Now Insolvency Resolution Professionals also mandatorily need MCA 21 filings

The Ministry of Corporate Affairs (MCA) issued a Circular on February 17, 2020, mandating the Insolvency professionals who are also called Interim Resolution Professional (IRP) or Resolution Professionals (RP) or Liquidators, appointed under Insolvency Bankruptcy Code 2016 to fill the forms in the Registry (MCA-21). This is in continuation to the representations received by the ministry from the industry and other stake holders.

Now it is mandatory that filing of forms in the Registry (MCA-21) by the Insolvency professionals who are also called Interim Resolution Professional (IRP) or Resolution Professionals (RP) or Liquidators, appointed under Insolvency Bankruptcy Code 2016.

The circular explains the detailed procedure for the filing. First, IRP/RP/Liquidator to file NCLT  order form INC 28 so as to get himself approved as an IRP/RP/Liquidator. Here he need to select designation as "Others" in declaration box.

Then the ROC, who is empowered to examine the form INC-28 and approve it, will check the form and if in order will approve. If it is not found in order then the jurisdictional ROC shall mark the form in the re-submission or rejection category.

Then the master data will displays all the details of the company and the IP so appointed will be displayed in the CEO column. Now the IP will be responsible to file all the documents, disclosures, and returns in order in compliance with the Companies Act, 2013. In the case of e-form MGT-7, it will be signed by the IP instead of any director and that form needs to be certified by the Secretary of the company. Then the IRP/RP/Liquidator who are also designated CEO of the company has to file e-forms with respect to their resolution plan, initiation of liquidation proceedings etc. which is approved and then will be reflected in the master data of the company in the MCA portal. If case the company want to appoint a new board , on application of the IP the Registrar will add the details of the first authorized signatory in the system