Corporate Entities
(A) - As Interim Professional -
Insolvency Resolution Professional (IRP) has been appointed to conduct the corporate insolvency resolution process (CIRP) and includes an interim professional also. Interim Resolution Professional is being appointed after filing of application for insolvency to perform following duties:
- Collecting all the necessary information relating to operations of the Borrower / Corporate Debtor as a running unit for determining the financial position.
- Publication of Announcement as per the code in newspaper.
- Verifying all the claims of creditors and finalize list of creditors.
- Constituting Committee of creditors.
- Preparation of Information Memorandum and filing the same.
- Conducting meeting of committee of creditors.
- Submitting report on formation of committee of creditors and Minutes of meeting of creditors to NCLT.
- Conducting such other activities as may be ordered by the NCLT for smooth functioning of the resolution process.
- Filing of documents for fast track corporate insolvency resolution process.
- All other matters as required to be done by Interim Resolution Professional (IRP).
(B) - As Resolution Professional -
Resolution Professional is to be confirmed or replaced by committee of creditors for further proceedings. RP is required to perform following duties for:
- Carrying out the operations of the Borrower / Corporate Debtor as a running unit
- Managing the affairs of the Borrower / Corporate Debtor
- Verifying the Resolution Plan which is a major task for Insolvency Professionals in India
- Conveying meetings of creditors, as and when required
- Conducting meetings of creditors for approval of Resolution Plan
- Submitting the Resolution Plan to NCLT as approved by committee of creditors
- Perform such other activities as may be ordered by the NCLT for smooth functioning of the resolution process
- All other matters as and when required for carrying on the proceedings
(C) - As Liquidator - Liquidator carry out liquidation process and perform the following duties:
- Relation to take control of all the assets of the corporate entity.
- arranging publication of Public Announcement.
- Appointment of Registered valuers, Accounting, Legal and other Professionals.
- Verifying all the claims of creditors.
- Preparation of Statement of Affairs.
- Disposal of assets and distribute the proceeds amongst creditors / contributories.
- Filing of periodical reports to NCLT on liquidation proceedings.
- Filing of final report to NCLT and arrangement of dissolution of the corporate entity.
- Such other activities as may be ordered by the NCLT and required for smooth functioning of the Liquidation proceedings.
- All other matters as and when required.
