Ducturus 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. It also provides full support to Insolvency Professionals who are the directors of this Insolvency Professional Entity. The following are the key jobs under this team:
- To communicate with all the stakeholders such as Committee of Creditor’s members, other claimants, promoters and directors, Key Managerial Personnel, statutory authorities, auditors, employees of Corporate Debtor, etc for the purpose of seeking information, informing them about the commencement of CIRP, coordinating for litigations, running the company,etc.
- To appoint professionals and experts for the process such as Registered Valuers for valuation of the assets of the Corporate Debtor; Transactional Auditors for determination of avoidable transactions u/s 43, 45, 50 and 66 of the Code; internal auditors, if approved; statutory auditors, if required and approved; industry expert, process consultant, if required; etc. and to get their fee approved from Committee of Creditors.
- To maintain a panel of professionals after verification of key documents, antecedents and performance history for the purpose of their appointment for Corporate Debtors. Ducturus maintains a panel of advocates, industry experts, auditors, forensic auditors, registered valuers, media agencies, security service providers, etc.
- To interact and coordinate with different professionals and experts appointed for the process and to provide the requisite information for completion of the job and to obtain their report.
- To convene the Committee of Creditors meetings and to prepare all notices, agenda, information to be shared with COC, minutes, etc and to act as a bridge between Committee of Creditors and the Insolvency Professional.
- To prepare and compile Information Memorandum and co-ordinate for all the information required. To keep the Information Memorandum updated with all that information which is important for understanding the Corporate Debtor for the purpose of submission of Resolution Plan.
- To set out eligibility criteria for different sectors, preparation of detailed EOI document for the invitation of EOI’s an approach to potential investors.
- To verify the Expression of Interest which shall receive from Prospective Resolution Applicants.
- To set out parameters for Evaluation Matrix and preparation of Request for Resolution Plan (RFRP) document.
- To create the data room for Prospective Resolution Applicants and facilitate them to submit Resolution Plan.
- To evaluate & Examine the Resolution Plan based on the mandatory contents of the Code, Evaluation Matrix and RFRP.
- To conduct the due diligence of eligibility of Resolution Applicant as per Section 29A.
- To evaluate the allocation of funds to creditors in the Resolution Plan as per priority set out in the Code.
- To prepare the compliance certificate (Form H) pursuant to the approval of Resolution Plan by the CoC and draft and file the application for approval of Resolution Plan
Similar services would also be provided in the case of Insolvency Resolution Process of Individuals, Proprietorship Concerns and Partnership Firms.