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Insolvency Professional Services

Background of Insolvency and Bankruptcy Code, 2016

IBC to consolidate & amend the laws relating to re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues. The intention of the code is to revive a company though a resolution process and if not succeeded then liquidation process. As a IP, we offer below mentioned services:

A. INTERIM RESOLUTION PROFESSIONAL

On appointment of IRP, our role includes:


  • Making Public Announcement of Corporate Insolvency Resolution Process
  • Collect and collate the claims from the creditors viz. financial, operational, workmen and employees and others
  • Formation of Committee of Creditors (CoC)
  • Issue of notice and conducting First meeting of CoC
  • Any other act as required as per the provisions of IBC, 2016

B .RESOLUTION PROFESSIONAL

On appointment of RP, our role includes:

  • Appointment of Valuer for determination of fair value and liquidation value of the corporate debtor
  • Preparation of Information memorandum
  • Inviting resolution applicants for putting forward resolution plan along with the evaluation matrix
  • Conducting meetings of CoC as and when required for various approval as per provisions of the code
  • To examine each resolution plan submitted by Applicant, with regard to all aspects, as laid down in IBC, 2016 including its implementation and supervision
  • Filing and defending of any Applications which may be filed by the company or against the company with NCLT/ NCLAT
  • To present the resolution plan to CoC for their approval, submit the resolution plan to Adjudicating Authority
  • Any other act as required as per the provisions of IBC, 2016 to implement the resolution plan as approved by the Adjudicating Authority.

C. LIQUIDATOR

On appointment of Liquidator, our role includes:

  • Making Public Announcement of liquidation of corporate debtor
  • Collect and collate the claims from the creditors
  • To take custody and control of all the assets of the corporate debtor and creation of liquidation estate
  • To sell the immovable and movable property and actionable claims of the corporate debtor by public auction or private contract and prepare an asset sale report with progress report
  • To obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities
  • To distribute proceeds in accordance with the provisions of this Insolvency and Bankruptcy Code 2016
  • To institute or defend any suit, prosecution or other legal proceedings, in the name of or on behalf of the corporate debtor
  • To apply to the AA for such orders or directions as may be necessary for the liquidation of the corporate debtor.
  • To perform such other functions as may be specified by the Insolvency and Bankruptcy Board of India.

D. VOLUNTARY LIQUIDATION

  • Assistance in necessary compliance under IBC, 2016 for initiating Voluntary Liquidation
  • Making Public Announcement of voluntary liquidation
  • Collect and collate the claims from the creditors viz. financial, operational, workmen and employees or any others.
  • Preparation of list of stakeholders
  • Distribution of Assets to various stakeholders as per the provisions of IBC, 2016
  • Preparation of Distribution list based on the asset distributed
  • Issue of various reports under the IBC, 2016 such as Preliminary report, Status report and Final report.
  • Making an application to NCLT for dissolution.
  • Filing of dissolution order with ROC
  • Any other act as required as per the provisions of IBC, 2016

E Other Services:

  1. Filing of application under IBC by
    • Financial Creditors
    • Operational Creditors
    • Corporate Applicant
  2. Assistance in Issue of Demand notice (in case of Operational Creditor)
  3. Services to Resolution Applicant
    • Submission of expression of interest to concerned Resolution Professional.
    • Preparation of Resolution Plan in accordance with IBC,2016
    • Presentation of the Resolution plan to Resolution Professional and COC and negotiations with them
    • Arrangement of funds for the Resolution Applicant for financing the Resolution Plan
  4. Representing Financial creditor in meeting of COC
  5. Authorised Representative for Class of Creditor
 
     
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