The case involves two appeals (Company Appeal(AT)(Insolvency) No. 1028 of 2020 and Company Appeal(AT)(Insolvency) No. 1042 of 2020) filed against the Registrar of Companies, Guwahati, seeking permission for Assam Company India Ltd (ACIL) to increase its authorized share capital without paying fees or stamp duty, as per the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) against ACIL was initiated in October 2017. The Appellants approached the Registrar of Companies in January 2019, and later filed a petition before the Adjudicating Authority (National Company Law Tribunal, Guwahati Bench) in 2020 after receiving no response. The Adjudicating Authority rejected the application, stating that the expansion of business or increase of authorized capital
…1. CIRP was initiated against Assam Company India Ltd (ACIL) in October 2017.
2. BRS Ventures Investment Ltd is the Resolution Applicant whose plan was approved by the Committee of Creditors (CoC) on 10.08.2018 with 100% voting.
3. The Resolution Plan was approved by the Adjudicating Authority on 20.09.2018.
4. The Appellants sought permission to increase the authorized share capital of ACIL without paying fees or stamp duty, as per the Resolution Plan.
5. The Registrar of Companies, Guwahati, did not respond to the Appellants' request.
6. The Appellants filed a petition before the Adjudicating Authority in 2020 (IA No.05/2020 in CP(IB) /20/GB/2017) seeking the waiver of fees and stamp duty.
7. The Adjudicating Authority had previously dismissed a similar application (IA
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Corporate Insolvency Resolution Process (CIRP)…
BRS Ventures Investment Ltd's Resolution Plan…
The case involves two appeals (Company Appeal(AT)(Insolvency) No. 1028 of 2020 and Company Appeal(AT)(Insolvency) No. 1042 of 2020) filed against the Registrar of Companies, Guwahati, seeking permission for Assam Company India Ltd (ACIL) to increase its authorized share capital without paying fees or stamp duty, as per the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) against ACIL was initiated in October 2017. The Appellants approached the Registrar of Companies in January 2019, and later filed a petition before the Adjudicating Authority (National Company Law Tribunal, Guwahati Bench) in 2020 after receiving no response. The Adjudicating Authority rejected the application, stating that the expansion of business or increase of authorized capital
…1. CIRP was initiated against Assam Company India Ltd (ACIL) in October 2017.
2. BRS Ventures Investment Ltd is the Resolution Applicant whose plan was approved by the Committee of Creditors (CoC) on 10.08.2018 with 100% voting.
3. The Resolution Plan was approved by the Adjudicating Authority on 20.09.2018.
4. The Appellants sought permission to increase the authorized share capital of ACIL without paying fees or stamp duty, as per the Resolution Plan.
5. The Registrar of Companies, Guwahati, did not respond to the Appellants' request.
6. The Appellants filed a petition before the Adjudicating Authority in 2020 (IA No.05/2020 in CP(IB) /20/GB/2017) seeking the waiver of fees and stamp duty.
7. The Adjudicating Authority had previously dismissed a similar application (IA
Corporate Insolvency Resolution Process (CIRP)…
BRS Ventures Investment Ltd's Resolution Plan…