The first requirement when considering whether your insolvency appointments are compliant is to define what is meant by ‘compliance’. For Ladda and Associates this is simple – compliance means doing a good professional job.
The insolvency Ethics Code covers all aspects of insolvency work, demanding a high standard of professional behaviour, and insolvency practitioners must comply with the Ethics Code at all times. Compliance is therefore much more than just ensuring that statutory deadlines are met or sending reports with the appropriate contents to the right people.
Ladda and Associates peer reviews include all aspects of management and insolvency work and our advice is focused on ensuring sure that our insolvency clients are in as strong a position as possible regarding future regulatory visits.
Interim Resolution Professionals
We provide services to Financial Creditors, Operational Creditors and other stakeholders to act as IRPs for initiating and implementing Corporate Insolvency Resolution Process (‘CIRP’) as specified under the Insolvency & Bankruptcy Code, 2016.
Scope of Work of IRP/RP
While discharging our responsibilities as Insolvency Resolution Professional and the Resolution Professional, as the case may be, the scope of our work shall be as under:
- Make a public announcement regarding the admission of application for initiation of CIRP of the
- Written communication to be sent to all directors of the Corporate Debtor, Bankers and other regulatory bodies like MCA,ROC,SEBI, Department of Income Tax etc advising commencement of CIRP for Corporate
- Exercise control over the management of the Company pursuant to cessation of powers of the existing Board of Directors of the
- Seek necessary reporting from all the Officers/ Employees/ Workmen/ Key Managerial Persons of the Company regarding day to day affairs of the company.
- Send communication to the Banks for instructions regarding operations of the Bank Accounts of the
- Operating the bank accounts of the
- Dealings with the Bankers of the company in the regular course of business of the
- Review of the books of accounts of the Company for last two years as well as latest financial
- To collate a list of assets and liabilities of the company as on the date of last audited financial statement and as on CIRP commencement
- Appoint registered valuers for the purpose of valuation of assets of the
- Review of valuation reports as submitted by the appointed registered
- Inviting claims from the company’s creditors of the company including Trade Creditors, Creditors for expenses, Statutory Dues, Banks, FIs, NBFC, any other creditors along with necessary proofs for the
- Verify the proof of claims as received from the
- Constitute the Committee of Creditors as per the provisions of the
- Follow up with the Key Managerial Persons of the company to achieve compliances of the company with all the relevant statutory authorities like ROC, SEBI, Income Tax, Service Tax and Excise, Sales Tax/ VAT/ GST, EPFO, ESIC,
- On best effort basis, endeavour that the Company remains a going
- To prepare Information Memorandum of the Company in consultation with the other employees of the Company and as per the information supplied by the Company.
- Sharing of Information Memorandum with the potential resolution applicants and obtaining necessary undertakings from such.
- To convene meetings of the Committee of Creditors, as and when
- To prepare agenda of the meeting of the Committee of
- To prepare minutes of the meeting of the Committee of Creditors and circulation of the same among all the
- To evaluate all the resolutions plans received from various Resolution applicant and draw up a comparative analysis of the
- Present resolution plans so received from the Resolution applicants to the Committee of Creditors for their due
- To ensure compliance of the provisions of the code with the considered resolution
- To obtain consent of the required majority of the Committee of Creditors for the resolution
- Submission of the approved resolution plan to the Adjudicating Authority (NCLT) for approval.
We provide services to Financial Creditors, Operational Creditors and to the Corporate Debtors to act as a Resolution Professional under a Corporate Insolvency Resolution Process (‘CIRP’) as specified under the Insolvency & Bankruptcy Code, 2016.
Representation on Commitee of Creditors
We provide services as mentioned under section 21 (6C) and section 21 (6A) (b) of the Insolvency & Bankruptcy Code, 2016 to represent specific Financial Creditor/ any Class of Creditors on the Committee of Creditors.
We provide all services as a Liquidator as specified under the Insolvency & Bankruptcy Code, 2016 such as verification of claims of creditors, custody and control of the assets, preserve and protect assets of the company, carry out liquidation for the benefits of all stakeholders.
Scope of Work Liquidator
Scope of Work of the Liquidator as given under Section 35 of The Insolvency & Bankruptcy Code, 2016
- To verify claims of all the
- To take into his custody or control all the assets, property, effects and actionable claims of the corporate
- To evaluate the assets and property of the corporate debtor in the manner as may be specified by the Board and prepare a
- To take such measures to protect and preserve the assets and properties of the corporate debtor as he considers
- To carry on the business of the corporate debtor for its beneficial liquidation as he considers
- Subject to section 52, to sell the immovable and movable property and actionable claims of the corporate debtor in liquidation by public auction or private contract, with power to transfer such property to any person or body corporate, or to sell the same in parcels in such manner as may be
- To draw, accept, make and endorse any negotiable instruments including bill of exchange, hundi or promissory note in the name and on behalf of the corporate debtor, with the same effect with respect to the liability as if such instruments were drawn, accepted, made or endorsed by or on behalf of the corporate debtor in the ordinary course of its
- To take out, in his official name, letter of administration to any deceased contributory and to do in his official name any other act necessary for obtaining payment of any money due and payable from a contributory or his estate which cannot be ordinarily done in the name of the corporate debtor, and in all such cases, the money due and payable shall, for the purpose of enabling the liquidator to take out the letter of administration or recover the money, be deemed to be due to the liquidator himself.
- To obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and
- To invite and settle claims of creditors and claimants and distribute proceeds in accordance with the provisions of this
- To institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate
- To investigate the financial affairs of the corporate debtor to determine undervalued or preferential
- To take all such actions, steps, or to sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if any, as may be necessary for liquidation, distribution of assets and in discharge of his duties and obligations and functions as
- To apply to the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the corporate debtor and to report the progress of the liquidation process in a manner as may be specified by the
- To perform such other functions as may be specified by the
Corporate consulting for Resolution / Liquidation
We provide professional and strategic advice to all stakeholders in the IBC ecosystem for the best course of action to be adopted for the resolution process in case of default by the Corporate Debtor.
Preparation of RFRPs, Evaluation Matrix , Process Documents
We provide consultation to Corporates for Preparation of RFRPs, Evaluation Matrix, Process Documents.
Identification of prospective resolution applicants, investors, lenders.
Given the vast Insolvency experience and associated business networks developed by our Senior IPs , we as a team have substantial access to potential investors and Special Situation Lenders who could be potential resolution applicant in any CIRP matters.
Managing operations/cash flows of the entity under Insolvency.
Witworth has on its panel many industry experts from varied industry segments. These are senior and experienced professionals with working knowledge of each industry having personally worked in those segments. These Industry Specialists coupled with an experienced team of CAs, CSes, and finance and business professionals are available at all our branch locations enabling us to manage the ongoing operations, control cash flows and payments for maintaining an entity under CIRP as a going concern.
IBC Acquisition Strategy Advisory for resolution applicants for acquisition of assets / entities through the CIRP / Liquidation process
We advise clients who are looking to invest in distressed assets though the CIRP / Liquidation route. Their investment strategy as well as handholding them through the process is part of our Advisory business.
Preparation of resolution plans and representations of resolution applicant before RP, CoC , NCLT
Our team of experts will help the resolution applicant to prepare an appropriate Resolution Plan for the business entity under CIRP.
As per Section 5(26) of the IBC, “Resolution Plan” means a plan proposed by any person for Insolvency Resolution of the Corporate Debtor as a going concern. A resolution plan is prepared on the basis of the Information Memorandum given by the Resolution Professional.
Legal Advisory Service / Representation
We provide legal assistance to our clients through empanelled advocates for initiating the Insolvency Resolution process. We have established associations with reputed Legal firms to undertake cases with NCLT benches. All the needs of the client with regard to the following are taken care of .
- Filing of CIRP application in Hon’ble NCLT
- Filing of pleadings
- Representation on behalf of various stakeholders before different benches of NCLT, NCLAT and Hon’ble Supreme Court of India.
- Legal Advisory / Process Advisory services in CIRP
Interim Finance / Fund Syndications
The team is experienced in raising Interim Finance for companies under CIRP as well as implementing complex transactions involved in arranging fund syndication and for raising funds from investors, Special Situation Funds and NBFCs etc. for restructuring, takeover etc. of financially distressed entities. The team advises on navigating bankruptcies, acquisitions, debt restructurings, trading etc.
- SECTION 7 (Initiation of corporate insolvency resolution process by Financial Creditor)
- SECTION 9 (Application for initiation of corporate insolvency resolution process by Operational Creditor)
- SECTION 10 (Initiation of corporate insolvency resolution process by Corporate Applicant)
- SECTION 12 A
- Interim Resolution Professionals
- Act as an Interim Resolution Professional/Resolution, Professional/Liquidator or Bankruptcy trustees
- Contingency planning, Complete case management services, Claims
- Liquidation process, Voluntary Liquidation of corporate persons, Liquidation of Corporate debtor.
- Fast Tack Corporate Insolvency Resolution Process
- Fresh Start Process
- Insolvency Resolution Process
- Application for Bankruptcy order for individuals and Partnership Firms
- Administration and Distribution of the Estate of the Bankrupt
- Fraud, Forensic & Litigation Support
- Drafting of Notices, Agenda, Minutes of the Meetings , Agreements, POAs
- Recovery and insolvency solutions
- Advising on warning signs of financial crisis
- Winding up Petition
- Appear before NCLT,NCLAT, DRT,DRAT and other tribunals
- Oppression & Mismanagement cases, Corporate Restructuring, Commercial Contracts, National and International Arbitration.
- Verification of claims, Determination of amount of claims
- Provide Registered Valuation services,