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EXTENSION OF ANNUAL GENERAL MEETING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

Corporate Laws / Banking / SEBI - By: - Mr.M. GOVINDARAJAN - Dated:- 3-1-2018 - Section 96 of the Companies Act, 2013 ( Act for short) provides that every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next: in c .....

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application for extension of time appeal may be filed before the National Company Law Tribunal ( Tribunal for short). Thus the power of giving extension of time for conducting the Annual General Meeting of a company vests on the Registrar of Companies on filing application by the company concerned before the Registrar of Companies having jurisdiction. The Insolvency and Bankruptcy Code, 2016 ( Code for short) was enacted to the ease of doing insolvency resolution process. The financial creditor .....

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to order for the extension of time for the conduct of Annual General Meeting of a company which is under insolvency resolution process. In Punjab National Bank V. James Hotels Limited - 2017 (4) TMI 1267 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH, the Punjab National Bank as financial creditor filed an application under section 7 of the Code against the corporate debtor. The said application was admitted by the Adjudicating Authority. The applicant to this petition, Navneet Gupta was appointed .....

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ess has been made further complicated by the non cooperation of the suspended Board of directors as the complete information was not provided despite repeated reminders. The suspended Board of Directors also filed cases against the applicant, which he had to defend. One the shareholders also filed miscellaneous application before the Adjudicating Authority, which was also defended and thus consumed time of the resolution process. The applicant brought the facts of the case as detailed before the .....

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ortunity of hearing; The matter regarding holding of the AGM was discussed in the meeting of the committee of creditors and the above difficulty was brought to the notice of the committee; In the committee it was resolved that an application should be filed before the Tribunal for seeking extension of time for holding AGM, which is enclosed as Annexure to the application; The shareholder contended the following before the Adjudicating Authority- He has no problem with the extension of time, but .....

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which the company has defaulted in depositing in the office of RoC due to increase of the capital from ₹ 14 crore to ₹ 52 crore in the year 2011; If the amount of the above said fee is paid, the RoC may not have difficulty in extending the period of time for holding AGM if fresh application is filed on such deposit; The remedy to the applicant against the order passed by the RoC under section 96 of the Act is to approach the Adjudicating Authority, but elsewhere; The application has .....

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