services / Professional Services under the Code

Professional Services under the Code

  1. To act as Interim Resolution Professional to commence Corporate Insolvency Resolution Process.

  2. To act as Resolution Professional to carry on and conduct the Corporate Insolvency Resolution Process.

  3. To act as Resolution Professional to conduct Fast Track Corporate Insolvency Resolution Process.

  4. To act as Liquidator and conduct liquidation proceedings under the Code.

  5. To act as Liquidator and conduct Voluntary liquidation proceedings.

  6. To act as Resolution Professional to conduct on Fresh Start Processfor Individuals.

  7. To act as Resolution Expert as the Professional Insolvency Registrar in India will conduct Insolvency Resolution Process for Individuals and Partnership firms.

  8. To act as Bankruptcy Trustee and conduct Bankruptcy Proceedings in respect of Individuals and Partnership firms.

  9. To assist Lenders /Borrowers / other creditors in submitting information with Information Utility and /or retrieving information from Information Utility

Details of activities to be carried on under each type of service under the Code

  1. As Interim Resolution Professional – for corporate entities

    • To carry on the operations of the Borrower / Corporate Debtor as a running unit

    • To manage the affairs of the Borrower / Corporate Debtor

    • To arrange publication of Public Announcement

    • To appointRegistered valuers, Accounting, Legal and other Professionals

    • Verify the claims of creditors and finalize list of creditors

    • Form Committee of creditors

    • Prepare Information Memorandum

    • Call and convene 1st meeting of committee of creditors

    • Submit report on formation of committee of creditors and Minutes of proceedings of meeting of creditors to NCLT

    • To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the resolution process.

    • All matters incidental to carrying on the activities as an Interim Resolution Professional.

  2. As Resolution Professional – for corporate entities

    • To carry on the operations of the Borrower / Corporate Debtor as a running unit

    • To manage the affairs of the Borrower / Corporate Debtor

    • To verify the Resolution Plan as this is a major task for Insolvency Professionals in India

    • To call and conduct meetings of creditors, as and when necessary

    • To call and conduct meetings of creditors to approve Resolution Plan

    • To Submit Resolution plan approved by Committee of creditors to NCLT

    • To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the resolution process

    • All matters incidental to carrying on the activities as Resolution Professional

  3. As Liquidator

    • To take over all the assets of the corporate entity

    • To arrange publication of Public Announcement

    • To appoint Registered valuers, Accounting, Legal and other Professionals

    • To verify the claims of creditors and finalize list of creditors/contributories

    • To prepare Statement of Affairs

    • To conduct disposal of assets and distribute the proceeds amongst creditors / contributories

    • Submit periodical reports to NCLT on progress of liquidation proceedings

    • Submit final report to NCLT and arrange dissolution of the corporate entity

    • To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the Liquidation proceedings

    • All matters incidental to carrying on the activities as Liquidator

  4. As Resolution Professional – for non corporate entities

    • Shall be placed on website after Regulations are framed

  5. As Bankruptcy Trustee

    • Shall be placed on website after Regulations are framed

© AV Insolvency Professionals all Rights Reserved | Designed & Developed By - Lnsel