Email: admin@pkpandco.com     Phone: 044 -28331646, 28331647, 28331648
Overview
Insolvency Advisory services

The Insolvency and Bankruptcy Code 2016 ('IBC' or 'the Code') is set to be a game changer, seeking to deal with insolvency and liquidation proceedings in a time bound and efficient manner in order to maximize value of assets and enhance investor confidence by providing an efficient framework to deal with business failures. Further, the Code also brings about a paradigm shift from a "Debtor in Possession" to a "Creditors in Control" regime, with creditors exercising timely control in the event of a default in the repayment of any debt Including Interest. Our PKP firm has experienced professional registered with IBBI as insolvency professionals and also the other partners have experience in handling Corporate Debt Restructuring (CDR), Financial Restructuring of organizations, Rehabilitation of Stressed companies. Our team team has arranged domestic and foreign funding for many companies.

a. Delivery of services as Interim Resolution Professional:
An Interim Resolution Professional is appointed by Debtor / Creditor / NCLT to conduct certain functions under IBC 2016 for the initial 30 days from the date of admission of case by NCLT. A Resolution Professional is the Insolvency Professional appointed by the Committee of Creditors in its First Meeting. Either the Interim Resolution Professional or another Insolvency Professional may be appointed as Resolution Professional. Details of activities to be carried as Interim Resolution Professional as follows:

  • To carry on the operations of the Borrower / Corporate Debtor as a running unit
  • To manage the affairs of the Borrower / Corporate Debtor
  • To arrange publication of Public Announcement
  • To appointRegistered valuers, Accounting, Legal and other Professionals
  • Verify the claims of creditors and finalize list of creditors
  • Form Committee of creditors
  • Prepare Information Memorandum
  • Call and convene 1st meeting of committee of creditors
  • Submit report on formation of committee of creditors and Minutes of proceedings of meeting of creditors to NCLT
  • To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the resolution process.
  • All matters incidental to carrying on the activities as an Interim Resolution Professional.


b. Delivery of services as Resolution Professional:
As a Resolution professional


  • To carry on the operations of the Borrower / Corporate Debtor as a running unit
  • To manage the affairs of the Borrower / Corporate Debtor
  • To verify the Resolution Plan as this is a major task for Insolvency Professionals in India
  • To call and conduct meetings of creditors, as and when necessary
  • To call and conduct meetings of creditors to approve Resolution Plan
  • To Submit Resolution plan approved by Committee of creditors to NCLT
  • To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the resolution process
  • All matters incidental to carrying on the activities as Resolution Professional


c. Delivery of services as Liquidator:
As a Liquidator:

  • To take over all the assets of the corporate entity
  • To arrange publication of Public Announcement
  • To appoint Registered valuers, Accounting, Legal and other Professionals
  • To verify the claims of creditors and finalize list of creditors/contributories
  • To prepare Statement of Affairs
  • To conduct disposal of assets and distribute the proceeds amongst creditors / contributories
  • Submit periodical reports to NCLT on progress of liquidation proceedings
  • Submit final report to NCLT and arrange dissolution of the corporate entity
  • To carry on such other activities as may be ordered by the NCLT or required for smooth conduct of the Liquidation proceedings
  • All matters incidental to carrying on the activities as Liquidator


d. Delivery of services as Support to Resolution Professional:

We also provide secretarial and Legal assistance with work related to the Resolution Professionals. These services include the following:

  • Publishing the public announcement in newspapers as per the guidelines of the Insolvency and Bankruptcy Board of India Regulations (Insolvency Resolution Process for Corporate Persons), 2016.
  • Our Firm has law professional in our advisory panels to advise on legal issues related with insolvency and bankruptcy resolution process , financial restructuring and statutory compliance and also to undertake cases with NCLT Benches. All the needs of the client with regard to making an application with NCLT / NCLAT are taken care of.
  • Formulating / drafting the Agenda for the Meeting of Committee of Creditors. The agenda is prepared by our team of experts as per IBC 2016.
  • Preparation and sending of the Notice of Meeting by appropriate means. Our team prepares the notice as per the guidelines of the Insolvency and Bankruptcy Board of India Regulations (Insolvency Resolution Process for Corporate Persons), 2016.
  • Preparation of the Minutes of the Meeting.
  • Prepare the Action Taken Report which is based on the decisions taken during the previous meetings.
  • Compile the Information Memorandum as per the Insolvency and Bankruptcy Board of India Regulations (Insolvency Resolution Process for Corporate Persons), 2016. The Information Memorandum contains the financial particulars of the Corporate Debtor.
  • Correspondence with Banks and Statutory Authorities regarding the initiation of Corporate Insolvency. Our team ensures that there is complete compliance of the IBC 2016.
  • Other additional support such as arranging Valuers for valuation of assets of corporate debtors, security agencies for safe guarding the physical assets of the Corporate Debtor and E-voting / IT Support are also pro



ADDRESS

B-8, Gems Court
25/14, Khader Nawaz Khan Road
Nungambakkam, Chennai
Tamilnadu, INDIA
Pincode 600 006
Phone No: 044 2833 1646 / 1647 / 1648 admin@pkpandco.com

Location Map

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