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INTERIM RESOLUTION PROFESSIONAL

Corporate Laws / Banking / SEBI - By: - Mr.M. GOVINDARAJAN - Dated:- 9-9-2017 - Insolvency professional Section 2(19) of the Insolvency and Bankruptcy Code, 2016 ( Code for short) defines the expression insolvency professional as a person enrolled under section 206 with an insolvency professional agency as its member and registered with the Board as an insolvency professional under section 207. The insolvency professional may act as- ; Resolution professional; Liquidator; Bankruptcy trustee. Co .....

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operational creditor. Section 10 provides the procedure for initiation of corporate insolvency resolution process by corporate applicant. The application for the corporate insolvency resolution process is to be filed by respective person before the Adjudicating Authority (National Company Law Tribunal), having jurisdiction. The Adjudicating Authority, after considering the application, either admit the application or reject the application. Commencement of corporate insolvency resolution proces .....

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cy commencement date. In case of financial creditor or corporate debtor In this regard, the financial creditor or corporate debtor, who initiates the insolvency resolution process, is to file an application proposing a resolution professional to be appointed as . The said person shall be appointed as the interim professional agency if no disciplinary proceedings are pending against him. In case of operational creditor In case of the operational creditor in the application filed by him, if he doe .....

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edings are pending against him. Tenure Section 16 (5) provides that the term of the shall not exceed 30 days from the date of his appointment. Management by Section 17(1) of the Code provides that on his appointment as ,- the management of the affairs of the corporate debtor shall vest in the ; the powers of the board of directors or the partners of the corporate debtor, shall stand suspended and be exercised by the ; the officers and managers of the corporate debtor shall report to the and prov .....

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other documents, if any; take such actions, in the manner and subject to such restrictions as may be specified by the Board; have the authority to access the electronic records of corporate debtor from information utility having financial information of the corporate debtor; have the authority to access the books of account, records and other relevant documents of corporate debtor available with government authorities, statutory auditors, accountants and such other persons as may be specified. .....

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ch other matters as may be specified; receive and collate all the claims submitted by the creditors to him, pursuant to the public announcement made- under section 13 - declaration of moratorium and public announcement; under section 15 - public announcement of corporate insolvency resolution process; constitute a committee of creditors; monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors; file informatio .....

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te debtor; tangible assets, whether moveable or immovable; intangible assets including intellectual property; securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance and policies; assets subject to the determination of ownership by a court or authority; to perform such other duties as may be specified by the Insolvency Board. Assets The explanation to section 18 defines the term assets as not including the following- assets owned by a third pa .....

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assistance and co-operation to the as may be required by him in managing the affairs of the corporate debtor. Failure to co-operate Section 19(2) provides that where any personnel of the corporate debtor, its promoter or any other person required assisting or co-operating with the does not assist or co-operate, the may make an application to the Adjudicating Authority for necessary directions. Section 19(3) provides that the Adjudicating Authority, on receiving an application, shall by an order .....

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