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WORKS RELATED TO NCLT AND IBC AS A RP , IRP ETC

It has undertaken the following assignments:
1 PREPARING VARIOUS PETITION AND REPRESENTING CLIENTS AT HEARING OF VARIOUS MATTERS RELATED TO REVIVAL OF COMPANIES , OPERATION AND MISMANAGEMENT , INSOLVENCY PROCEEDING , LIQUIDATION ,MERGER ETC UNDER COMPANIES ACT , IBC AND OTHER RELATED ACTS.
2 ACTING AS AN IRP , RP AND LIQUIDATOR IN VARIOUS COMPANIES APPOINTED BY NCLT (AA)
3 ACTING AS ADMINISTRATOR AND OTHER ROLE AS APPOINTED EMPENNELLED BY SEBI .
4 EMPENNELED BY IBBI FOR ALL INSOLVENCY PROCEEDING AS IRP, RP AND LIQUIDATOR.

Insolvency & Other NCLT Matters :

Interim Resolution Professional

An Interim Resolution Professional is the Insolvency Professional proposed by the Resolution applicant and appointed by Adjudicating Authority to manage the affairs of the Corporate Debtor. The Interim Resolution Professional is responsible for all such actions from the date of the appointment until appointment of a resolution professional by COC or Committee of Creditors.

Insolvency Resolution Professional

The interim resolution professional assists in the drafting as well as in the release of any public announcement in relation to the initiation of CIRP as directed by the Code. The IRP is also required to collect any information related to assets, liabilities and operations of the corporate debtor in an effort to determine the financial position of the corporate sector.

The interim resolution professional is also responsible to receive and accumulate all claims which have been submitted by creditors – financial, operational, workmen and employees. Under the same, the IRP will be responsible for

Verification of all claims with corresponding proofs and documents
To determine the value of all claims after verification of documents after presentation before the IRP
To prepare a list of creditors and submit before the Adjudicating Authority.

The IRP is also required to constitute a committee of creditors and to conduct the first meeting with due notice, appropriate contents and manage voting. The IRP is also responsible to monitor the assets of corporate debtors and manage respective operations. The portfolio also includes to file information collected with information utility should it be necessary. It is also the duty of the IRP to take control and custody of all assets of corporate debtor.

The IRP can also call upon the promoters or any other management person of the corporate debtor in order to assist with information required to manage the affairs of the debtors.

Liquidation

Liquidation comes into effect when the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, seeks the direction of the Adjudicating Authority on the decision of the committee of creditors approved by not less than sixty-six per cent of the voting share to liquidate the corporate debtor. The Adjudicating Authority then passes a liquidation order.

Voluntary Liquidation

Under voluntary liquidation, it is directed that a company can apply for voluntary liquidation under the following conditions:

declaration from majority of the directors of the company verified by an affidavit stating that
the company is not being liquidated to defraud any person;

An insolvency professional acts as the liquidator and conducts the entire liquidation process. All this, provided that the company owes any debt to any person, creditors representing two-thirds in value of the debt of the company shall approve the resolution passed under sub-clause (c) within seven days of such resolution.

The company will then notify the Registrar of Companies and the Board about the resolution to liquidate the company within seven days of such resolution or the subsequent approval by the creditors, as the case may be.

Opression & Mismanagement case:

Oppressive Acts

The following acts constitute oppression:

Company's conduct is against the principles of fair dealing
Imposition of new and risky objects which are being opposed by the other faction of the shareholders
Depriving a member of his membership
Exercise of undue/harsh burden on a member
Acts of the company are against the provisions of the law

Acts of Mismanagement

The following acts constitute mismanagement:

Differences between the directors
Serving of the office by the director after the expiration of the term
Neglect/ breach of duty by the director
Improper appointment of the director
Group in power intends to defraud

Remedy at law

The Companies Act, 2013 under Section 241 provides the right to any member of the company to apply to Tribunal for relief in case of: -

(i) Oppression - where the affairs of the company are being conducted in a manner prejudicial to the public interest or oppressive to member or prejudicial to the company's interests. [Section 241 (1A)];

(ii) Mismanagement - if it is established that the affairs of the company are being conducted in a manner prejudicial to the company or public interests or by reason of change of the control of the company [Section 241 (1B)]

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