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TMI BlogDuties of resolution professional before initiation of pre-packaged insolvency resolution process [ section 54B ]X X X X Extracts X X X X X X X X Extracts X X X X ..... ckaged insolvency resolution process, duties 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Pre-packaged insolvency resolution process by the Adjudicating Authority or 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e required by the Board in consultation with insolvency professional agencies. [ Section 54B (1) (b) read with Regulation 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for initiation of pre-packaged insolvency resolution process is admitted. Regulation 8(1) of the IBBI(Pre-packaged Insolvency Resolution Process) Regulations, 2021 provides that where the corporate debtor fails to file an application or the application for initiation of the process is rejected, the fee payable to the resolution professional for performing duties under section 54B( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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