Interim Resolution Professional

Services of Interim Resolution Professional as required under Section 18 of the Insolvency and Bankruptcy Code, 2016

1. Collecting all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to –

  • Business operations for the previous two years;
  • Financial and operational payments for the previous two years;
  • List of assets and liabilities as on the initiation date; and
  • Such other matters as may be specified

2. Issuing of public announcement

3. Receiving and collating all the claims submitted by creditors

4. Coordinating with the Corporate debtor to receive the claims from various stakeholders

5. Take control and custody of any asset over which the corporate debtor has ownership rights as recorded in the balance sheet of the corporate debtor, or with information utility or the depository of securities or any other registry that records the ownership of assets including-

  • Assets over which the corporate debtor has ownership rights which may be located in a foreign country;
  • Assets that may or may not be in possession of the corporate debtor;
  • Tangible assets, whether movable or immovable;
  • Intangible assets including intellectual property;
  • Securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance policies ;
  • Assets subject to the determination of ownership by a court or authority;

6. Monitoring the assets of the corporate debtor and manage its operatons until a resolution professional is appointed by the committee of creditors.

7. Constituting the committee of creditors

8. Preparation of report constituting Committee of Creditors and List of Creditors and filing the same with Adjudicating Authority

9. Preparation of Notice and serving the creditors about the meeting of Committee of Creditors

10. Conducting the first meeting of the committee of creditors

11. Coordinating for electronic voting and video conferencing

12. File information collected with the information utility, if necessary ; and

13. Coordinating and estimating with the help of Corporate Debtor and Applicant for determining the Insolvency resolution costs

14. Maintenance of various registers as specified under IBC and the rules/regulations thereunder

15. Preparation and updation of Information Memorandum

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