Resolution Professional (RP) Services
Expert CIRP Management Under the Insolvency and Bankruptcy Code
Information memorandum preparation, Section 29A eligibility screening, Section 30(2) plan evaluation, CoC facilitation, NCLT compliance certificates and liquidation transition — the strategic phase of the CIRP.
Overview
What Is a Resolution Professional and What Role Does the RP Play in the Insolvency Process?
Once the Interim Resolution Professional has laid the groundwork — taking charge of the corporate debtor, verifying claims, and constituting the Committee of Creditors — the insolvency process enters its most consequential phase. The Resolution Professional takes the helm and steers the entire Corporate Insolvency Resolution Process towards either a successful resolution or an orderly liquidation. The RP's effectiveness determines whether a distressed company gets a second chance at survival or whether its assets are parcelled out among creditors in a winding-up process.
N D Savla & Associates provides comprehensive advisory and compliance support to Resolution Professionals, the Committee of Creditors, corporate debtors, and resolution applicants throughout the CIRP. Our team works alongside insolvency professionals to ensure that every aspect of the process — from information memorandum preparation to resolution plan evaluation — meets the standards set by the IBC and the IBBI. We bring the same depth of expertise to RP support as we do to our broader insolvency advisory practice and our support for Interim Resolution Professionals.
Our approach prioritises practical outcomes. We do not produce advisory reports that sit in filing cabinets. Every recommendation is designed to be implemented within the compressed timelines of the CIRP, ensuring that the corporate debtor's value is maximised and stakeholder interests are protected.
The RP's role is fundamentally different from the IRP's. While the IRP's mandate is to stabilise the situation and form the CoC within 30 days, the RP's mandate is strategic — to explore all viable options for resolving the corporate debtor's insolvency through a resolution plan, and to present the best available options to the CoC for decision-making. The RP acts as a bridge between the corporate debtor, its creditors, potential resolution applicants, and the NCLT.
The RP is a fiduciary with obligations to all stakeholders, not just the CoC. This means the RP must balance the interests of financial creditors, operational creditors, employees, workmen, and other parties affected by the insolvency. The RP is accountable to the IBBI for professional conduct and to the NCLT for compliance with the statutory framework.
Who It Applies To
Who Needs Resolution Professional Support Services?
The CIRP involves multiple parties with competing interests, and each requires specialised advisory support. N D Savla & Associates serves each stakeholder category with tailored financial and compliance expertise.
Resolution Professionals Seeking Financial Advisory
Registered insolvency professionals appointed as RPs need robust financial support to prepare information memorandums, verify and update creditor claims, conduct valuations, evaluate resolution plans for financial feasibility, and prepare reports for the NCLT and IBBI. Our chartered accountants work as an integrated part of the RP's team, providing the financial backbone that the process requires. We also support RPs who may later transition to the role of liquidator if the CIRP does not result in a successful resolution.
Committee of Creditors Members
Financial creditors who sit on the CoC need independent financial analysis to evaluate resolution plans presented to them. Each resolution plan contains financial projections, proposed debt restructuring terms, and implementation timelines that require scrutiny by qualified professionals. We assist CoC members in understanding the financial viability of competing plans and the likely recovery outcomes under each scenario.
Resolution Applicants and Investors
Parties interested in acquiring or restructuring the corporate debtor need financial due diligence support, valuation expertise, and advisory on structuring resolution plans that meet the requirements of Section 30 and Section 29A of the IBC. Our firm assists resolution applicants in preparing financially viable and legally compliant plans that stand the best chance of CoC and NCLT approval. We also advise on the broader merger and restructuring implications of resolution plans.
Corporate Debtors and Their Promoters
The management team and promoters of the corporate debtor — while suspended from management during CIRP — remain important stakeholders who may have obligations related to information provision, cooperation with the RP, and in some cases, submission of their own resolution plans (subject to Section 29A eligibility). Our firm advises promoters on their rights and obligations during CIRP and, where applicable, on alternative paths such as voluntary liquidation.
How It Evolved
How Has the Role of the Resolution Professional Evolved in Indian Insolvency Law?
The Resolution Professional is a creation of the IBC era. No equivalent role existed in India's previous insolvency framework, and the RP's powers and responsibilities have been significantly refined through legislative amendments, IBBI regulations, and judicial interpretation since 2016.
Pre-IBC — No Independent Resolution Management
Under the Sick Industrial Companies Act and the BIFR framework, distressed companies were typically managed by their own promoters throughout the rehabilitation process. Court-appointed administrators existed in limited winding-up proceedings under the Companies Act, but there was no concept of an independent professional managing a time-bound resolution process with the objective of maximising value for creditors. The absence of this role was one of the primary reasons why India's insolvency outcomes were so poor — promoters had no incentive to cooperate with resolution, and creditors had no mechanism to force a change in management.
Post-Liberalisation — Piecemeal Reforms
After 1991, India introduced several mechanisms for debt recovery — Debt Recovery Tribunals under the DRT Act of 1993, the SARFAESI Act in 2002, and corporate debt restructuring frameworks through RBI guidelines. None of these provided for independent professional management of the debtor. CDR packages were negotiated between banks and borrowers without independent oversight, leading to evergreening of loans and repeated restructuring without genuine resolution. The World Bank's Doing Business reports consistently highlighted this gap.
The IBC Framework and the RP's Central Role (2016 Onwards)
The IBC drew on the United Kingdom's insolvency practitioner model and the UNCITRAL Legislative Guide to create the RP role. Key features include mandatory registration with IBBI, professional conduct standards enforced through disciplinary proceedings, personal liability for certain breaches, and fiduciary obligations to all stakeholders. The Ministry of Corporate Affairs has progressively strengthened the RP's role through amendments — notably the 2019 amendment that introduced Section 12A (allowing withdrawal of CIRP with CoC approval) and the pre-packaged insolvency framework for MSMEs in 2021.
Judicial Refinements
The Supreme Court's Essar Steel judgment was pivotal in clarifying the RP's role in plan evaluation and the CoC's commercial wisdom in selecting resolution plans. The judgment confirmed that the CoC has overriding commercial authority in approving plans, but the NCLT retains the power to ensure that plans comply with Section 30(2) requirements. Subsequent NCLAT and Supreme Court decisions have further clarified the RP's reporting obligations, the treatment of avoidance transactions, and the scope of the RP's investigation powers under Section 25(2)(j).
The CIRP Phase
What Is the Step-by-Step Process for a Resolution Professional During CIRP?
The RP's work follows a structured sequence mandated by the IBC and IBBI CIRP Regulations. Each stage involves specific deliverables, stakeholder interactions, and compliance requirements.
Appointment and Transition
IBC — Section 22
Ongoing Management of Corporate Debtor
IBC — Section 25
Preparation of the Information Memorandum
IBC — Section 29
Invitation of Resolution Plans
IBC — Section 29A
Evaluation of Resolution Plans
IBC — Section 30(2)
CoC Deliberation and Voting
Submission to NCLT
IBC — Section 31
Implementation Support or Liquidation Transition
Sector Application
How Do RP Services Apply Across Different Sectors?
Manufacturing and Heavy Industry
Resolution plans for manufacturing companies often involve operational turnaround strategies combined with debt restructuring. The RP must prepare information memorandums that accurately represent the going concern value of the manufacturing operations, including detailed asset inventories, equipment condition assessments, and operational capacity analysis. Prospective resolution applicants need reliable financial data to structure commercially viable proposals. Our team assists RPs with detailed financial analysis and valuation support tailored to manufacturing operations.
Real Estate and Construction
Real estate CIRP cases involve complex stakeholder dynamics — homebuyers as financial creditors, multiple secured lenders, regulatory approvals from RERA and local authorities, and ongoing construction obligations. The RP must balance the commercial interests of financial creditors with the statutory protections afforded to homebuyers. Resolution plans must address project completion timelines, allottee rights, and regulatory compliance. Our firm brings both financial expertise and regulatory awareness to support RPs in real estate insolvency matters.
Technology and Services
Companies in the technology and services sector typically have significant intangible assets — intellectual property, software platforms, client contracts, and skilled workforce. The RP must accurately value these intangibles and present them effectively in the information memorandum. Resolution plans for tech companies often involve acqui-hire structures, IP licensing arrangements, and service contract assignments that require specialised financial and legal structuring.
Trading and Distribution
Trading companies in insolvency typically have significant receivables, inventory, and supply chain relationships. The RP must manage working capital carefully during CIRP, collect outstanding receivables, and maintain supplier relationships to preserve going concern value. Our firm assists RPs with receivables analysis, inventory audits, and working capital management. We also support demand notice consultations for operational creditors pursuing claims against trading entities.
Why Our Firm
Why Should You Choose N D Savla & Associates for Resolution Professional Support?
Proven CIRP Experience
Our firm has supported Resolution Professionals across multiple CIRP engagements. We understand the practical challenges — from managing cash-strapped operations during the moratorium to evaluating complex resolution plans with multi-layered debt restructuring provisions. Our team brings hands-on experience, not just theoretical knowledge.
Comprehensive Financial Analysis
We provide end-to-end financial support throughout the CIRP — claims verification, asset valuation, information memorandum preparation, resolution plan financial analysis, and compliance reporting. Our integrated approach ensures consistency and accuracy across all financial workstreams.
Regulatory Precision
The CIRP involves continuous regulatory compliance — IBBI filings, NCLT reports, CoC meeting procedures, and resolution plan evaluation against Section 30(2) requirements. Our team maintains current knowledge of all applicable regulations, circulars, and judicial precedents. This extends to our broader capabilities in insolvency and bankruptcy matters at the NCLT.
Stakeholder-Balanced Advisory
We provide independent, objective analysis that serves the integrity of the insolvency process. Our advice considers the interests of all stakeholders — financial creditors, operational creditors, employees, and the corporate debtor — in line with the fiduciary obligations of the Resolution Professional under the IBC.
Broader Practice
Our Broader Insolvency and Restructuring Services
The RP sits at the centre of the CIRP — our practice covers every role and route around it:
Frequently Asked Questions
Frequently Asked Questions About Resolution Professional Services
What is a Resolution Professional and how is the RP different from an IRP?
Who appoints the Resolution Professional under the IBC?
What are the main responsibilities of a Resolution Professional during CIRP?
How long does a Resolution Professional remain in charge of the insolvency process?
Can the Resolution Professional be replaced during the CIRP?
Need expert Resolution Professional support?
Talk to our IBC team — information memorandum, plan evaluation under Section 30(2), CoC analysis and NCLT compliance inside the 330-day cap.
Book a ConsultationEmail: nainitsavla@savlagroup.in | N D Savla & Associates, Chartered Accountants, Mumbai