TMI BlogIntroduction of Committee of Creditor [ Section 21 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... commercial wisdom and plays a fundamental role in the turnaround and restructuring of the corporate debtor (CD) within the timelines set down by the IBC. Most importantly, the Committee of Creditor (CoC) is vested with the responsibility to assess the viability of the CD and determine the manner in which its distress is to be resolved. The Committee of Creditor (CoC) is uniquely positioned to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exercise powers and perform duties vested in or conferred on the IRP under the IBC. The RP is also tasked with additional functions under the IBC and corporate insolvency resolution process (CIRP). Regulations. One of the most important tasks of the RP is to oversee the process of receipt, approval, and submission of the resolution plan for the corporate debtor (CD). However, the ultimate a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , by law, should be completed within a mandated time frame. During the moratorium period, the debtor cannot transfer, encumber, or sell any asset. On appointment of an IRP, the board of directors is suspended and management vests with the IRP. These professionals (IRPs) have to conduct the insolvency resolution process, take over the assets and management of the company, assist creditors in collec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oC) if it is satisfied that the provisions of the most acceptable plan would ensure that their dues are cleared. The IBC is principally aimed at aiding a corporate debtor (CD) in the resolution of its insolvency condition without approaching liquidation. The key to this process is the finalization of an insolvency resolution plan. A suitably structured plan would provide for the repayment of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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