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TMI BlogDisclosures by Insolvency Professionals and other Professionals appointed by Insolvency Professionals conducting Resolution ProcessesX X X X Extracts X X X X X X X X Extracts X X X X ..... de for appointment of an insolvency professional [(Interim Resolution Professional (IRP) / Resolution Professional (RP)] to conduct the resolution process (Corporate Insolvency Resolution Process and the Fast Track Process) and discharge other duties. These authorise the Insolvency Professional to appoint registered valuers, accountants, legal and other professionals to assist him in discharge of his duties in resolution process. 2. In the interest of transparency, it has been decided that an insolvency professional and every other professional appointed by the insolvency professional for a resolution process shall make disclosures as specified in Para 3 to 5 hereunder. 3. An insolvency professional shall disclose his relationship, if a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional. Corporate Debtor the appointment of the other Professional. Financial Creditor(s) constitution of Committee of Creditors. Interim Finance Provider(s) the agreement with the Interim Finance Provider or three days of the appointment of the other Professional, whichever is later. Prospective Resolution Applicant(s) the supply of information memorandum to the Prospective Resolution Applicant or three days of the appointment of the other Professional, whichever is later. If relationship with any of the above comes to notice or arises subsequently of such notice or arising. 5. For the purpose of Para 3 and 4 above, 'relationship' shall mean any one or more of the four kinds of relationships at any tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the effect that the appointment of every other professional has been made at arms' length relationship. 8. The disclosures shall be made in respect of ongoing resolution processes as on date and all subsequent resolution processes. The disclosures due on date in respect of the ongoing processes shall be made to the respective Insolvency Professional Agency by 31st January, 2018. 9. The Insolvency Professional shall ensure timely and correct disclosures by him and the other Professionals appointed by him. Any wrong disclosure and delayed disclosure shall attract action against the Insolvency Professional and the other Professional as per the provisions of the law. 10. This circular is issued in exercise of powers under section 196 read w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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