MCA allows additional time of 15 days, without levying additional fees, to the stakeholders, in cases where the due dates for filing of these 45 e-Forms fall during the period between 07.01.2023 and 22.01.2023 in MCA 21 Version -3.0 – MCA General Circular No. 01/2023 dated 09.01.2023

MCA is in the process of introducing certain company e-Forms in MCA21 Version 3.0 and thus these e-Forms will not be available in MCA21 Version-2 from 07.01.2023 to 22.01.2023. Therefore, it has been decided to allow additional time of 15 days, without levying additional fees, to the stakeholders, in cases where the due dates for filing of these 45 e-Forms fall during the period between 07.01.2023 and 22.01.2023.

Filing of Forms GNL-2 and MGT-14 due to migration from V2 Version to V3 Version in MCA 21 Portal from 07.01.2023 to 22.01.2023 – MCA Circular No. 02/2023 dated 09.01.2023

It has been decided that the companies intending to file (i) Form GNL-2 (filing of prospectus related documents) and (ii) MGT-14 (filing of Resolutions relating to prospectus related documents) during 7th January, 2023 to 22nd January, 2023 on the MCA-21 Portal may file such Form in physical mode duly signed by the persons concerned as per requirements of the relevant forms, along with a copy thereof in electronic media, with the concerned Registrar without payment of fee and take acknowledgement (as per Annexure to this Circular) thereof. Such filing will be accompanied by an undertaking from the company that once the filing of such Form is enabled on the portal, the company shall file the relevant Form in electronic form on MCA-21 Portal alongwith fees payable as per Companies (Registration Offices and Fees) Rules, 2014.

Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016

Rule 161 of Central Goods and Services Tax Rules, 2017 prescribes FORM GST DRC-25 for issuing intimation for such reduction of demand specified under section 84 of CGST Act. Accordingly, in cases where a confirmed demand for recovery has been issued by the tax authorities for which a summary has been issued in FORM GST DRC-07/DRC 07A against the corporate debtor, and where the proceedings have been finalised against the corporate debtor under IBC reducing the amount of statutory dues payable by the corporate debtor to the government under CGST Act or under existing laws, the jurisdictional Commissioner shall issue an intimation in FORM GST DRC-25 reducing such demand, to the taxable person or any other person as well as the appropriate authority with whom recovery proceedings are pending.

Limitation shall be computed from the date of e-filing – Computation of limitation for the purposes of filing an Appeal in NCLAT – NCLAT Order dated 24.12.2022

The order F.No.10/37/2018-NCLAT dated 21.10.2022 is hereby withdrawn and superseded by this order. Limitation shall be computed from the date of e-filing. The hard copy has to be filed within 7 days of e-filing. However, the competent authority is at liberty to notify to extend the period of filing hard copy in case of any unforeseen exigency. In a case where hard copy is filed after 7 days, the appeal will be placed before the Tribunal for appropriate order. The requirement of filing Appeals by electronic mode shall continue along with mandatory filing of the Appeals as per Rule 22 of the NCLAT Rules, 2016.

Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC) under proviso to Regulation 31A(10) of IBBI (Liquidation Process) Regulations, 2016

The proviso to Regulation 31A(10) of Liquidation Process Regulations provides that where the liquidator takes a decision different from the advice given by the consultation committee, he shall record the reasons for the same in writing and submit the records relating to the said decision, to the Adjudicating Authority and to the Board within five days of the said decision; and include it in the next progress report. IBBI has made available an electronic platform for reporting the liquidator’s decisions different from the advice given by the SCC. The proforma for such reporting is placed as Annexure.

Revised rate of Fees payable to the Board by Insolvency Professionals (IPs) and Insolvency Professional Entities (IPEs)

The Board has recently amended its regulations, vide which it has effected revision of existing fee structure along with relevant forms, applicable to Insolvency professionals (IPs) and Insolvency Professional Entities (IPEs) and has also introduced regulatory fee as per details in annexure.

Companies (Registered Valuers and Valuation) Amendment Rules, 2022

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 21st November, 2022 G.S.R. 831(E).—In exercise of the powers conferred by section 247 read with sections 458,459 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following…

Rescind IBBI circulars due to the provisions already provided in regulation- IBBI Circular No. IBBI/IP/55/2022 dated 09.11.2022

The Board conducted an exercise of review of regulations, circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulations], as the case may be. Accordingly, it has been decided to rescind circulars listed in the Annexure, with immediate effect. You are advised to take note of the above and follow the provisions of relevant Regulations.

Annual Compliance Certificate for Insolvency Professional Agencies – Circular No. IBBI/IPA/54/2022 dated 02.11.2022

In consequence of amendments in regulations and in suppression of the Circular No: IPA/009/2018 dated 19th April, 2018, the revised format of Annual Compliance Certificate for IPAs is being issued by the Board as per Annexure. All the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year.

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 – IBBI Notification No. IBBI/2022-23/GN/REG101 dated 31.10.2022

The Board had issued three circulars, namely, (i) circular No. IP/005/2018 dated January 16, 2018 specifying the format for disclosure of relationship by the insolvency professional (IP) (ii) circular no. IPA/009/2018 dated April 19, 2018 mandating IPAs to submit Annual Compliance Certificate in the format given in the circular and (iii) circular No. IBBI/IPA/43/2021 dated July 28, 2021 specifying the list of contraventions by IP and the amount of penalty to be imposed by IPAs. The Board has notified Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 on November 01, 2022, vide which provisions of aforesaid circulars have been incorporated in the Model Bye Laws Regulations and the said circulars stand rescinded. By the said amendment, no change in the list of contraventions by the IP and the amount of monetary penalties, has been introduced, as contained in the circular no. IBBI/IPA/43/2021, dated July 28, 2021.