# In the matter of BRS Ventures Investment Ltd. & Ors. Vs. Registrar of Companies, Guwahati Company Appeal(AT)(Insolvency) No. 1028 & 1042 of 2020

> NCLAT judgment dated 2021-08-09. Citation: TCN-2021-NCLAT-00144. The case involves two appeals (Company Appeal(AT)(Insolvency) No. 1028 of 2020 and Company…

- **Court:** NCLAT
- **Order date:** 9 Aug 2021
- **Citation:** TCN-2021-NCLAT-00144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/brs-ventures-investment-ltd-ors-vs-registrar-of-companies-guwahati-company-appea-03042b71

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the application for waiving fees and stamp …

**Ratio:** The Adjudicating Authority has the power to approve or reject a Resolution Plan based on

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**Reasoning:** The Adjudicating Authority reasoned that the Resolution Plan did not expressly provide

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**Interpretation:** The interpretation is that the Adjudicating Authority has discretion in

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**Application:** In this case, the Resolution Plan did not explicitly or implicitly provide for

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## Parties

- **Judges:** Jarat Kuma…; Ashok Kumar…
- **Appellants:** BRS Ventures…
- **Respondents:** Assam Company…; Registrar of…
- **Advocates:** Ajay Ga…; VineetaRa…; +1 more

## Timeline

- **2017-10-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Assam Company India…
- **2018-08-10 — CoC Appr…**: BRS Ventures Investment Ltd's Resolution Plan was approved by the Committee of Creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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