RIRRPL provides services to stakeholders including Financials Creditors, Operational Creditors, Government authorities, etc and support services to Liquidators for initiating and implementing the Liquidation Process whether compulsorily or voluntarily and provide all assistance to preserve and protect the assets of the corporate debtor including continuing the business of the Corporate Debtor as going concern in order to maximize its value and to distribute judiciously among the stakeholders as per IBC. The team implement strategies to recover funds from sale of tangible and intangible assets, initiate recovery measures and distribution of funds amongst stakeholders as per Section 53 of the code.

The team provides all services as required and specified under the Insolvency & Bankruptcy Code, 2016 including but not limited to:

  • Preparation and issuance of public announcement intimating initiation of Liquidation and inviting claims from various Stakeholders.
  • Written communication to all promoters, directors & Key managerial persons of the Corporate Debtor, Bankers, employees and workmen’s, auditors, other regulatory bodies like MCA, ROC, SEBI, Department of Income Tax GST etc. to intimate Initiation of Liquidation for Corporate Debtor and to seek information about Corporate Debtor as required.
  • Taking control over the management of the Corporate Debtor from the erstwhile IRP/RP.
  • Taking physical and virtual control and custody over operations and assets of the Corporate Debtor and maintaining its control and running the Corporate Debtor as a going concern on a best effort basis. Activities include:
  • To identify and visit all locations of the businesses and assets of the Corporate Debtor
  • To prepare a database of assets or businesses of Corporate Debtor including but not limited to pictures and videos of assets.
  • Opening of a separate Liquidation account
  • Represent and act on behalf of the corporate debtor with third parties, exercise rights for the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings.
  • Institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate debtor.
  • Claim Verification:
  • To receive, collate, verify and admit or reject claims of financial creditors, operational creditors, workmen and employees, claims for statutory dues, other stakeholders etc.
  • To prepare a physical and digital database of claims received with regards to documentation, category (secured or unsecured), priority u/s 53, determination and verification of security interest, inter-creditor arrangement over security interest, etc.
  • Filings before Adjudicating Authority:
  • Preparation and filling of Quarterly Progress reports along with Asset Sale Report as and when required,
  • Preparation and filling of Preliminary Report and Asset memorandum
  • Preparation and filling of List of stakeholders and modified version as and when required
  • Preparation of Report Constituting Stakeholders Consultation Committee
  • Appointment of professionals and experts for the process:
  • Appointing two registered valuers to determine the fair value and the liquidation value of the corporate debtor.
  • To appoint professionals and experts for the process such as Transaction Auditors for determination of avoidable transactions u/s 43, 45, 50 and 66 of the Code; legal counsels, internal auditors, if approved;  statutory auditors, if required and approved; industry expert, process consultant, if required; etc. and to get their fee approved from the consultation committee.
  • Investigate the financial affairs of the corporate debtor to determine undervalued or preferential transactions and filling an application with Hon’ble NCLT for avoidance of transactions u/s 43, 45, 50 & 66.
  • Constitution of Stakeholder’s Consultation Committee and co-ordinating for meetings of stakeholders
  • Sale of assets of corporate Debtor:
  • Preparation of strategy to sell the assets to maximize its value
  • Collation of all the title documents and other details and preparation of brief details of each asset for proper due diligence of prospective buyers.
  • Preparation of Virtual Data Room (VDR) for uploading all the relevant documents, title papers, list of assets, etc for faster transfer of information to prospective bidders.
  • Preparation and publication of E-auction notice for sale of assets
  • Sale of assets under relevant provisions of the Code or in private sale to maximize its value, if required.
  • Verify the eligibility of bidder under section 29A and other documents for receipt and examination of bids.
  • Execution of sale deeds, invoices etc. to complete the sale of assets.
  • Settling claims of stakeholders and distribution of proceeds from realization in accordance with the provisions of this Code
  • Filling final report prior to dissolution along with application for dissolution of the company to Hon’ble NCLT