IBC Resolution Professional Support — What to Get Right Before You Start
A Corporate Insolvency Resolution Process runs on a fixed statutory clock, and every day of that clock is spent producing, verifying, or defending numbers — the information memorandum, the claims register, the avoidance-transaction analysis, the resolution plan evaluation matrix. A Resolution Professional carries the legal responsibility for the process, but rarely has an in-house finance and accounting team to generate the volume of financial work a CIRP demands under NCLT scrutiny. PNPC Global supports Resolution Professionals, Committees of Creditors, and financial creditors with the financial advisory, forensic reconciliation, and reporting work that underpins CIRP — accurate, defensible, and delivered against the timeline the Code allows, not the timeline anyone would prefer.
What You're Really Buying
IBC Resolution Professional Support is the professional service of assisting a Resolution Professional (RP) appointed under the Insolvency and Bankruptcy Code, 2016 (IBC) with the financial, accounting, and reporting workstreams of a Corporate Insolvency Resolution Process (CIRP), a pre-packaged insolvency resolution process (PPIRP), or a liquidation. The RP is the person who takes over management of the corporate debtor once the National Company Law Tribunal (NCLT) admits an insolvency application under Section 7, 9, or 10 of the Code, and who is personally accountable to the Committee of Creditors (CoC), the Insolvency and Bankruptcy Board of India (IBBI), and the Adjudicating Authority for the conduct of the process. The Code gives the RP wide statutory powers but does not staff the RP's office — in practice, most RPs engage a team of professionals, including chartered accountants, to execute the financial workstreams that a CIRP generates in volume and under time pressure.
For the full scope, current process and what PNPC includes, see the dedicated IBC Resolution Professional Support service page.
When You'd Need This
- An RP has just been appointed (interim or confirmed) on a CIRP and needs to take custody of financial records, verify the last balance sheet, and begin the claims-collation process within the statutory timelines under Regulation 6/12
- The corporate debtor's books are incomplete, in disarray, or suspected of manipulation — the RP needs a forensic-capable team to reconstruct a defensible financial picture before an Information Memorandum can be issued
- The claims received from operational and financial creditors are voluminous, contested, or require reconciliation against ERP/accounting records the RP's own team cannot process within the Regulation-prescribed timeline
- The RP suspects preferential, undervalued, fraudulent, or wrongful trading transactions under Sections 43, 45, 66 of the Code and needs a forensic accounting review to build a filing-ready report for the Adjudicating Authority
Before You Assume You Need This
- The company is not yet in CIRP and is looking to avoid insolvency altogether — pre-default debt restructuring, OTS negotiation, or a corporate debt restructuring engagement addresses the problem earlier and with more options than post-admission CIRP support
- You are the promoter of the corporate debtor seeking to retain operational control during CIRP — under Section 17, management vests in the RP on admission (subject to any Section 12A withdrawal or, in eligible cases, IBBI (Pre-Packaged Insolvency Resolution Process) Regulations where promoters retain limited control); this engagement supports the RP, not promoter interests adverse to the process
- The requirement is to actually be appointed as the Resolution Professional — RP appointment requires IBBI registration as an Insolvency Professional and empanelment, which is a separate regulatory qualification, not a CA advisory engagement
Questions We're Actually Asked
What exactly does PNPC do in an IBC CIRP — are you the Resolution Professional?
No. PNPC is not appointed as the Resolution Professional — that role requires the individual to be a Registered Insolvency Professional with the IBBI, a distinct regulatory qualification. PNPC provides the financial advisory, accounting, forensic, and reporting support that the RP relies on to discharge statutory duties: claims verification, Information Memorandum financial sections, forensic transaction review, and resolution plan evaluation. We work as the RP's (or the CoC's) financial advisory team, not as the statutory office-holder.
Who typically engages PNPC for RP support — the RP directly, or the creditors?
Both, in different capacities. Most commonly, the RP engages PNPC directly as part of the professional team, with the fee and scope approved by the Committee of Creditors under Regulation 34/34B of the IBBI (CIRP) Regulations. Separately, an individual financial creditor sitting on the CoC sometimes engages PNPC independently — to interrogate the RP's numbers, evaluate resolution plans from that creditor's own perspective, or substantiate its claim during the claims process.
What is the Committee of Creditors (CoC) and how does its composition get decided?
The CoC comprises all financial creditors of the corporate debtor, with voting share proportionate to the financial debt owed to each. It is constituted by the RP based on the claims admitted from financial creditors after the claims verification exercise. The CoC exercises key decision-making powers during CIRP — approving the RP's fee, approving resolution plans by the requisite voting threshold (66% for most key decisions, 51% for certain routine matters), and deciding whether to extend the CIRP timeline or move to liquidation.
Where PNPC Fits In
Speak directly with a PNPC Chartered Accountant who understands both sides of the ledger — the statutory precision an RP's office needs, and the compressed, adversarial reality of an actual CIRP. We support the process; we do not slow it down.
PNPC Global has advised Chennai, Bangalore and Hyderabad businesses since 1986. Explore the full Corporate Finance practice for related services, or go straight to the IBC Resolution Professional Support page for specifics.
Specific rates, fees, thresholds and deadlines are set by the relevant authority and change over time — this article deliberately does not quote figures that could go stale. Confirm current numbers directly with PNPC or the official source before you act.