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IRP's to do list after admission

Normally, any company petition for Corporate Insolvency Resolution Process is heard by the Adjudicating Authority (NCLT) for some time. After the NCLT comes to an opinion, the AA pronounces order on the bench, admitting the Corporate Debtor into CIRP. Once the order is admitted, the IRP who has given his consent to act as such, has to be on the lookout for uploading of order on the NCLT website.

Sometimes, it may take 3-4 days for the order to be uploaded. In between, the IRP has to mail the registrar, NCLT, duly attaching the Authorisation for Assignment having current validity.

In case the IRP has issued engagement letter to the Applicant of the Company petition, well and good. If not, this is the time to issue engagement letter.

The Applicant has to bear the expenses for Public Announcement hence, obtain advance from the Applicant for the same. Always keep in mind that the bills have to be raised in the name of the Corporate Debtor irrespective of the fact that Applicant is paying your fee.

Once the order is pronounced, the IRP has to obtain the names and email ids of at least three advertisers to publish the Public Announcement in Form-A. The Public Announcement is to be published in one English and one Vernacular newspaper having wide circulation at the place where the registered office of the Corporate Debtor is situated.

Therefore, it is imperative that the newspaper publication must be in the edition having circulation all over the state. Further, there is no definition of "wide circulation". In my opinion, you may safely ask the advertiser to give their quotation for the top five English and top five vernacular language newspapers by circulation. You can also seek the circulation data also along with the quotation.

Next step is to keep ready the Form-A containing the relevant particulars except for date of uploading of order. In case there is delay between date of order and date of uploading, you have to mention everywhere that the Corporate Insolvency Resolution Process has started w.e.f. a certain date but mention within brackets immediately the date of order upload.

Further, take time to translate the English Form-A into vernacular language. For this, you can use vernacular language on-screen keyboard provided in Windows and also Google translate for translating difficult words.

Once you receive the quotations, make a comparative statement and select a single advertiser and again negotiate for a lesser price. Once fixed, ask them for final quotation.

Once Order is uploaded, you have to create a separate email id for each of the CIRP processes you are handling. In case you use your existing mail, there is a risk of the claims or important CIRP emails going into your spam.

Daily check the NCLT website for the Order. Once Order is uploaded, open the same and check whether the order uploaded belongs to the present corporate debtor. In some cases, it may so happen that wrong order is uploaded. In that case, the IRP has to mail the registrar NCLT regarding the mismatch.

Once you receive the Order, immediately call up the advertiser and send the prepared Form-A to avoid delay in preparation of the proofs.

After receipt of the order, prepare a letter to the suspended directors requesting books of account, handing over of assets etc and also request for the login credentials as well as PAN, TAN and GSTIN.

When you are paying to the advertiser, ask the advertiser to raise bill in the name of the Corporate Debtor, addressed in your name in the capacity of IRP.

The deducted TDS to be paid against the TAN of the CD immediately.

Even your IRP fee bills must be raised in the name of the CD even though they are sent to and paid by the Applicant. Provide the Applicant with the TAN of the CD and ask him to deposit TDS against the TAN of the CD only

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