Lawstreet Journal

NCLT’s Procedure for Corporate Insolvency Resolution Process(CIRP) [Read Judgment]

Lawstreet Journal 27 Jan 2022 11:27pm

Image courtesy: Lawstreet Journal Judiciary NCLT’s Procedure for Corporate Insolvency Resolution Process(CIRP) [Read Judgment]

Following the public announcement of the start of the Corporate Insolvency Resolution Process, the Interim Resolution Professional is responsible for gathering all information relating to the Corporate Debtor's assets, finances, and operations in order to determine the Corporate Debtor's financial position; receiving and collating all claims submitted by creditors; forming a Committee of Creditors; and performing other duties as outlined in Section 18 of the Code. After being appointed as a Resolution Professional, he is responsible for overseeing the Corporate Insolvency Resolution Process, which includes chairing the Committee of Creditors meeting. Section 24 of the IB code governs meetings of the Committee of Creditors requires Resolution Professionals to provide the Committee of Creditors notice of each meeting.

After the resolution plan has been submitted, it will be scrutinised by the Resolution Professional, who will examine each resolution plan and present it to the Committee of Creditors for approval if the Resolution Professional is satisfied that it meets the requirements set out in Section 30, sub-section (2). Section 30 also states that the Resolution Professional must submit the Resolution Plan to the Adjudicating Authority after it has been authorised by the Committee of Creditors.

Further, when the Resolution Plan has been approved, Section 31(3) specifies that the resolution professional must send all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Board to be entered into its database.

The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulation, 2016 also requires attention. The… Continue Reading...

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