Resolution plan is planning the procedure of liquidation of a company. Resolution Professional prepares the notice as per the guidelines of the Insolvency and Bankruptcy Board of India Regulations to conduct certain functions under IBC 2016. Resolution Plan means a plan suggested by any individual for insolvency resolution of the Corporate Debtor as a going concern. A Resolution Plan is drafted on the basis of the information Memorandum given by the Resolution Professionals.
A Resolution Plan shall recognise particular sources of funds that will be used to cover the following:
- The Insolvency Resolution Process costs.
- The Liquidation Value which is due to the Operational Creditors.
- The Liquidation Value outstanding to dissenting Financial Creditors.
- Assistance to Resolution applicant in preparing an appropriate Resolution Plan for the business entity.
- Resolution Professional is engaged by Debtor / Creditor / NCLT to conduct certain functions under IBC 2016 for the initial 30 days from the date of admission of case by NCLT and for preparing resolution plan.
- A Resolution Professional is the Insolvency Professional engaged by the Committee of Creditors in its First Meeting.
Corporate Consulting for Resolution / Liquidation
The Insolvency Resolution Services offered by our dedicated team of Experts includes Corporate Consultancy to the Corporate Debtor, Financial Creditor and Operational Creditor to file the Insolvency Resolution cases with the NCLT Bench. We also provide consultancy services for voluntary liquidation of Corporates.
Secretarial assistance with the secretarial work to the Resolution Professionals includes:
- Publishing the public announcement in newspapers as per the guidelines of the Insolvency and Bankruptcy Board of India Regulations (Insolvency Resolution Process for Corporate Persons), 2016.
- Formulating / drafting the Agenda for the Meeting of Committee of Creditors. The agenda is prepared by our team of experts as per IBC 2016.
- Preparation and sending of the Notice of Meeting by appropriate means. Our team prepares the notice as per the guidelines of the Insolvency and Bankruptcy Board of India Regulations (Insolvency Resolution Process for Corporate Persons), 2016.
- Preparation of the Minutes of the Meeting.
- Prepare the Action Taken Report which is based on the decisions taken during the previous meetings.
- Compile the Information Memorandum as per the Insolvency and Bankruptcy Board of India Regulations (Insolvency Resolution Process for Corporate Persons), 2016. The Information Memorandum contains the financial particulars of the Corporate Debtor.
- Correspondence with Banks and Statutory Authorities regarding the initiation of Corporate Insolvency.
How ASC Helps?
- Make sure that there is complete compliance of the Insolvency and Bankruptcy Code 2016.
- Providing additional support such as arranging valuers for valuation of assets of corporate debtors, security agencies for safe guarding the physical assets of the Corporate Debtor and E-voting / IT Support are also provided by us.
- Providing legal assistance to clients through empanelled advocates for initiating the Insolvency Resolution process.
- We undertake cases with NCLT Benches.
- Making an application and filing cases with NCLT / NCLAT
- Assistance in Forming a Resolution Plan