Section 29 of IBC : Section 29: Preparation Of Information Memorandum

IBC

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Explanation using Example

Imagine a company, QuickTech Solutions, is undergoing insolvency proceedings. The resolution professional, appointed by the National Company Law Tribunal (NCLT), is responsible for managing the process. As per Section 29 of the Insolvency and Bankruptcy Code, 2016, the resolution professional prepares an information memorandum containing critical details such as QuickTech's financial status, ongoing litigation, assets and liabilities, and other information that a potential resolution applicant would need to formulate a resolution plan.

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