News & Media 5th Sep 2022

Corporate insolvency: MCA empowers resolution professionals to sign and file e-charge forms

Authors

Dinesh Pednekar Partner | Mumbai

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The Corporate Affairs Ministry (MCA) has now empowered interim resolution professionals (IRPs), resolution professionals (RPs) and liquidators to file necessary e-forms for creation, alteration or satisfaction of charges during the corporate insolvency resolution process (CIRP). This move removes ambiguity on powers of RPs in filing relevant forms post initiation of corporate insolvency.

Against this backdrop, Dinesh Pednekar, Partner at Economic Laws Practice (ELP) has been quoted by BusinessLine in their article titled ‘MCA empowers resolution professionals to sign and file e-charge forms’. Dinesh says, “Generally for recording a creation, modification or satisfaction of a charge, the Directors, Company Secretary or Authorized Representative of the Company were authorized to file the relevant Form CHG with the MCA. However, post a Company being admitted into Insolvency/Liquidation, the Board of Directors of the company were superseded with management and control, vesting with the IRP/RP appointed by the NCLT. The amendment enables IRP /RP/Liquidators to file the necessary e-forms inter alia for creation/alteration/satisfaction of Charge.”

Read the comment and detailed article here: https://bit.ly/3eoGayr