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Corporate Insolvency Professional Process

Loveneet Handa & Associates extends a range of support services to its partners who serve as Interim Resolution Professionals or Insolvency Professionals within the Corporate Insolvency Resolution Process of any Corporate Debtor. Our dedicated teams at LHA provide the following comprehensive support services to ensure the efficient handling of the Corporate Insolvency Resolution Process:

Verification Claim

To issue Public Notice inviting Claims
To receive claims of financial creditors, operational creditors, workmen and employees, claims for statutory dues, etc.
To collate claims and verify to the extent it is required during Corporate Insolvency Professional Process; seek further details, documents and explanations from claimants for the purpose of verification
To collate, verify and admit or reject claims with regards to category (secured or unsecured), priority u/s 53, determination and verification of security interest, inter-creditor arrangement over security interest, etc.
To constitute Committee of Creditors and file a requisite report to Adjudicating Authority
To assure physical and digital record keeping of claim documents to assure faster and correct retrieval as and when required.
To continue to receive, collate and verify claims till the expiry of the claim acceptance period.

All the above jobs are also done for liquidation process for the Insolvency Professional “Mr. Loveneet Handa” is appointed as liquidator in any matter. Similar services would also be provided in the case of Insolvency and Bankruptcy Process of Individuals, Proprietorship Concerns and Partnership Firms.

“Loveneet Handa & Associates” firm has team of human resource, who are trained and experienced for taking over physical and virtual control over the operations and assets of the Corporate Debtor from the existing Key Managerial Personnel (KMPs) and to maintain its control over the operations of Corporate Debtor and to protect the assets and businesses of the Corporate Debtor. Following is the process followed by the team for effective and timely control over the Corporate Debtor:

To visit all or key locations of the businesses or assets of the Corporate Debtor and identify the locations and assets
To make an inventory of the assets or businesses of Corporate Debtor and make videos and take pictures for the purpose of records and presenting it before the Committee of Creditors members
To depute security guards at key entry and exit points to assure protection of assets and to prevent any fraudulent or unauthorized removal of property of the Corporate Debtor
To supervise the operations of Corporate Debtor and to do all such acts required for keeping the Corporate Debtor as a going concern.

All the above jobs are also done for the Insolvency Professional “Mr. LOVENEET HANDA” appointed as liquidator in any matter. Similar services would also be provided in the case of Insolvency Resolution Process and Bankruptcy Process of Individuals, Proprietorship Concerns and Partnership Firms.

Corporate Insolvency Resolution Process

“Loveneet Handa & Associates” has a team responsible for conducting various functions of Corporate Insolvency Process. The team consists of law graduates, company secretaries, cost accountants, experienced commerce graduates, chartered accountants, experienced accountants, computer operators, etc. and provide full support to Insolvency Professionals who are partners of Insolvency Professional Entity. The following are the key jobs under this team:

To communicate with all stakeholders such as Committee of Creditor's members, other claimants, promoters and directors, Key Managerial Personnel, statutory authorities, auditors, employees of Corporate Debtor, etc. for the purpose of seeking information, informing them about the commencement of CIRP, coordinating for litigation.
To appoint professionals and experts for the process such as Registered Valuers for valuation of the assets of the Corporate Debtor; Transactional Auditors for determination of avoidable transactions u/s 43, 45, 50 and 66 of the Code; internal auditors, if approved; statutory auditors, if required and approved; industry expert, process consultant, if required; etc. and to get their fee approved from Committee of Creditors.
To maintain a panel of professionals after verification of key documents, antecedents and performance history for the purpose of their appointment for Corporate Debtors.
To interact and coordinate with different professionals and experts appointed for the process and to provide the requisite information for completion of the job and to obtain their report.
To convene the Committee of Creditors meetings and to prepare all notices, agenda, information to be shared with COC, minutes, etc. and to act as a bridge between Committee of Creditors and the Insolvency Professional.
To prepare and compile Information Memorandum and co-ordinate for all the information required. To keep the Information Memorandum updated with adding all that information which is important for understanding the Corporate Debtor for the purpose of submission of Resolution Plan.
To conduct the entire process of an invitation of Resolution Plans such as the release of Expression of Interest, preparation of RFRP, bid evaluation matrix, eligibility criteria and other documents for receipt, examination and presentation of Resolution Plans for the approval of Committee of Creditors.