The Resolution Professional (RP) plays a crucial role in National Company Law Tribunal (NCLT) proceedings in India, particularly in cases involving the insolvency and bankruptcy of corporate entities. The RP is appointed to manage the affairs of the corporate debtor during the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). Here's an overview of the RP's role in NCLT proceedings: Appointment: The RP is typically appointed by the NCLT upon the initiation of the CIRP. The appointment is based on the recommendations of the financial creditors, and the NCLT approves the choice of RP. Taking Control: Upon appointment, the RP assumes control and management of the corporate debtor. The existing board of directors and management lose their authority over the company, and the RP becomes responsible for its day-to-day operations. Protection of Assets: The RP takes immediate steps to protect the assets of the corporate debtor, ensuring that they are not dissipated or devalued during the insolvency process. This includes taking control of bank accounts, preventing the disposal of assets, and securing sensitive company information. Managing Operations: The RP operates the business of the corporate debtor with the objective of keeping it a going concern. This often involves overseeing the maintenance of operations, financial management, and compliance with applicable laws. Calling for Claims: The RP invites and verifies the claims of creditors, which is a crucial part of the insolvency process. Creditors are required to submit their claims, and the RP is responsible for determining the validity of these claims. Preparation of Information Memorandum: The RP prepares an Information Memorandum that provides an overview of the financial position, operations, and assets of the corporate debtor. This document is made available to potential resolution applicants. Conducting the Resolution Process: The RP facilitates the resolution process, including the receipt and evaluation of resolution plans from prospective resolution applicants. The RP presents these plans to the Committee of Creditors (CoC) for consideration. Coordination with the CoC: The RP works closely with the CoC, which consists of financial creditors. They provide updates on the insolvency process, present resolution plans, and seek approval for various actions, such as the sale of assets or the initiation of legal proceedings. Reporting to NCLT: The RP periodically reports the progress of the CIRP to the NCLT, which oversees the insolvency proceedings. This includes updates on the status of the resolution process, the approval of resolution plans, and any challenges faced during the CIRP. Distribution of Assets: If a resolution plan is approved by the CoC and the NCLT, the RP oversees the implementation of the plan, which may involve the sale of assets and distribution of proceeds to creditors. Completion of CIRP: The RP's role continues until the CIRP is successfully completed, either through the approval of a resolution plan or, in the absence of a plan, through the liquidation of the corporate debtor. The Resolution Professional is a key figure in the insolvency and bankruptcy proceedings in India. They are responsible for ensuring a fair and transparent process, maximizing the value of assets for creditors, and facilitating the resolution of financially distressed corporate entities. Their role is pivotal in achieving the objectives of the IBC and protecting the interests of all stakeholders involved in NCLT proceedings.