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INsolvency Professional (IP) services

The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015. It was passed by Lok Sabha on 5 May 2016. The Code received the assent of the President of India on 28 May 2016. The bankruptcy code is a one-stop solution for resolving insolvencies which at present is a long process and does not offer an economically viable arrangement. The code will be able to protect the interests of small investors and make the process of doing business a less cumbersome process.

The Insolvency process will be managed by Insolvency professionals. These professionals will also control the assets of the debtor during the insolvency process.

An indicative list of functions carried out by a company secretary as a professional has been entailed below:-

  • Act as Interim Resolution Professional (IRP)/ Resolution Professional (RP)/ Liquidator/ Authorised Representative (AR).
  • Support services to Interim Resolution Professional/ Resolution Professional/ Liquidator.
  • Preparation and verification of Claims from Financial Creditors, Operational Creditors, Workmen and employees etc.
  • Filing and Pursuing applications filed with National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) for matters under Insolvency and Bankruptcy Code, 2016.
  • Appearance before National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).
  • Preparation and Evaluation of Resolution Plans.
  • An arrangement of Interim Finance during the Insolvency Process.
  • To assist in selling the distressed assets.
  • To assist in Preparing Information Memorandum and Statement of Affairs during the Corporate Insolvency Resolution Process.
  • Out of Court settlements.
  • Liquidation and Winding up. etc
 
     
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