Introduction:

As a result of financial hardship, PanCard Club (PCL) has entered into the journey of insolvency process, which led to initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). With the guidance of Mr. Rajesh Suresh Chandra Sheth, the Resolution Professional (RP), Deloitte was appointed as the key advisor. Facing a financial backlash led to the filing of about 20 lakh creditor claims. Deloitte introduced the VDR by DCirrus as an online claim filing platform, receiving a bulk of 18 lakh claims on the platform in no time. Deloitte and DCirrus are poised to streamline the resolution processes, with a dedicated team of DCirrus coordinating very closely with Deloitte. DCirrus a startup is making a mark in the Resolution processes landscape by revolutionising processes such as Online Claim management, E-voting, Section 29 A compliance and VDRs. The collaboration between RPs, Deloitte, and DCirrus has established new benchmarks for efficiency, transparency, and security in the insolvency process under the IBC’s CIRP.

With a claimant pool of around 1.5 to 1.8 million, managing the voting process posed a significant challenge. DCirrus embraced this challenge by strategically redesigning the voting platform to engage and accommodate such a large number of claimants. This effort culminated in 160,000 individuals voting simultaneously. These innovative solutions have integrated technology with complex challenges, setting a new benchmark in corporate insolvency. The alliance of PCL and DCirrus has resulted in the introduction of the Resolute platform for RPs to streamline online claim management. Sophisticated Bulk E-mailing systems for communication, a renovated E-voting platform and secure VDRs for sensitive and confidential data have contributed to enhancing the overall resolution process.

Resolute – Online Claim Management Portal:

DCirrus’s revolutionary product Resolute, an online claim management system, has significantly changed the intricate landscape of corporate insolvency. This online platform, Resolute, has represented technical advancements in the insolvency process, helping to streamline and efficiently resolve the claims of PCL. Resolute is tasked as the bridge between claimants and professionals to facilitate the submission of crucial documents and details. One of its features emphasises the traceability and uniqueness of each claimant, where every claimant has been assigned an unique ID that enhances the comprehensive traceability system for future uses. The innovative introduction of VDRs has elevated the Resolute process, where sensitive documents like government IDs and proofs are stored through the gateway of Resolute – An online claim management portal.

Bulk E-Mailing – Efficient Communication for CoC Meetings:

In the expansive realm of insolvency proceedings, effective communication stands as a cornerstone of success. PCL adeptly addressed this challenge through the strategic utilisation of DCirrus’s sophisticated bulk e-mailing capabilities. Facing the monumental task of reaching out to a substantial pool of 15 lakh claimants, DCirrus’s system initiated a seamless cascade of email notifications. The bulk e-mailing has established a communication network with a large pool of claimants in order to notify and keep them informed about the Committee of Creditors(CoC)meeting. Besides the bulk mailing has made the process transparent and the agendas of the meeting and all other whereabouts are being communicated with such a large pool at the same time. The intricate nature of this process was underscored by meticulous verification and cross-referencing of data obtained from the Resolution Professionals (RPs) and their teams. 

E-Voting : Digitizing Decision-Making Through DCirrus:

DCirrus’s innovative e-voting system has replaced the traditional approach to decision-making, which harnessed the capabilities of its bulk email system to engage with approximately 15 lakh claimants. E-voting a ground-breaking and transparent decision-making process has helped concerned stakeholders. E-voting conducted through DCirrushad brought the results instantly as well as the time taken for the decision making went down drastically. The Swiftness of the E-voting process not only expedited the insolvency process but also ensured transparency and trust in the process. The combined tech of VDRs and E-voting made it a holistic toolkit which helped the RP to simplify the tasks involved in insolvency processes and doing them within the legal framework of IBBI. This intricate process not only showcased the scalability of DCirrus’s technology but also underscored its commitment to ensuring active participation from all relevant parties.

VDRs – Securing and Managing Critical Data:

DCirrus’s VDRs enhanced the collaborative efforts between PanCard Club, Mr Rajesh Suresh Chand Sethi, Deloitte, and other stakeholders. These VDRs acted as secured repositories to store claimants’ sensitive and confidential documents, i.e., certificates, ID proofs, claim forms, and bank statements. In the vibrant environment of insolvency resolution, DCirrusdid an extraordinary job when it came to assisting the Resolution professional in doing their core insolvency process and duties with the medium of technology. DCirrus’s VDR tech helped RPs conduct their work in a much more efficient, secure manner remotely, and streamlining the necessary process as per the framework set by the Insolvency and Bankruptcy Board of India (IBBI). The secured digital platform safeguarded the critical data and laid a strong groundwork for collaboration.

Conclusion:

Dcirrus’s innovative technology, such as Resolute, along with VDRs, E-voting, and bulk-emailing, has been the backbone of productivity and efficiency for Resolution Professional (RP) Mr Rajesh Seth for the insolvency process under IBC. Resolute—Online claim management has streamlined the CIRP and liquidation process, enabling the RPs to work out the tasks in a timely manner. By partnering closely with Deloitte, the improvement and fortification of software was enhanced by every instance which may their needs, enhancing productivity and transparency. With PCL’s case study, it has become evident that platforms like Resolute and DCirrus’s other products empower stakeholders and ensure secure data management. DCirrus remains committed to supporting RP’s in achieving the designated works through innovative means of technology.