Firms under IBC: Govt to allow resolution professionals to make filings

The RP is not empowered to carry on compliances such as signing and uploading the audited and unaudited financial results

The Ministry of Corporate Affairs (MCA) has decided to empower resolution professionals (RPs) to file routine compliances, said a senior government official, in what may bring relief to companies undergoing insolvency struggling with routine filings.

Since powers of the board of directors get suspended as soon as a company is admitted to insolvency, it becomes challenging to make several routine filings.

“The status of the company in MCA master data will reflect if it is undergoing corporate insolvency resolution, liquidation or dissolution. The RP will authorise all filings, including financial statements and annual returns,” the official said.

The MCA will also allow the