Purpose of TASK FOR IBC

Task for IBC is task manager software to keep track of individual and team tasks and get them done faster. This allows Insolvency Professional Entity (IPE) in tracking tasks from beginning to end, delegating subtasks to teammates, and setting deadlines to make sure projects get done on time. Task management software, like Task for IBC, empowers teams to work more productively and efficiently with an aim to keep tasks in one place for an entity and improve collaboration between various members.

User Role

Corporate Debtor (Entity)

In Insolvency and Bankruptcy code, 2016 “corporate debtor” means a corporate person who owes a debt to any person; “corporate person” means a company as defined in clause (20) of section 2 of the Companies Act, 2013 (18 of 2013), a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), or any other person incorporated with limited liability under any law for the time being in force but shall not include any financial service provider.

Scrutinizer (IRP/RP)

Scrutinizer refers to an Insolvency Professionals registered with Insolvency and Bankruptcy Board of India and acting as Interim Resolution Professional or Resolution Professional. Scrutinizer is responsible to arrange the electronic voting to be provided to the members of the Committee of Creditors who shall exercise their votes electronically to approve or reject particular resolution.

Authorized Representative (AR)

Authorized Representative is an Insolvency Professional appointed by Adjudicating Authority on behalf of specific class of creditors. Authorized Representative is a person who attend meeting of the Committee of creditors and is also responsible to take an instruction from each class of creditor through electronic voting and convey it to the Interim Resolution Professional or Resolution Professional. He shall act on instruction of each class of creditor in the meeting of Committee of Creditors.

Advocate

In Advocates Act,1961 "advocate" means an advocate entered in any roll under the provisions of this Act. An individual who presents or argues another's case; one who gives legal advice and pleads the cause of another before a court or tribunal; a counselor. A person admitted to the Practice of Law who advises clients of their legal rights and argues their cases in court.

Creditor

In Insolvency and Bankruptcy code, 2016 “creditor” means any person to whom a debt is owed and includes a financial creditor, an operational creditor, a secured creditor, an unsecured creditor and a decree-holder; “debt” means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt;

Vendor

Corporate Debtor means a corporate Entity being Private Limited Company or Limited Company or Limited Liability Partnership or any other person in corporate with limited liability under any law for time being in force who owes a debt to any person.

EOI

“Form G” INVITATION FOR EXPRESSION OF INTEREST (Under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016