How Resolution Professionals can maximize their productivity
Posted: Mar 27, 2020
Over the last two years, the number of claims brought before the bankruptcy court has gone up by significant margins. The success or failure of a solid liquidation plan relies entirely on the time that it takes for resolution. As days pass, the valuation of assets gradually declines, resulting in a loss of value.
While India is progressing beyond challenging provisions, it also needs more resolution professionals who could help with the process, quickly and efficiently. The government has also started making efforts to increase the productivity of resolution professionals with its diverse training programs.
The Insolvency and Bankruptcy Board of India has also incorporated effective ways for Chartered Accountants, Company Secretaries, and Advocates to become resolution professionals. However, it can still be a challenging profession to pursue.
Being an insolvency practitioner indicates you carry responsibilities that are crucial to the creditors. To maximize your productivity, you would need to have an in-depth knowledge of the insolvency process and efficiency to pull it off.
If you’re not an insolvency specialist, but aspire to be one, you need to get associated with an insolvency professional agency. Following are the activities you’ll need to perfect to maximize your productivity:
- Public announcement of the Corporate Insolvency Resolution Process
- Collecting and monitoring the claims from creditors
- Formation of the Committee of Creditors (CoC)
- Appointment of needed professional to determine the liquidation value
- Development of information memorandum
- Inviting applicants for putting forward a resolution plan
- Conducting CoC meetings when required as per IBC
- Examining each resolution plan received by the applicant
- Filing and defending of any applications by the company/against the company
- Presenting the resolution plan to CoC for approval
- Submitting the resolution plan to adjudicating authority
Are you aspiring to become an insolvency professional? The IBBI may take into account any factor that it deems fit to determine whether an individual is competent to become a resolution professional. Make sure that you meet the eligibility criteria as no candidate gets certified as a resolution professional if he/she:
- Is a minor
- Is not an Indian
- He/she isn’t a fit and proper person
- Has been declared to have an unsound mind
- Doesn’t have the qualifications and experience as per IBBI
- Convicted by any competent court for a punishable offense
- Is an insolvent or has applied to be approved as an insolvent
- Been in prison for more than six months and five years have not passed since the date of expiry of the sentencing
After a series of changes in recent years, IBC has transformed the relationship between the debtor and the creditor. When it comes to maximizing your productivity as an insolvency resolution professional, look for insolvency tools that can streamline the process and file a bankruptcy petition.
There are several insolvency and bankruptcy management tools out there, but not all of them are for insolvency experts. You should consider Solvemint, India’s leading insolvency and liquidation software designed for insolvency resolution professionals. It acts as a one-stop insolvency solution that could prove very efficient in saving time and effort.
Solvemint delivers safety, privacy, and transparency, all with a user-friendly interface for insolvency professionals in India. Here are some of the key features to be tried and tested in the free demo version of the tool:
- Effective communication with bulk emailers
- Automatic notice generation and weekly reportings
- Manages all the stakeholders, assets and office sites
- A simple web-based interface and reply to each claim or EOI
- Gives powerful analytics about the processes
Solvemint complies with the Insolvency and Bankruptcy Code and can help resolution professionals maximize their productivity. It also offers a 07-day free demo, so you can get a closer overview and decide. You can get the free demo by sending a demo request without filling any details of your credit card.