Renascence provides service to Financials Creditors, Operational Creditors and Corporate debtor itself for initiating and implementing Corporate Insolvency Resolution Process (CIRP) as specified under the Insolvency & Bankruptcy Code, 2016 and provides 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 have the best value for all stake holders

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

  1. 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
  2. Correspondence with Banks, Statutory/Regulatory Authorities, Promoters and Directors regarding the initiation of Corporate Insolvency
  3. Exercising control over the management of the Company pursuant to cessation of powers of the existing Board of Directors of the Company
  4. Representing and acting 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
  5. On best effort basis, running the operations of the Company as a going concern
  6. Receiving, verifying and performing admission/rejection of claims from the creditors of the company
  7. Taking control and custody of all the assets of Corporate Debtor including tangible and intangible assets
  8. Appointing two registered valuers to determine the fair value and the liquidation value of the corporate debtor
  9. Constituting the Committee of Creditors as per the provisions of the code and to convene meetings of the Committee of Creditors, as and when required
  10. Preparing and circulating the Minutes of meetings of committee of creditors
  11. Appointing accountants, legal and other Professionals as and when required during the process
  12. Raising interim finance subject to approval of Committee of Creditors, if required
  13. Transaction audit and filling an application with Hon’ble NCLT for avoidance of transactions u/s 43, 45, 50 & 66
  14. Preparing Information Memorandum of the Company
  15. Sharing of Information Memorandum with the Committee of Creditors and potential resolution applicants and obtaining necessary undertakings from such persons
  16. Due diligence with respect to applicability of Section 29A of the Code in order to provide a prima facie view by the RP
  17. Expression of Interest, call for resolution plans, releasing approved bid evaluation criteria, receiving and examining Resolution Plans
  18. Evaluating all the resolutions plans received from various resolution applicants and drawing up a comparative analysis of the same
  19. Presenting resolution plans so received from the Resolution applicants to the Committee of Creditors for their due consideration
  20. Ensuring compliance of the provisions of the code with the considered resolution plans
  21. Submission of the approved resolution plan to the Adjudicating Authority (NCLT) for approval