To Financial Creditors
Corporate Insolvency Resolution Process
CIRP is the process designated for resolving corporate insolvency as per the provisions outlined in the Code. Our 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 Nodal for Committee of Creditors. The duties include preparation and compilation of Information Memorandum 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
In any CIRP, where no resolution plan is received or the Committee of Creditors rejects the resolution plan and recommends the liquidation, then the Adjudicating Authority may pass an order requiring the corporate debtor to be liquidated in the manner as laid down under the Code. Our Team members ,as Liquidators, take all steps to appoint valuers, auditors, brokers for sale of assets, convene Stakeholders Consultation Meetings, 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 to liquidate the corporate and distribute the proceeds as per the defined mechanism.
Dissolution Process
Once the assets of the company are fully liquidated, the liquidator approaches the Tribunal with an application to dissolve the company. The tribunal then proceeds to pass an order of liquidation and a copy of the same is 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 a provision for the IRP to appoint an authorized representative of the creditors for selective class of creditors as per their choice. The appointment of an “authorised representative” is necessary where a “class of creditors” consists of at least 10 members.
Assistance for Opinion on Feasibility and Viability of Resolution Plans
Providing assistance in considering the feasibility and viability of the resolution plan; the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in IBC including the priority and value of the security interest of a secured creditor and such other requirements as may be specified by the Board.
Marketing of Projects for Maximization of Resolution Applicants Participations
Providing assistance in preparation of a strategy for marketing of the assets of the corporate debtor in consultation with the committee.
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
Narmada IPE 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.
