Our Services
Role as Individual Insolvency Resolution
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Role of an IP in Fresh Start and Individual Insolvency Resolution
During an insolvency resolution process, an IP in the capacity of RP files an application before the AA on behalf of the debtor or the creditor. He examines the application and submits a report recommending acceptance or rejection of application. In case of a fresh start process, he examines objections of creditors, finalises list of qualifying debts and may seek directions from AA on non-compliances by debtor and submit application for revocation of order admitting or rejecting application. In case of insolvency resolution process, he prepares a list of creditors, offers consultation to debtors in preparation of repayment plan and submits repayment plan to AA along with his report on such plan. He convenes meetings of creditors, prepares a report of meeting of creditors and provides thereof to debtors, creditors, and the AA. On approval of repayment plan by AA, he supervises its implementation and upon completion informs AA and persons bound by it. On the basis of repayment plan, he applies to AA for passing a discharge order.