Resurgent Resolution Professionals LLP (RRPL) has more than 10 experienced Insolvency Professionals (IP’s) as partners who are all registered with IBBI across various major cities such as Gurgaon, Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad etc. and can provide services as IRP to Financial Creditors, Operational Creditors and other stakeholders for initiating and implementing Corporate Insolvency Resolution Process ('CIRP') as specified under the Insolvency & Bankruptcy Code, 2016.
The Insolvency and Bankruptcy Code, 2016
Insolvency Resolution and Liquidation for Corporate Persons
Corporate Insolvency Resolution Process (CIRP)
a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to –
b) receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15;
c) constitute a committee of creditors;
d) monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors;
e) file information collected with the information utility, if necessary; and
f) take control and custody of any asset over which the corporate debtor has ownership rights as recorded in the balance sheet of the corporate debtor, or with information utility or the depository of securities or any other registry that records the ownership of assets including -
g) to perform such other duties as may be specified by the Board.
For the purposes of this 1[section], the term “assets” shall not include the following, namely:-
a) assets owned by a third party in possession of the corporate debtor held under trust or under contractual arrangements including bailment;
b) assets of any Indian or foreign subsidiary of the corporate debtor; and
c) such other assets as may be notified by the Central Government in consultation with any financial sector regulator.
1. Substituted by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, for the word “sub-section” in explanation of section 18 (w.e.f. 06.06.2018).