Describe the role of a Company Secretary as an Insolvency Professional.
CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · June 2019
Describe the role of a Company Secretary as an Insolvency Professional.
Answer & Explanation:
Company Secretary as Insolvency Professional Company Secretaries having passed necessary examination, possessing prescribed number of years of experience, enrolled with an insolvency professional agency and registered with Insolvency and Bankruptcy Board of India (IBBI) as an insolvency professional, can take up matters relating to corporate insolvency resolution process as Interim Resolution/Resolution Professionals, and also take up voluntary liquidation cases. They can also act as authorized representatives for a class of creditors in a meeting of Committee of Creditors in a resolution process. As per the Insolvency and Bankruptcy Board of India Regulations, a member of the Institute of Company Secretaries of India having ten years' of experience and have other requisite qualifications is eligible for registration as insolvency professional.
Topics: Insolvency and Bankruptcy Code, 2016
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