How does the role of Resolution Professional help?
We offer services to financial creditors, operating creditors and corporate debtors to serve
as a resolution professional under the Corporate Insolvency Resolution Process ('CIRP') as
set out in the Insolvency & Bankruptcy Code, 2016.
1. Interim Resolution Professionals
The Interim Resolution Professional shall be appointed by the Debtor/ Creditor/NCLT to
perform specific activities under IBC 2016 for an initial phase of 30 days from the date of
admission of the case by the NCLT. A Resolution Professional shall be the Insolvency
Professional chosen by the Creditors' Committee at its first meeting of COC. Either an
Interim Resolution Professional or any other Insolvency Practitioner can be appointed a
Resolution Professional.
- We provides service to financial creditors, operational creditors and other stakeholders
to serve as IRPs for the commencement and implementation of the Corporate Insolvency
Resolution Mechanism ('CIRP') as defined in the Insolvency & Bankruptcy Code, 2016.
- While fulfilling our duties as Insolvency Resolution Professional and Resolution
Professional, as the case may be, the range of our work shall be as follows:
- To make a public announcement about the admission of the Company's application
for the initiation of the CIRP.
- Write a letter to all directors of the Corporate Debtor, Banks and other
regulatory bodies such as MCA, ROC, SEBI, Department of Income Tax, etc.
- Exercise control over the management & operation of the Company as a result of
the withdrawal of the powers of the current board of Directors of the Company.
- Seek the requisite information from all Officers / Employees / Workers / Key Managers of
the Company on the day-to-day operation of the Company.
- Forward emails to the Banks for instructions on the running of the Company's bank
accounts.
- Going to operate the company's bank accounts.
- Interactions with the Bankers of the Company in the routine company of the Business.
- Discussion of the Company's statements of accounts for the past two years as well as the
most recent financial position.
- To identify the assets and liabilities of the company as at the date of the last audited
financial statement as at the date of initiation of the CIRP.
- Appoint registered valuers for the purpose of valuation of the company's assets.
- Analysis of valuation reports as provided by the designated registered valuers.
- Going to invite claims from the company's creditors, including trade creditors,
creditors for expenses, statutory fees, banks, FIs, NBFCs, any other creditors, together
with the necessary evidence for the same.
- Verify the proof of claims as received by the creditors.
- Constitute the Committee of Creditors as per the regulations of the code.
- Follow up with the company’s key management to cooperate with all applicable regulatory
bodies, such as ROC, SEBI, Income Tax, Service Tax and Excise, Sales Tax / VAT / GST,
EPFO, ESIC, etc.
- The best attempt is to ensure that the Company continues to be a concern.
- Prepare the Memoranda of Information of the Company in collaboration with the other
staff of the Company and in keeping with the information received by the Company.
- Going to share of information Memorandum with potential applicants for resolution and
obtaining the necessary undertakings from these kind of persons.
- To convene meetings of the Creditors' Committee, if and when necessary.
- To set the agenda for the meeting of the Creditors' Committee.
- Prepare the minutes of the meeting of the Creditors' Committee and spread the same
details to all stakeholders.
- To evaluate and draw up a comparative analysis of all the resolution plans received from
the various Resolution Applicants.
- Submit the resolution plans thus obtained from the applicants for approval to the
Creditors' Committee for thoughtful consideration.
- To ensure that the provisions of the Code are complied with by the resolution plans
considered.
- To acquire the approval of the appropriate majority of the Creditors' Committee for
settlement proposals.
- Submission to the Adjudicating Authority (NCLT) of the approved resolution proposal for
review.
2. Representation in the Committee of Creditors
We can provide services referred to in Section 21 (6C) and Section 21 (6A)(b) of the
Insolvency & Bankruptcy Code 2016 to represent specific financial creditors / any class of
creditors on the Creditor Committee.
3. NCLT / NCLAT Representation
We focus on providing legal assistance to our clients through empanelled advocates to
initiate the insolvency resolution process. We have formed relationships with reputed Law
Firms to pursue cases with NCLT Benches. All the needs of the customer are taken care of in
order to render and submission for NCLT / NCLAT. And Prepare and represent some form of
application before NCLT and NCLAT.
4. Advising the banks / FIs
Advise banks / Financial institutions on shortlisting issues for action under IBC vs SARFAESI
5. Liquidator Services
- It includes all services as a liquidator as stated in the Insolvency & Bankruptcy Code
2016, such as authentication of creditor claims, custody and control of assets,
retention and security of business assets, liquidation for the good of all stakeholders.
- The Insolvency and Bankruptcy Code, 2016, provides for a market-determined, time-bound
mechanism for orderly insolvency resolution, wherever possible, and ease of exit where
necessary. After continued efforts to rehabilitate and rehabilitate the corporate
debtor, the liquidation process is underway in the best interests of all stakeholders.In
this class, we handle the following functions:
- Advising on the submission of applications
- Consolidation of evidence of Claims
- Arraignments for Meetings of stakeholder committees
- Formation of Estate of Liquidation
- Auction of properties on the basis of a piecemeal
- Analysis of Preference Transaction
- Completing of Liquidation as going concern
- Fetching suitable good clients for company.
6. Corporate guidance on resolution / liquidation
We offer professional and strategic guidance to all parties of the IBC community on the
correct course of action to be taken in the resolution process in the event of default by
the Corporate Debtor.
7. Preparation of RFRP, Evaluation Matrix, Process Documents
Consultation with Organizational Preparedness for RFRPs, Assessment Framework, and Procedure
Documentation is given.
Consultation with Organizational Preparedness for RFRPs, Assessment Framework, and Procedure
Documentation is given.
- In view of the extensive knowledge in insolvency and related market networks established
by our Senior IPs, we as a team have significant exposure to prospective creditors and
special case borrowers who may be possible settlement applicants in any CIRP matter.
- We have experience in advising businesses on turnaround and re-engineering processes,
including demerger / spin-off, acquisition, equity buy-back, debt reduction, winding-up
of operations.
- Advise the candidate for resolution on policy and funding and help plan the proposal for
resolution.
9. RESOLUTION PLANS & ADVISORY
Our consulting team acknowledges the needs of creditors and the target company to establish a
strategy under IBC, 2016.In this category, we handle the following functions:
- Develop investor based interpretation of IBC
- Conduct Industrial & technical analysis
- Formulate resolution plan strategies
- Effective review of the resolution plan
- Demonstrate Stakeholder resolution plan
- Diligent guidance to the Resolution applicant
10. Managing transactions / cash flows of an entity under Insolvency.
Wit worth has a variety of industry professionals representing a wide range of business
categories on its boards.Such industry analysts, along with an established group of CA’s,
CS’s and accounting and business professionals, are available at all our office offices,
allowing them to handle ongoing activities, monitor cash flows and transfers and retain an
enterprise under CIRP as an ongoing concern.
11. IBC Acquisition Strategy Guiding resolution applicants for sale of assets / entities via
the CIRP / Liquidation phase
We counsel clients looking to invest in distressed assets via the CIRP / Liquidation route.
Their investment strategy, as well as their handling through the process, is part of our
advisory business.
12. Legal support services / representation
We offer legal aid to our clients by empanelled lawyers to begin the insolvency resolution
process. We have formed relationships with respected law firms to pursue cases involving the
NCLT benches. All the needs of the company with respect to the following shall be taken care
of.
- Submission of the CIRP proposal to Hon'ble NCLT
- Filing the pleadings
- Representation on behalf of the various parties before the relevant NCLT, NCLAT and
Hon'ble Supreme Courts of India.
- Legal advice / process advisory services on CIRP issues.
13. Interim Finance / Fund Syndices
The team is specialized in collecting Transitional Funding for firms under CIRP as well as in
conducting dynamic deals involving the organisation of the syndication of funds and the
collecting of funds from creditors, special case funds and NBFCs, etc. for acquisition,
sale, etc. of financially troubled organizations. The department focuses on the management
of bankruptcies, sales, debt restructuring, banking, etc.
14. Preparation of resolution strategies and representations of the applicant before RP,
CoC, NCLT
- Our group of experts will support the settlement claimant to prepare an appropriate
resolution strategy for the CIRP company organization.
- As stated under section 5(26) of the IBC, "Resolution plan" means a proposal submitted
by another individual as a continuing consideration for the insolvency resolution of the
Corporate Debtor. A resolution proposal shall be prepared on the basis of a Memorandum
of Knowledge provided by the Resolution professional.
- We can help in Forming a Resolution Plan
- The resolution plan shall identify specific sources of funding that will be used
to cover the following:
- Costs in the insolvency resolution process.
- The Liquidation Value that is attributable to the Operational Creditors.
- Liquidation Value pending to dissident financial creditors.
- Our team of professionals will support the dispute claimant to create an
acceptable business activity settlement strategy.
Why Rajput Jain & Associates?
Rajput Jain & Associates has a group of professionals and insolvency professionals with
versatile expertise in this field of work. We provide a one-stop solution to every need. Our
field of research shall include:-
- Recognition of the related sector
- Assessment of the company and its credentials
- Preparation of a response plan based on the details memoranda
- Make realistic plans for resolution
- Completion of legal compliance and other
For more information, please email us at singh@carajput.comor call our expert at 9555555480.
