Duties of resolution professional before initiation of pre-packaged insolvency resolution process [ section 54B ]

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uties and powers of Insolvency professionals are described under the Code and Regulations made thereunder. We will first understand the requirements of Code and then the Regulations made thereunder with reference to provisions of respective sections of the Code. We will also bifurcate duties and powers in order to understand both the aspects independently. Duties of resolution professional under ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r on the date mentioned in the declaration given by the Corporate Applicant by which he shall file an application for initiation of Pre-packaged insolvency resolution process and he failed to file such application by such date, as the case may be. Duties of resolution professional before initiation of pre-packaged insolvency resolution process [ Section 54B ] * Section 54B(B)(1) state that, th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on 13 of IBBI Pre-packaged Insolvency Resolution Process) Regulations, 2021 ] * He shall perform such other duties as may be specified [ Section 54B (1) (C) ]. * Cease the duties of Insolvency Professional [ Section 54B(2) ] * The duties of the insolvency professional under section 54B(1) shall cease, if, -- * (a) the corporate debtor fails to file an application for initiating pre-packag....