1. What is Form CAA 5 ?
This form is filed in pursuant to rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. As per the rule, where the proposed compromise or arrangement is agreed to by the members or creditors or both as the case may be, with or without modification, the company (or its liquidator), shall, within seven days of the filing of the report by the Chairperson, present a petition to the Tribunal in Form No. CAA. 5 for sanction of the scheme of compromise or arrangement. The petition shall pray for appropriate orders and directions under section 230 read with section 232 of the Act. Where the company fails to present the petition for confirmation of the compromise or arrangement as aforesaid, it shall be open to any creditor or member as the case may be, with the leave of the Tribunal, to present the petition and the company shall be liable for the cost thereof
2. Why is it important?
a. It is a statutory requirement
b. It helps in obtaining the permission of the tribunal for the scheme and helps in maintaining transparency.
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