Under IBC Code

Corporate Insolvency Resolution Process

CIRP is the process designated for resolving corporate insolvency as per the provisions outlined in the Code. Our support services are extended for efficient handling of the process involving public announcement inviting claims, collation and verification of the claims, constitution of committee of creditors, supervising the operations of Corporate Debtor and to do all such acts required for keeping the Corporate Debtor as a going concern, convene the Committee of Creditors meetings and to prepare all notices, agenda, information to be shared with COC, minutes, etc. and to act as a bridge between Committee of Creditors and the Insolvency Professional, prepare and compile Information Memorandum and co-ordinate for all the information required and release of Expression of Interest, preparation of RFRP, bid evaluation matrix, eligibility criteria and other documents for receipt, examination and presentation of Resolution Plans for the approval of Committee of Creditors.

Liquidation Process

The AA before the expiry of the CIRP period or the maximum period permitted for completion of the CIRP under section 12 or section 56, as the case may be, does not receive a resolution plan u/s 30(6); or rejects the resolution plan under section 31 may pass an order requiring the corporate debtor to be liquidated in the manner as laid down under the Code. Our services are extended to appoint valuers, auditors, brokers for sale of assets, convene Stakeholders Consultation Meetings entire process e-auction process for the sale of assets, preparation of e-auction document, keep the virtual data room, verify the eligibility of bidder under section 29A and other documents for receipt and examination of bids.

Dissolution Process

According to Section 54 of IBC, once the assets of the company are fully liquidated, the liquidator will approach the Tribunal with an application to dissolve the company. The tribunal will then proceed to pass an order of liquidation and a copy of the same must be sent to the concerned ROC within 7 days. The process is time-bound, efficient, and under the supervision of the NCLT.

Authorised Representative Services

The Insolvency and Bankruptcy Board of India (IBBI) under IBBI (Insolvency Process for Corporate Persons) Regulation, 2016 (hereafter, Regulations) provides the provision of AR which states, “The interim resolution professional shall select the insolvency professional, who is the choice of the highest number of financial creditors in the class in Form CA received under sub-regulation (1) of regulation 12, to act as the authorized representative of the creditors of the respective class….”. However, IBC and Regulations thereof do not define the same under “definitions. The appointment of an “authorised representative” is necessary where a “class of creditors” includes at least 10 members.

Personal Insolvency Process

Sections 94 to 187 of the Code, read with sec. 60 (1) and (2), w.r.t. insolvency and bankruptcy of personal insolvency of corporate guarantors have been notified vide notification dated 15.11.2019, along with rules and regulations for insolvency and bankruptcy process of Personal Guarantors. NCLT admits the petition, moratorium starts, Insolvency Professionals initiate the process, and Insolvency Advisor assists in the complete liquidation process.

Bankruptcy Process

If repayment plan of personal guarantors is rejected or approved plan is not completely implemented, NCLT may order Bankruptcy of Individuals or partnership firms and Bankruptcy Trustee is appointed. Public notice for inviting claims from creditors is issued, meeting of creditors is conducted, Trustee to investigate the affairs, realise the estate and distribute the estate of the bankrupt.

Pre-Packaged Insolvency

PPIRP is available for resolution of stress of corporate MSMEs. It is available as an alternate option, should the stakeholders like to use it. It allows the company, if eligible under section 29A, to submit the base resolution plan which is exposed to challenge for value maximisation. The public announcement is made for inviting claims, Creditor Committee to be constituted, and IM to be prepared. Plans to be invited. Creditor Committee approved a plan to be approved by NCLT.

Representation To Nclt/Nclat/High Courts/Supreme Courts

WWIPE provides complete legal support for day to day guidance and for an understanding of various legal documents along with the claims and other documents sourced from Corporate Debtor. We also support for various provisions of Code and regulations made for CIRP and liquidation processes. Provide consultation on various provisions of Code and regulations made under the Code for conducting the CIRP and Liquidation Process.

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