Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Insolvency Professionals' Duties Under Section 54B: Prepare Reports, Ensure Compliance, File Documents, and Manage Fees.</h1> The duties of an insolvency professional before initiating a pre-packaged insolvency resolution process under Section 54B of the Insolvency and Bankruptcy Code, 2016, include preparing a report confirming whether the corporate debtor meets specific requirements and whether the base resolution plan aligns with legal standards. The professional must file necessary reports and documents with the Board and perform other specified duties. These duties cease if the corporate debtor fails to file an application within the specified time or if the application is admitted or rejected. Fees for these duties are determined and included in the process costs if the application is admitted.
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