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CS Professional · Insolvency and Bankruptcy - Law and Practice · Resolution Strategies (Elective 7.5)

At each meeting of the committee of creditors of Sundaram Pharma Ltd, the RP seeks approval for costs to be incurred until the next meeting. Which of the following must the RP also place at that meeting?

At each committee meeting, the RP must place a statement comparing actual insolvency resolution process costs with the estimates the committee approved at the previous meeting, along with estimates of income, expense and cash flow up to the next meeting, and seek approval for costs until then.

  1. AA statement comparing actual process costs with the estimates approved in the previous meetingCorrect
  2. BA certificate from the Board confirming the costs are reasonable
  3. CA statement of costs for the entire process until the resolution plan is approved
  4. DA statement comparing costs with those of other similar CIRPs

Explanation

At each meeting the RP places estimates of income, expense and cash flow up to the next meeting, seeks approval of costs until the next meeting, and places a statement comparing actual costs with the estimates approved at the previous meeting.

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