There are Lacs of aggrieved persons viz Financial and Operational Creditors all over the Country whose payment is pending from the Debtors, Financial Institutions and the real-estate companies and they have not willing to pay the dues of the above said aggrieved persons till date.
So in 2016, the government of India has enacted the Insolvency and Bankruptcy Code, 2016 where it provides operationally and the financial creditors to approach the NCLT and recover their dues and resolve the matter through Insolvency Resolution Process in time-bound procedure for maximization 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. After the implementation of code and to date the huge number of cases resolved from financial and operational creditors side accordingly unblocked money recovered and used in the system.
On the appointment of IRP, our role includes:
Making Public Announcement of Corporate Insolvency Resolution Process (CIRP)
Collect 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 defined in the provisions of IBC, 2016
On the appointment of Resolution Professional (RP), our role includes:
Appointment of Valuer for determination of fair value and liquidation value of the assets of the corporate debtor
Preparation of Information Memorandum (IM)
Inviting resolution applicants for putting forward a resolution plan along with the evaluation matrix.
Conducting meetings of CoC of financial creditors as and when required for various approval as per provisions of the code
To examine and analyze 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 activities as required as per the provisions of IBC, 2016 to implement the resolution plan as approved by the Adjudicating Authority.
On the appointment of Liquidator, the role as Liquidator includes:
Making Public Announcement of liquidation of the 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 a progress report
To obtain any professional assistance if required from any person or appoint any professional, in the discharge of his duties, obligations, and responsibilities
To distribute proceeds in accordance with the provisions of this IBC 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 adjudicating authority (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.
Our roles as Voluntary Liquidator includes
Assistance in necessary compliance under Insolvency and Bankruptcy Code, 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 Insolvency and Bankruptcy Code, 2016
Preparation of Distribution list based on the asset distributed
Issue of various reports under the Insolvency and Bankruptcy Code, 2016 such as Preliminary report, Status report and Final report.
Making an application to NCLT for dissolution.
Filing of dissolution order with ROCAny other activities as required as per the provisions of Insolvency and Bankruptcy Code, 2016
Assist to prepare and Issue of Demand notice (in case of Operational Creditor)
Documents Required to Issue Demand Notice
Demand Notice (Form 3 and Form 4 Under IBBI Rules)
Company’s Ledger Account
Copy of the Invoices showing proof of transactions between the parties
Purchase order/work order Issued
Proof of supply and delivery of goods or services.
Communication and email communication between parties.
Bank Statements of the Operational/ Financial Creditor
Affidavit by the Operational creditor Section 9 (3) (b) –IBBI Rules
Acknowledgment of Transaction between 2 parties
Copy of the Legal Notice served by the Operational/ Financial Creditor
Affidavit – Bank Certificate – (Section 9 of IBBI Rules) ( Not Mandatory)
Filing of an application under Insolvency and Bankruptcy Code, 2016 by
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
Representing Financial creditor in a meeting of COC
Authorized Representative for Class of Creditor