for imposing penalty On account of delay in filing the return of allotment, but not on account of utilization of the money raised through private placement prior to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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