Compounding for default Section 159

[Tasneem Mandsorwala]

Dear Friends,

My Company wants to file a Compounding  Application u/s 159 with  Mumbai CLB. Could anyone share with me the procedure involved in filing the Compounding Application with Mumbai CLB especially on the following points

1. Do we have to submit the original hard copies of the Applications with ROC Mumbai after filing Form GNL-1 or can we directly submit the applications with the CLB Mumbai.

2. If the original hard copies of the Applications are to be submitted to the ROC Mumbai, do we need to meet the Case worker to get the applications processed and to be forwarded to the CLB.

 How much time it usually takes for the ROC Mumbai to process and approve Form GNL-1.

3. How much time it usually takes at the CLB Mumbai for the applications to come up for hearing and issuing of the order.

Could anyone share with us their experience in this regard. Thanks

Best Regards,

Tasneem

[sathish kumar]

Dear Tasneem,

Usual practice is to file GNL-1 previously form 61 with ROC. No need
to file hard copy and all. The relevant form has to be approved and
the ROC has to send its report to CLB its called ROC Report. In CLB,
you have to file the original with the section officer, then the
matter will get listed in a particular day allotted for compounding
matter, on receipt of ROC Report from ROC.

Hope the same clarifies your query..

regards
sathish

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[Tasneem Mandsorwala]

Thanks Satish, it was a lot of help..

Just one more question: When is the hard copy to be submitted to the CLB? Will I be intimated for the same?

Thanks,

Tasneem

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[sathish kumar]

You have to submit it at the initial stage.

regards
sathish

[Tasneem Mandsorwala]

Thank you so much..