Resolution Professional (RP)
Under the Insolvency and Bankruptcy Code, 2016 (IBC), the Resolution Professional (RP) plays a central role in managing the Corporate Insolvency Resolution Process (CIRP) after the initial stage handled by the Interim Resolution Professional (IRP). The Resolution Professional is responsible for conducting the insolvency resolution process in a structured and transparent manner with the objective of finding a viable resolution plan for the corporate debtor.
The Resolution Professional is appointed by the Committee of Creditors (CoC) and approved by the National Company Law Tribunal (NCLT). In many cases, the Interim Resolution Professional may continue as the Resolution Professional if approved by the Committee of Creditors.
Once appointed, the RP takes full responsibility for managing the affairs of the company during the insolvency resolution process. The RP facilitates communication between the corporate debtor and creditors, manages the evaluation of resolution plans, and ensures that the entire process is conducted in accordance with the Insolvency and Bankruptcy Code and applicable regulations.
The primary objective of the Resolution Professional is to maximise the value of the company’s assets and assist creditors in identifying and approving a suitable resolution plan that allows the business to continue operations while addressing its financial obligations.
Our Resolution Professional Services
We provide professional support throughout the Corporate Insolvency Resolution Process to ensure compliance with legal requirements and efficient management of the insolvency proceedings.
Conducting the Insolvency Resolution Process
Managing and administering the Corporate Insolvency Resolution Process in accordance with the provisions of the Insolvency and Bankruptcy Code.
Management of Corporate Debtor
Overseeing the operations of the company, maintaining it as a going concern, and protecting its assets during the resolution process.
Coordination with Committee of Creditors
Facilitating meetings of the Committee of Creditors, presenting financial information, and assisting the committee in decision-making during the insolvency proceedings.
Invitation and Evaluation of Resolution Plans
Inviting resolution plans from prospective resolution applicants and assisting the Committee of Creditors in evaluating the viability and feasibility of submitted plans.
Regulatory Compliance and Documentation
Ensuring all necessary filings, documentation, and reporting requirements are completed with the NCLT and the Insolvency and Bankruptcy Board of India (IBBI).
Stakeholder Communication
Maintaining transparent communication with creditors, resolution applicants, and other stakeholders involved in the insolvency process.
F.A.Q.
A Resolution Professional is an insolvency professional appointed to manage the Corporate Insolvency Resolution Process and oversee the preparation and approval of a resolution plan for the corporate debtor.
The Resolution Professional is appointed by the Committee of Creditors and the appointment is approved by the National Company Law Tribunal.
The Interim Resolution Professional manages the company during the initial phase of the insolvency process, while the Resolution Professional oversees the entire resolution process after the Committee of Creditors is formed.
Yes. The Committee of Creditors may decide to continue with the same professional as the Resolution Professional.
The RP manages the affairs of the corporate debtor, coordinates with creditors, invites and evaluates resolution plans, and ensures compliance with the Insolvency and Bankruptcy Code.
The Committee of Creditors evaluates resolution plans, makes key decisions regarding the insolvency process, and approves the final resolution plan.
If no resolution plan is approved within the prescribed time limit, the company may move towards liquidation as per the provisions of the Insolvency and Bankruptcy Code.
