RP (Resolution Professional)

Managing the Corporate Insolvency Resolution Process to a Successful Outcome

The Resolution Professional (RP) carries the primary responsibility for running the CIRP once confirmed by the Committee of Creditors — inviting and evaluating resolution plans, managing the corporate debtor's operations, and ensuring the process concludes within the statutory timeline with a viable outcome for stakeholders.

We support Resolution Professionals with process management, resolution plan evaluation, and regulatory compliance, and advise resolution applicants and creditors on effectively engaging with the RP throughout the CIRP.

Our Resolution Professional Support Services

Resolution Plan Evaluation

Assisting the RP in evaluating resolution plans against eligibility criteria and feasibility requirements under the Code.

Committee of Creditors Coordination

Facilitating Committee of Creditors meetings, voting processes, and decision documentation throughout the CIRP.

Going Concern Management

Supporting operational continuity of the corporate debtor's business during the resolution process.

Avoidance Transaction Review

Identifying and reporting preferential, undervalued, fraudulent, or extortionate transactions under Sections 43-51.

Compliance & Regulatory Filings

Ensuring adherence to IBBI regulations, timeline compliance, and NCLT filings throughout the CIRP.

Resolution Applicant Advisory

Advising prospective resolution applicants on eligibility, plan structuring, and the bidding process.

Key Responsibilities of a Resolution Professional

Conduct the entire corporate insolvency resolution process and manage the operations of the corporate debtor
Invite, receive, and present resolution plans to the Committee of Creditors that meet mandatory requirements
Ensure the resolution plan does not contravene provisions of law and provides for payment of insolvency resolution process costs
Preserve and protect the assets of the corporate debtor, including continued business operations
File applications for avoidance of preferential, undervalued, extortionate, or fraudulent transactions where identified
Submit the approved resolution plan to the NCLT for final approval under Section 31 of the Code

Frequently Asked Questions

What is the difference between an IRP and an RP?

The IRP is the initial insolvency professional appointed by the NCLT to commence the CIRP, while the Resolution Professional is either the same person confirmed by the Committee of Creditors at its first meeting, or a different insolvency professional appointed in their place, who then continues to manage the process through to its conclusion.

What criteria must a resolution plan meet for approval?

A resolution plan must provide for payment of insolvency resolution process costs in priority, payment of debts to operational creditors not less than what they would receive in liquidation, management of the corporate debtor's affairs after approval, and compliance with any other requirements specified by the IBBI, before it can be approved by the Committee of Creditors and the NCLT.

What voting threshold is required for the Committee of Creditors to approve a resolution plan?

A resolution plan requires approval by a vote of not less than 66% of the voting share of the financial creditors in the Committee of Creditors, and once approved, it is binding on the corporate debtor, its employees, creditors, and other stakeholders, subject to final approval by the NCLT.

What are avoidance transactions and why do they matter?

Avoidance transactions refer to preferential, undervalued, fraudulent, or extortionate credit transactions entered into by the corporate debtor before the CIRP commenced, which the Resolution Professional is required to identify and apply to the NCLT to have reversed or set aside, in order to maximise value available for stakeholders.

Can the Resolution Professional reject a resolution plan?

The Resolution Professional examines resolution plans for compliance with mandatory requirements under the Code and IBBI regulations before placing them before the Committee of Creditors; a plan that does not meet these mandatory requirements cannot be presented to the Committee for its commercial evaluation and vote.

Effective Support Through the Resolution Process

We help Resolution Professionals, applicants, and creditors navigate the CIRP toward a successful resolution outcome.

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