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https://www.solutioninsol.com/wp-content/uploads/2023/02/Preliminery_information_sheet_290622-1.pdf
https://www.solutioninsol.com/wp-content/uploads/2023/02/Preliminery_information_sheet_290622-1.pdf
Preliminery Information Sheet Ref No. …………………………( For Internal use) 1. Name of the Company:- .…………………………………………………….. 2. Address / City ( R.O) :- .…………………………………………………….. a. Corporate office/City :- .…………………………………………………….. b. Plant Locations / Places:- .…………………………………………………….. 3. Business Activity :- .…………………………………………………….. 4. Present Exposure and Bank/ FI wise break up of Facilities with RoI availed .…………………………………………………….. 5. Collateral given to banks for facilities availed – break up :-. .…………………………………………………….. 6. Whether NPA – at which stage –detail…………………………………………………………………….. .…………………………………………………….. 7. If NPA -OTS possibility negotiated ? -Due Total ………………….deal assured……………………………. .…………………………………………………….. 8. Going concern – a> if manufacturing Going concern -plant wise detail……………………………………….. ……………………………………………………… b>- Closed plants – From when……………………………………………………………………………………………………… ……………………………………………………… C> Other detail -……………………………….…………………………………………………………………………………………….. ……………………………………………………… 9. T.O , PBIT, Net Profit of F.Y 2019-20 ………………………….. ………………………… …..……………………………. …………………… ………………………….. 10. T.O , PBIT, Net Profit of F.Y 2020-21 ………………………….. ………………………… ……..………………………. …………………… ………………………….. 11. T.O , PBIT, Net Profit of F.Y 2021-22 ………………………….. ………………………… …………………………….. …………………… ………………………….. 12. Requirement of facility ………OD/CC/BG ………………………………………………………… Amount……………… ……………….….. 13. Purpose of Loan. ……………………………………………………………………………. ……………………………………………………….. 14. Asset which can be offered as collateral………………………….………………………………………… ……………………………………………………….. 15. Promoter’s brief introduction……………………………………………………………………………………….. ……………………………………………………….. ………………………………………………………………………………………………………………………………… ……………………………………………………….. 16. Contact Person ..Names ……..…… ……………………………Desg…………….………………………………Ph.no…………………………………………..
The salient features of liquidation regulation are as follows ;-
IP (Insolvency Professional) :- Meaning of IP and Services provided by IP.
IP (Insolvency Professional ) is a relatively new profession for Cost and Management Accountants (CMA), Company Secretaries (CS) , Chartered Accountants (CA) and Advocates with over ten years experience as ‘Insolvency and Bankruptcy Code ‘2016 came into effect in late 2016.
Passed out candidates of ‘The Insolvency Examination ‘ being conducted by IBBI (Insolvency and Bankruptcy Board of India – which is the governing body for this profession and all related matter related to this profession, proceedings under this code/act ) are after registration and enrolment become Insolvency Professional .
The Act so far been notified for Companies and LLPs (applicable for a due amount of Rs.1 Lakh/more from them ). For Individuals and firms , it is yet to be notified (applicable for a due amount of Rs.1000-/ 10000/- as would be notified.
For Companies/LLPs the Act is applicable in the following types of services where the due amount is one Lakh or more to them and the amount is due to anyone (including Co./LLP/Individual/Firm.) :
a>For Financial Creditors :- Financiers :- Applicable if due amount is one lakh or more.
b>For Operational Creditors :- Supplier of Goods and Services :- Applicable if due amount is one lakh or more.
c> For Employees and Workmen :- Salaries / Wages :- Applicable if due amount is one lakh or more.
Besides these promoters can also voluntarily liquidate their organisation under this code to make themselves free from not so fruitful endeavours , to be hassle-free from running it ,compliances and future disputes.
Why this act ?
The essence of this act is the timeline:- The previous mechanisms of RBIs- SDR/CDR and S4A had been made ineffective by absence of strict timelines and litigations which now has been made more stringent through this Act.
The Process is follows :-
Once the Corporate Due is proved and NCLT (National Company Law Tribunal) admits the application the Resolution Process Starts if the Operational Creditor / Employee / Workmen would not be paid within ten days / or Financial creditor proves his claim . Stages are
IP as IRP –Interim Resolution Professional is appointed for 30 days to check the claims and form CoC( Committee of Creditors )
IP as RP- Resolution Professional is appointed for 180 days (to appoint valuer and to put the IM (Information Memorandum to Resolution Applicants –Investors ) to sell the company preferably as a going concern.
IP as Liquidator :- If the efforts would go in vain to revive or sell the company as a going concern , the Liquidator would sell the company as a slump sale( whole undertaking ) preferably or in parcels (different assets to different purchaser )
NCLT has now eleven benches in ten (Delhi 1-Principal Bench+1 ) cities having jurisdiction depending on the Registered Office of the Co.in states .
The appellate authority NCLAT ( National Company Law Appellate Tribunal ) is in Delhi.
Aggrieved persons with the decision of NCLAT would appeal to Supreme Court.
IBBI (Insolvency and Bankruptcy Board of India) is the governing body for this profession and all related matter related to this profession, proceedings under this code/act )