Section 54F - Duties and powers of resolution professional during prepackaged insolvency resolution process

Duties and powers of resolution professional govern claim confirmation, information access, committee functions and fee oversight in prepack process.

The resolution professional must conduct the pre-packaged insolvency process, confirm and maintain the list of claims, inform creditors of confirmed claims, monitor management, constitute and attend the committee of creditors, prepare the information memorandum, and file avoidance or fraudulent/wrongful trading applications as required. The professional may access all books, electronic records, and third-party documents, attend corporate meetings, appoint professionals, and collect detailed two-year financial and operational data and asset-liability lists. Financial institutions must furnish information; company personnel must cooperate; and fees and expenses are to be determined and borne as prescribed, subject to committee oversight.