XYZ Industries Ltd. is undergoing a corporate insolvency resolution process (CIRP). The Resolution Professional (RP) needs to comply with the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Pro

The Resolution Professional (RP) overseeing the corporate insolvency resolution process (CIRP) of XYZ Industries Ltd. must adhere to several key steps and timelines as per the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017: Public announcement: An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional. An insolvency professional shall make a public announcement within three days of his appointment as an interim resolution professional. Verification of claims: The interim resolution professional or the resolution professional, as the case may be, shall verify every claim, as on the fast track commencement date, within seven days from the last date of the receipt of the claims, and thereupon maintain a list of creditors containing names of creditors along with the amount claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims, and update it. (Rule 13) Committee with only operational creditors: Where the corporate debtor has no financial debt or where all financial creditors are related parties of the corporate debtor, the committee formed shall consist of (a) eighteen largest operational creditors by value: (b) one representative elected by all workmen and (c) one representative elected by all employees. Based on records of the corporate debtor and claims, if the interim resolution professional is of the opinion that the fast track process is not applicable to the corporate debtor as per notifications under section 55(2), he shall file an application to the Adjudicating Authority along with the report in sub-regulation (1), to pass an order converting the fast track process to corporate insolvency resolution process under Chapter II of Part II of the Code. If the Adjudicating Authority passes an order converting fast track to corporate insolvency resolution process on an application under sub-regulation (2), the process shall be carried on in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Filings by the interim resolution professional: The interim resolution professional shall file a report certifying the constitution of the committee to the Adjudicating Authority on or before the expiry of twenty-one days from the date of his appointment. The interim resolution professional shall convene the first meeting of the committee within seven days of filing the report(s) under this Regulation. Meetings of the committee: A resolution professional may convene a meeting of the committee as and when he considers necessary, and shall convene a meeting if a request to that effect is made by members of the committee representing thirty-three per cent of the voting rights. Appointment of registered valuer: The resolution professional shall within seven days of his appointment, appoint one registered valuer to determine the fair value and the liquidation value of the corporate debtor. Sale of assets outside the ordinary course of business: With the approval of CoC, the resolution professional may sell unencumbered asset(s) of the corporate debtor, other than in the ordinary course of business, if he is of the opinion that such a sale is necessary for a better realisation of value under the facts and circumstances of the case. Provided that the book value of all assets sold during fast-track process period in aggregate under this sub-regulation shall not exceed ten percent of the total claims admitted by the interim resolution professional. Information memorandum: The resolution professional shall submit the information memorandum in electronic form to:-(a) each member of the committee within two weeks of his appointment as resolution professional (b) each prospective resolution applicant latest by the date of invitation of resolution plan under clause (h) of sub-section (2) of section 25 of the Code. Invitation of Resolution Plans: The resolution professional shall issue an invitation, including evaluation matrix, to the prospective resolution applicants, to submit resolution plans at least fifteen days before the last date of submission of resolution plans. Resolution plan: A resolution plan shall provide for the measures, as may be necessary for insolvency resolution of the corporate debtor for maximization of value of its assets. Approval of resolution plan: The resolution professional shall submit the resolution plan approved by the committee to the Adjudicating Authority, at least fifteen days before the expiry of the maximum period permitted under section 56 for the completion of the fast track corporate insolvency resolution process, with the certification that- (a) the contents of the resolution plan meet all the requirements of the Code and the Regulations; and (b) the resolution plan has been approved by the committee. The resolution professional shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and the resolution applicant.