Insolvency Resolution Coordination Team - Elixir Strategic Management
19959
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Insolvency Resolution Coordination Team

Services

ESM has developed a robust and multidisciplinary team responsible for executing various functions associated with the Corporate Insolvency Resolution Process (CIRP). This team comprises law graduates, company secretaries, cost accountants, experienced commerce graduates, chartered accountants, seasoned accountants, computer operators, and other qualified personnel. The team is dedicated to providing comprehensive support to Insolvency Professionals affiliated with ESM as a registered Insolvency Professional Entity. The principal responsibilities of this team include the following:

  • Stakeholder Communication: Engaging with all relevant stakeholders, including members of the Committee of Creditors (CoC), other claimants, promoters and directors, Key Managerial Personnel, statutory authorities, auditors, and employees of the Corporate Debtor for the purpose of obtaining information, notifying them about the initiation of the CIRP, and facilitating coordination in respect of ongoing or potential litigation.
  • Appointment of Professionals: Engaging qualified professionals and experts required for the CIRP, such as:
    • Registered Valuers for asset valuation;
    • Transaction Auditors for identifying avoidable transactions under Sections 43, 45, 50, and 66 of the Insolvency and Bankruptcy Code, 2016;
    • Internal and statutory auditors, where required and duly approved by the CoC;
    • Industry experts and process consultants, if deemed necessary;
    • Ensuring that the fees for such appointments are presented to and approved by the Committee of Creditors.
  • Professional Panel Management: Maintaining a verified panel of professionals based on the scrutiny of relevant documents, credentials, and performance records. This includes advocates, industry experts, auditors, forensic auditors, registered valuers, media agencies, and security service providers, among others, for appointment in CIRP matters.
  • Coordination with Appointed Experts: Coordinating and liaising with the appointed professionals to ensure timely and efficient completion of their assignments, including the provision of required data and follow-up for submission of their reports.
  • Committee of Creditors Support: Convening meetings of the Committee of Creditors, including the preparation of notices, agendas, relevant documentation and information to be circulated, recording of minutes, and acting as a communication link between the CoC and the Insolvency Professional.
  • Information Memorandum Preparation: Preparing and compiling the Information Memorandum and coordinating the collection of all necessary information. The Information Memorandum is to be maintained and periodically updated to include all material information essential for understanding the Corporate Debtor in the context of submission of Resolution Plans.
  • Resolution Plan Process Management: Managing the complete process for inviting Resolution Plans, including issuing Expressions of Interest (EOIs), drafting and finalizing the Request for Resolution Plan (RFRP), bid evaluation matrix, eligibility criteria, and other related documents for the submission, review, and presentation of Resolution Plans for approval by the Committee of Creditors.

These services are also extended to the Insolvency Resolution Process and Bankruptcy Proceedings of individuals, sole proprietorships, and partnership firms