Interim Resolution Professional &
Resolution Professional
Interim Resolution Professional & Resolution Professional: As an Interim Resolution Professional/Resolution Professional, the Insolvency Professional have been entrusted with the following responsibilities:
- Make a public announcement regarding the admission of application for initiation of CIRP of the Company.
- Written communication to be sent to all directors of the Corporate Debtor, Bankers and other regulatory bodies like MCA, ROC, SEBI, Department of Income Tax etc advising commencement of CIRP for Corporate Debtor.
- Exercise control over the management of the Company pursuant to cessation of powers of the existing Board of Directors of the Company. Safeguard the assets of the Company and deploy security agencies wherever necessary.
- Seek necessary reporting from all the Officers/ Employees/ Workmen/ Key Managerial Persons of the Company regarding day to day affairs of the company.
- Send communication to the Banks for instructions regarding operations of the Bank Accounts of the Company.
- Operating the bank accounts of the Company.
- Dealings with the Bankers of the company in the regular course of business of the company.
- Review of the books of accounts of the Company for last two years as well as latest financial position. Engage professionals to undertake transaction audit / forensic audit, wherever the circumstances arises.
- To collate a list of assets and liabilities of the company as on the date of last audited financial statement and as on CIRP commencement date.
- Appoint registered valuers for the purpose of valuation of assets of the company.
- Review of valuation reports as submitted by the appointed registered valuers.
- Inviting claims from the company’s creditors of the company including Trade Creditors, Creditors for expenses, Statutory Dues, Banks, FIs, NBFC, any other creditors along with necessary proofs for the same.
- Verify the proof of claims as received from the creditors.
- Constitute the Committee of Creditors as per the provisions of the code.
- Follow up with the Key Managerial Persons of the company to achieve compliances of the company with all the relevant statutory authorities like ROC, SEBI, Income Tax, Service Tax and Excise, Sales Tax/ VAT/ GST, EPFO, ESIC, etc.
- On best effort basis, endeavour that the Company remains a going concern.
- To prepare Information Memorandum of the Company in consultation with the other employees of the Company and as per the information supplied by the Company.
- Sharing of Information Memorandum with the potential resolution applicants and obtaining necessary undertakings from such persons.
- To convene meetings of the Committee of Creditors, as and when required.
- To convene meetings of the Committee of Creditors, as and when required.
- To prepare agenda of the meeting of the Committee of Creditors.
- To prepare minutes of the meeting of the Committee of Creditors and circulation of the same among all the stakeholders.
- To evaluate all the resolutions plans received from various Resolution applicant and draw up a comparative analysis of the same.
- Present resolution plans so received from the Resolution applicants to the Committee of Creditors for their due consideration.
- To ensure compliance of the provisions of the Code with the considered resolution plans.
- To obtain consent of the required majority of the Committee of Creditors for the resolution plans.
- Submission of the approved resolution plan to the Adjudicating Authority (NCLT) for approval.
Bridge Insolvency Professional LLP provides an extensive and comprehensive support services to the Insolvency Professional to discharge his duties as Interim Resolution Professional/Resolution Professional within the time limit as prescribed in the Code. Bridge has an adequate infrastructure, eco system and Information technology support system to enhance the efficiency of the Insolvency Professionals.