The Insolvency Code (” Code”) is made to revamp the bankruptcy and insolvency laws in India. Most importantly it offers a resolution for new management or an exit plan to all categories of persons – Corporate, Stakeholders, Individuals and Partnership firms apart from overhauling century old legal framework. In this process of application for resolution by financial creditor or corporate debtor, it mandatory to propose a name of the Resolution Professional – RP to the Adjudicating Authority i.e., National Company Law Tribunal – NCLT. On the other hand, it is important for the operational creditor as well to appoint an experienced IP for making the insolvency application and resolution there after.

Consent for acting as the Insolvency Professional
Assistance in making Public Announcements and accepting claims
Verify and Validate Claims Received from the Creditors
Conducting Valuation of Stocks and other Current Assets
Arranging Interim Finance
Preparing Information Memorandum
Conducting meetings of the Committee of Creditors (COC)
Managing the administration of Debtors
Accepting and analyze Resolution Plans
Acting as a Company Liquidator