TMI Blog2021 (8) TMI 1388X X X X Extracts X X X X X X X X Extracts X X X X ..... re such waival is explicitly or implicitly provided for - there are no reason that when a new company takes over and starts at a new slate and take certain management decision then everything cannot be exempted at a later stage as it is a business decision to expand the business and based on those probability of cash inflow, cash outflow is provisioned for. There are no merits in the appeal - appeal dismissed. - [ Justice Jarat Kumar Jain ] Member ( Judicial ) And ( Dr. Ashok Kumar Mishra ) Member ( Technical ) For the Appellant : Mr. Ajay Gaggar, Ms. VineetaRathore and Mr. Robin Sirohi, Advocates For the Respondent Mr. Aswin N S, JTA, ROC, Guwahati, for Respondent JUDGMENT DR. ASHOK KUMAR MISHRA , TECHNICAL MEMB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on the fact that the order of 20.09.2018 passed by the Adjudicating Authority approving the Resolution Plan, did not provide such waival or concession. The Adjudicating Authority held on 09.10.2020 in IA No. 05/2020 in CP (IB) No.20/GB/2017 that this application has also been filed for the same relief once again. The Adjudicating Authority after hearing both the parties observed that the expansion of business or increase of authorized capital is a decision of the Corporate Debtor. The Adjudicating Authority did not find any merit in the said application and rejected the same. 3. Brief facts of the case as submitted by the Appellant are as follows: a. ACIL is the Corporate Debtor / the Company against which the CIRP was initiated by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd CoC. RP is required to issue a publication inviting claims from all the stakeholders. He is required to collate the said information and submit necessary details in the information memorandum. The resolution applicants submit their plans on the basis of the details provided in the information memorandum. The resolution plans undergo deep scrutiny by RP as well as CoC. In the negotiations that may be held between CoC and the resolution applicant, various modifications may be made so as to ensure, that while paying part of the dues of financial creditors as well as operational creditors and other stakeholders, the Corporate Debtor is revived and is made an on-going concern. After CoC approves the plan, the Adjudicating Authority is require ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into uncertainty amounts payable by a prospective resolution applicant who successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, the NCLAT judgment must also be set aside on this count. 4. The representative of RoC explained that the Ministry of Corporate Affairs has General Article No.12/2020 dated 30.03.2020 is applicable in this case the same as stated below: General ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e such an opportunity to the defaulting companies and to enable them to file the belated documents in the MCA-21 registry, the Central Government in exercise of powers conferred under section 460 read with section 403 of the Companies Act, 2013 has decided to introduce a Scheme namely Companies Fresh Start Scheme, 2020 (CFSS-2020) condoning the delay in filing the above mentioned documents with the Registrar, insofar as it relates to charging of additional fees, and granting of immunity from launching of prosecution or proceedings for imposing penalty on account of delay associated with certain filings. Only normal fees for filing of documents in the MCA-21 registry will be payable in such ease during the currency of CMS-2020 as per the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Any defaulting company is permitted to file belated documents which were clue for filing on any given date in accordance with the provisions of this Scheme: (iv) Manner of payment of normal fees for filing of belated documents and seeking immunity under the Scheme Every defaulting company shall be required to pay normal fees as prescribed under the Companies (Registration Offices and Feel Rules, 2014 on the date of filing of each belated document and no additional fee shall be payable. Immunity from the launch of prosecution or proceedings for imposing penalty shall be provided only to the extent such prosecution or the proceedings for Imposing penalty under the Act pertain to any delay associated with the filings of belated documents. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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