1. What is Form CAA 1?
Form CAA 1 is filed pursuant to section 230(2)(c) of Companies Act, 2013 and Rule 4 of the Companies rules. This form contains the format in which the creditors responsibility statement is to be annexed with the debt restructuring scheme of the company. As per section, Where a compromise or arrangement is proposed between a company and its creditors or any class of them, an application shall be made by anyone to the NCLT to arrange a meeting between them. The application to the tribunal shall be accompanied by
any scheme of corporate debt restructuring consented to by not less than seventy-five per cent. of the secured creditors in value, including a creditor’s responsibility statement in the Form CAA 1.
2. Why is it important?
a. It is a statutory requirement
b. It helps in giving exact and precise information to the tribunal
c. It helps in following prescribed format
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