What are the duties of resolution professional before initiation of pre-packaged insolvency resolution process ?
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2024
What are the duties of resolution professional before initiation of pre-packaged insolvency resolution process ?
Answer & Explanation:
As per Section 54B(1) of the Insolvency and Bankruptcy Code, 2016, the insolvency professional, proposed to be appointed as the resolution professional, shall have the following duties commencing from the date of the approval under clause (e) of sub-section (2) of section 54A, namely: prepare a report in such form as may be specified, confirming whether the corporate debtor meets the requirements of section 54A, and the base resolution plan conforms to the requirements referred to in clause (c) of sub-section (4) of section 54A; file such reports and other documents, with the Board, as may be specified; and perform such other duties as may be specified. Section 54B(3) provides that the fees payable to the insolvency professional in relation to the duties performed under subsection (1) shall be determined and borne in such manner as may be specified and such fees shall form part of the pre-packaged insolvency resolution process costs, if the application for initiation of pre-packaged insolvency resolution process is admitted.
Topics: Insolvency and Bankruptcy Code, 2016
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