Services of Resolution Professional as required under Section 25 of the Insolvency and Bankruptcy Code, 2016
1. Take control and custody of all the assests of the corporate debtor including the business records of the corporate debtor.
2. Monitor the assets of the corporate debtor and manage its operations until a resolution plan is
submitted with NCLT within 180 days as prescribed;
3. Convene and attend all the meetings of Committee of Creditors
4. Represent and act on behalf of the corporate debtor with third parties, exercise rights for
the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings.
5. Appointment of various professional like accountants, legal or other Professionals who can help in
preparing the draft resolution plan etc.
6. Raise interim finances subject to the approval of the committee of creditors
7. Verification of Claims.
8. Maintain as updated list of claims
9. Preparation and updation of Information Memorandum
10. Verification of any preferential/undervalued/Transactions defrauding creditors/Extortionate transactions.
11. Filing an application for avoidance of any fraudulent and preferential transactions.
12. File information collected with the information utility, if necessary
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. Appointment of various professional like Minimum Two Registered Valuers, Professionals who can help in preparing the draft resolution plan etc.
16. Coordinating with various professionals who shall be appointed for facilitating the resolution process.
17. Assisting in arriving at the liquidation value of the assets of the corporate debtor
18. Inviting prospective resolution applicants like lenders, investors, and any other persons to put forward resolution plans.
19. Presenting all the resolution plans at the meetings of the committee of creditors
20. Preparation and updation of Information Memorandum
21. Conducting the sale of assets as may be required
22. Preparation of sale statement
23. Distribution of the proceeds after realization to the stakeholders
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