Masterclass organized for Resolution Professionals to share best practices that can be adopted when managing the CIRP by Resolution Professionals
National, December 21, 2018: Resolution professionals from leading consultancies and law firms gathered yesterday at a Master Class organized by Alvarez & Marsal India for Resolution Professionals to discuss practical and operational considerations during Corporate Insolvency Resolution Process and highlight the challenges Resolution Professionals and Advisors face in these situations.
Speaking at the Masterclass on “Role of Advisors in Assisting a Resolution Professional to Efficiently Manage Certain Key Areas during the Corporate Insolvency Resolution Process”, Dhruv Phophalia, Managing Director, Bankruptcy Administration said that The Insolvency and Bankruptcy has been a Path-Breaking reform in India. He further added that a resolution professional takes on one of the largest and most significant roles in managing the entire operations and bankruptcy administration of the debtor. “It is pretty clear from the provisions of IBC Section 18 and 25 that amongst other things, the Resolution Professional (RP) is required to protect the assets of the Corporate Debtor, including ensuring continued business operations.”
The esteemed speakers included advisors from law firms, Cyril Amarchand Mangadas, Trilegal and Shardul Amarchand Mangadas, Alvarez & Marsal representatives amongst others.
During the programme held in Mumbai, the advisors and RPs discussed some of the key areas under the RPs responsibility:
- Claims Management – recognizing and verifying claims from financial creditors and operational creditors
- Section 29A Due Diligence – Key section that prevents bad promoters from buying their business at haircuts though the IBC process and also requires the RP to conduct a proper due diligence on the resolution applicants
- Managing Operations – Key responsibilities of the RPs to protect the assets
- Sale Process – Right from setting up a data room to ensuring better participation and transparency
- Avoidance transactions – A powerful recovery tool
Corporate Comm India(CCI Newswire)
