An Operational Creditor from India wants to file for Insolvency against a Company not making its payment. Thay are facing lot of issues in getting Bank Certificate for the outstanding receivables. Q1. Is it Mandatory to obtain Bank Certificate to file for Insolvency with NCLT ?? 2. What if the bank is not coopoerating ??

1)Can A brother/sister or close relative of any director or major shareholder of the CD file Resolution Plan ?? 2) Are they barred under Section 29A of IBC from filing Resolution Plan ? 3) Can the Auditor or relative of an Auditor of CD file resolution plan ?

in CIRP Resolution Plan for only MSME can be given by CD/Directors or related parties of CD ?? Can a CD or any Related Party file Resolution Plan if its not a MSME ??

During CIRP who can sign the cheques/operate bank a/cs of CD ? Can RP & Old CD director be joint signatories during CIRP ??

Dear Sir, Can Committee of creditors resolve that CIRP should not be done and the directly liquidation proceedings should commence against the corporate debtor ?? 2) If a company fails to make payment of 1 EMI of a loan, the bank cannot just simply file an application initiating CIRP against the company. So, when will the bank file application to NCLT for CIRP ??

Is the IRP/RP obliged to inform operational creditors about CIRP Process to file claims thru email/post etc or only Public Notice in New papers is enough ? What if a creditor keeps supplying goods with no information of CIRP process & losses further money ?

Can a Resolution Applicant after taking over a Company later after 1-2 years Sell his Shares in CD partly or fully. Are there any restrictions ?? What if he sells the same to the earlier CD ??

Dear Sir, As per Sec 203, A person can be appointed as Whole Time KMP in one company only. However he can be appointed as Whole time KMP in subsidiary company also. Query- Can a person who is MD of a subsidiary company be appointed as MD of Holding company ?? 2) Whether unanimous resolution is required for this ?? 3) If yes, whether unanimous resolution will be passed in holding company or in subsidiary company's GENERAL MEETING ??

Dear Sir, As per Sec 152(7)(b)(iv) of Co.Act,13 - a director shall not be deemed to be reappointed--- if a resolution, whether special or ordinary, is required for his appointment or re-appointment by virtue of any provisions of this Act. Unable to understand this point sir ??

Dear Sir, If a company fails to pay interest on deposits for 1 yr or more , then director will be disqualified from all other companies for 5 yrs. And he will also not be re-appointed in defaulting company for 5 yrs. Query- If such defaulting company pays interest after 1 year, then such disqualification on director will get removed or not ?? 2) If director of the company is absent for 3 months and he is present is India , then whether Alternate director can be appointed ??

Dear Sir, Can General meeting of the company appoint alternate director or else GM will authorise the Board to appoint alternate director ?? Pls clarify 2)As per Sec 152(6), 2/3rd of Total No. of Board of Director will be Director liable to retire by Rotation. Query- This limit will be checked on AGM date or on beginning of each year ?? 3) If AOA of the company is silent on any matter, then provisions of Table F will automatically apply on that matter ??

Dear Sir, As per Sec 188(5) of Co. Act,2013, Pls clarify that Unanimous Consent of Board of Directors along with Approval of Public Financial Institution will be required, if Loan given EXCEED 60% of (Paid up capital + Free Reserves+ Sec Premium) or 100% of (Free Reserves+ Sec Prem), whichever is more ? 2) X Ltd. will not enter into any contract with Reliance Ltd. One Director is holding shares of Reliance Ltd. Query- Whether disclosure of interest in MBP-1 required by director in this case ?

Dear Sir, Internal Auditors of our company says that following director shall NOT BE COUNTED IN TOTAL STRENGTH as per Sec 174 (Quorum) wherein the requirement is to calculate 1/3rd of Total Strength ??--- i) The director who has TAKEN LEAVE OF ABSENCE and is unable to attend the Board Meeting . 2) As per their view, Interested Directors should BE COUNTED in Total strength ? Pls give your valuable suggestion in both cases ??

Dear Sir, If a creditor failed to file claim within 90 days of CIRP initiation date, what course is available to him to file claim as RP denied to accept the claim?.

Dear Sir, If a person is appointed as CS in one company and wants to become MD in another company,THEN HE CANNOT BECOME MD IN ANOTHER COMPANY AS PER SEC 203(3) because it states that - A whole-time key managerial personnel shall not hold office in more than one company except in its subsidiary company at the same time. So, holding a position of CS in one company and MD in another company at same time by a person is not allowed. Am i right sir ??