Sage-Tips

When shall the interim resolution professional file a report certifying the constitution of the committee of creditors to the adjudicating authority?

The IRP shall file a report certifying constitution of the committee to the Adjudicating Authority within 2 days of the verification of claims received. The IRP shall hold the first meeting of the committee within 7 days of filing the report under this regulation.

Can resolution professional adjudicate claims?

The Resolution Professional is not an adjudicating authority and is not required to enquire into the factual scenario between parties and determine their rights and liabilities. The task of the RP is to limit itself to confirm that the claims received by him are true and correct.

What happens after approval of resolution plan?

(i) Once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any …

Who can be resolution professional under IBC?

Eligibility Criteria for Insolvency Professional Is an Indian resident and has attained 18 years of age (Majority). Is of sound mind and a fit person. Is solvent and has not been declared as an insolvent. Possess the required qualification and experience as specified by the IBBI.

What is the term of appointment of interim resolution professional?

(5) The term of the interim resolution professional shall not exceed thirty days from date of his appointment shall continue till the date of appointment of the resolution professional under section 22 .

Can an interim resolution professional act as the resolution professional?

The interim resolution professional may be appointed as resolution professional or he may be replaced by insolvency professional as resolution professional. However there is no provision in the Code for replacement of interim resolution professional by another professional.

What is the role of resolution professional?

Resolution Professional is the first person appointed and the last person to be relieved. The primary role of the Resolution Professional is to ensure the revival of the corporate debtor. However, more important for the Resolution Professional is to keep the process transparent and fair.

Can interim resolution professional act as a resolution professional?

What is resolution process under IBC?

The Corporate Insolvency Resolution Process (‘CIRP’) is a recovery mechanism for the creditors of a corporate debtor. The Insolvency and Bankruptcy Code, 2016 (‘IBC’) lays down the provisions for conducting insolvency or bankruptcy of individuals, partnership firms, LLP and companies.

Who can be a resolution applicant?

“resolution applicant” means a person, who individually or jointly with any other person, submits a resolution plan to the resolution professional pursuant to the invitation made under clause (h) of sub-section (2) of section 25”.

Who appoints a resolution professional?

Appointment of Resolution Professional by COC The COC’s first order of business, after the commission of the committee, is to appoint the Resolution Professional. As per Section 22 of the Code, the COC holds its first meeting within 7 days of its constitution.

Who can be appointed as resolution professional?

(2) Where the application for corporate insolvency resolution process is made by a financial creditor or the corporate debtor, as the case may be, the resolution professional, as proposed respectively in the application under section 7 or section 10, shall be appointed as the interim resolution professional, if no …

What is a resolution professional under IBC 2016?

Know all about Resolution Professional under Insolvency and Bankruptcy Code (IBC), 2016 “Resolution Professional”, means an insolvency professional appointed to conduct the corporate insolvency resolution process and includes an interim-resolution professional; (a) appoint the interim resolution professional as a resolution professional or

What does “resolution professional” mean?

“Resolution Professional”, means an insolvency professional appointed to conduct the corporate insolvency resolution process and includes an interim-resolution professional; (b) replace the interim resolution professional by another resolution professional.

What is an interim resolution professional?

Section 5 (27) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) defines Resolution Professional to mean an insolvency professional (“IP”) appointed to conduct corporate insolvency resolution process (“CIRP”) and includes an interim resolution professional.

What is an insolvency resolution professional?

According to the Code, “Resolution Professional” means an Insolvency Professional who conducts the insolvency resolution process and includes an interim resolution professional and takes necessary steps to revive the company.