Collect Information about Assets, Finance etc.

cirp

Synergy Insolvency has developed a large team responsible for conducting various functions of Corporate Insolvency Resolution Process. The team consists of law graduates, company secretaries, cost accountants, experienced commerce graduates, chartered accountants, experienced accountants, computer operators, etc. 

The following are the key jobs under this team: ‚Äď

  • Protect and preserve the value of corporate debtor‚Äôs property and manage corporate debtor‚Äôs operations as a going concern¬†(section 20)
  • Take control and custody of any assets over which corporate debtor has ownership rights as per its balance sheet or information utility or depository
  • Gather all information pertaining to corporate debtor‚Äôs assets, finances and operations for determining its financial position.
  • Receive, verify and collate claims received from creditors in response to the public announcement
  • Constitute a committee of creditors
  • File information collected with information utility

Section 25 lays down the duties of an RP besides preserving and protecting the assets of the corporate debtor and to continue its business operations:

  • ¬† ¬† ¬†Take custody and control of all assets including business records
  • ¬† ¬† ¬†¬†Represent and act on behalf of corporate debtor with third parties and exercise rights¬† for the benefit of corporate debtor in al¬† ¬† ¬† ¬†proceedings ‚Äď judicial, quas-judicial or arbitration
  • ¬†¬†¬†¬†¬†¬†¬†¬†Raise interim finance where needed
  • ¬†¬†¬†¬†¬†¬†¬†¬†Appoint professional as needed
  • ¬†¬†¬†¬†¬†¬†¬†¬†Maintain updated list of claims
  • ¬†¬†¬†¬†¬†¬†¬†¬†Convene and attend all meetings of CoC.
  • ¬†¬†¬†¬†¬†¬†¬†¬†Prepare information memorandum
  • ¬†¬†¬†¬†¬†¬†¬†¬†Invite prospective resolution applicants
  • ¬†¬†¬†¬†¬†¬†¬†¬†Present resolution plans at CoC meetings
  • ¬†¬†¬†¬†¬†¬†¬†¬†File application for the avoidance of transaction where determined so.

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