•Chapter and the rules and regulations made
•thereunder;
•12 THE GAZETTE OF INDIA EXTRAORDINARY [P ART II—
(f)constitute the committee of creditors and
•convene and attend all its meetings;
(g)prepare the information memorandum on the
•basis of the preliminary information memorandum
•submitted under section 54G and any other relevant
•information, in such form and manner as may be
•specified;
(h)file applications for avoidance of transactions
•under Chapter III or fraudulent or wrongful trading
•under Chapter VI, if any; and
(i)such other duties as may be specified.
(3)The resolution professional shall exercise the
•following powers, namely:—
(a)access all books of accounts, records and
•information available with the corporate debtor;
(b)access the electronic records of the corporate
•debtor from an information utility having financial
•information of the corporate debtor;
(c)access the books of accounts, records and
•other relevant documents of the corporate debtor
•available with Government authorities, statutory
•auditors, accountants and such other persons as may
•be specified;
(d)attend meetings of members, Board of
•Directors and committee of directors, or partners, as
•the case may be, of the corporate debtor;
(e)appoint accountants, legal or other
•professionals in such manner as may be specified;
(f)collect all information relating to the assets,
•finances and operations of the corporate debtor for
•determining the financial position of the corporate
•debtor and the existence of any transactions that
•may be within the scope of provisions relating to
•avoidance of transacti ons under Chapter III or
•fraudulent or wrongful trading under Chapter VI,
•including information relating to —
(i)business operations for the previous two
•years from the date of pre-packaged insolvency
•commencement date;
•(ii) financial and operational payments for
SEC.1] THE GAZETTE OF INDIA EXTRAORDINARY 13
•the previous two years from the date of pre-
•packaged insolvency commencement date;
•(iii) list of assets and liabilities as on the
•initiation date; and
•(iv) such other matters as may be specified;
(g)take such other actions in such manner as
•may be specified.
(4)From the date of appointment of the resolution
•professional, the financial institutions maintaining
•accounts of the corporate debtor shall furnish all
•information relating to the corporate debtor available
•with them to the resolution professional, as and when
•required by him.
(5)The personnel of the corporate debtor, its
•promoters and any other person associated with the
•management of the corporate debtor shall extend all
•assistance and cooperation to the resolution professional
•as may be required by him to perform his duties and
•exercise his powers, and for such purposes, the
•provisions of sub-sections (2) and (3) of section 19
•shall, mutatis mutandis apply, in relation to the
•proceedings under this Chapter.
(6)The fees of the resolution professional and any
•expenses incurred by him for conducting the pre-
•packaged insolvency resolution process shall be
•determined in such manner as may be specified:
•Provided that the committee of creditors may
•impose limits and conditions on such fees and expenses:
•Provided further that the fees and expenses for the
•periodprior to the constitution of the committee of
•creditors shall be subject to ratification by it.
(7)The fees and expenses referred to in sub-section
(6)shall be borne in such manner as may be specified.
54G.(1) The corporate debtor shall, within two days
•of the pre-packaged insolvency commencement date,
•submit to the resolution professional the following
•information, updated as on that date, in such form and
•manner as may be specified, namely:—
•List of claims
•and preliminary
•information
memorandum.
(a)a list of claims, along with details of the
•respective creditors, thei r security interests and
•14 THE GAZETTE OF INDIA EXTRAORDINARY [P ART II—
•guarantees, if any; and
(b)a preliminary information memorandum
•containing information relevant for formulating a
•resolution plan.
(2)Where any person has sustained any loss or
•damage as a consequence of the omission of any
•material information or inclusion of any misleading
•information in the list of claims or the preliminary
•information memorandum submitted by the corporate
•debtor, every person who—
(a)is a promoter or director or partner of the
•corporate debtor, as the case may be, at the time of
•submission of the list of claims or the preliminary
•information memorandum by the corporate debtor;
•or
(b)has authorised the submission of the list of
•claims or the preliminary information memorandum
•by the corporate debtor,
•shall, without prejudice to section 77A, be liable to pay
•compensation to every person who has sustained such
•loss or damage.
(3)No person shall be liable under sub-section (2),
•if the list of claims or the preliminary information
•memorandum was submitted by the corporate debtor
•without his knowledge or consent.
(4)Subject to section 54E, any person, who
•sustained any loss or damage as a consequence of
•omission of material information or inclusion of any
•misleading information in the list of claims or the
•preliminary information memorandum shall be entitled
•to move a court having jurisdiction for seeking
•compensation for such loss or damage.
•Management of
•affairs of
•corporate debtor.
54H.During the pre-packaged insolvency resolution
•process period,—
(a)the management of the affairs of the
•corporate debtor shall continue to vest in the Board
•of Directors or the partners, as the case may be, of
•the corporate debtor, subject to such conditions as
•may be specified;
(b)the Board of Directors or the partners, as the
SEC.1] THE GAZETTE OF INDIA EXTRAORDINARY 15
•case may be, of the corporate debtor, shall make
•every endeavour to protect and preserve the value of
•the property of the corporate debtor, and manage its
•operations as a going concern; and
(c)the promoters, members, personnel and
•partners, as the case may be, of the corporate debtor,
•shall exercise and discharge their contractual or
•statutory rights and obliga tions in relation to the
•corporate debtor, subject to the provisions of this
