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Becoming a Resolution Professional

The document discusses the role of a resolution professional (RP) in the insolvency resolution process under India's Insolvency and Bankruptcy Code (IBC). [1] The RP takes control of the corporate debtor's assets, invites creditor claims, and prepares information for potential buyers. [2] To become an RP, one must be registered as an insolvency professional with no conflicts of interest. [3] Key duties of an RP include preserving assets, collecting financial information, presenting resolution plans to the Committee of Creditors, and submitting the approved plan to the adjudicating authority.

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21 views8 pages

Becoming a Resolution Professional

The document discusses the role of a resolution professional (RP) in the insolvency resolution process under India's Insolvency and Bankruptcy Code (IBC). [1] The RP takes control of the corporate debtor's assets, invites creditor claims, and prepares information for potential buyers. [2] To become an RP, one must be registered as an insolvency professional with no conflicts of interest. [3] Key duties of an RP include preserving assets, collecting financial information, presenting resolution plans to the Committee of Creditors, and submitting the approved plan to the adjudicating authority.

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Pranav
Copyright
© All Rights Reserved
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NAME : Pranav Avinash Wadhawankar

PRN : 180104051016
STREAM : [Link].B (Hons.)
YEAR / SEMESTER: FIFTH Year / IX-th Semester
SUBJECT : Insolvency and Bankruptcy Code
PPT TOPIC : Resolution Professional
Introduction

The Insolvency and Bankruptcy Code (IBC) was introduced in India in 2016 to consolidate and
amend the laws relating to reorganization and insolvency resolution of corporate persons,
partnership firms and individuals in a time-bound manner.

One of the key players in the insolvency resolution process under the IBC is the Resolution
Professional (RP).
Role of a Resolution Professional

The RP is responsible for taking control and custody of the assets of the corporate debtor.

The RP also performs various other functions such as inviting and verifying claims of
creditors, constituting a committee of creditors, preparing an information memorandum for
potential resolution applicants, and monitoring the resolution process.
Eligibility to become a Resolution Professional

A person should be registered with the Insolvency and Bankruptcy Board of India (IBBI)
as an insolvency professional.

The person should not have any conflict of interest with the corporate debtor.

The Insolvency Professional is governed by specific legislation that they have to follow
i.e., IBBI (Insolvency Professional) Regulation, 2016.
POWERS AND DUTIES OF A RESOLUTION
PROFESSIONAL

To preserve, protect and monitor the assets of the corporate debtor.

Collecting all the information of the assets, finances, and operations.

To represent himself and act on the behalf of the corporate debtor.

Disclose the insolvency resolution process cost.

Appointment of accountants, legal professionals, and other professionals.


POWERS AND DUTIES OF A RESOLUTION
PROFESSIONAL

Receiving, verifying and maintaining an updated list of the claims.

Presenting resolution plans before the CoC meeting.

To submit the resolution plan to the Adjudicating Authority approved by the CoC.

Any other such duty as specified by the Board.


CONCLUSION

The Resolution Professional plays a critical role in the insolvency resolution process under the IBC.

The RP is responsible for managing the affairs of the corporate debtor during the resolution process, and has
certain powers and duties to ensure that the process is carried out in a time-bound and efficient manner.

RP’s role is limited to making appropriate recommendations to AA.

The High Court of Karnataka in Babu A. Dhammanagi Vs Union of India observed that as per the procedure
prescribed under sections 95 to 100, the role of the Resolution Professional was limited to making
appropriate recommendations to Adjudicating Authority and the final decision of admission or rejection of
an application referred to under section 95 solely lies with the Adjudicating Authority.
THANK YOU

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