In the wake of financial distress, PANCARD CLUB (PCL), embarked on a transformative journey through insolvency, initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). Under the able guidance of Mr. Rajendra Kumar Sheth as the resolution professional (RP), Deloitte was appointed as a key advisor to navigate the complexities of the insolvency proceedings.

Facing financial lapses, creditors found themselves in the need to file claims totalling approximately 20 lakhs. Pioneering an innovative approach, PCL introduced Dcirrus as an online claim filing platform, crafting a specialized and customized system. The result was staggering – over a period of time, the platform received an impressive 18 lakh claims. To harness the power of this data and streamline the resolution process, a dedicated team of data analysts was mobilized, collaborating seamlessly with Deloitte.

Dcirrus, a leading Virtual Data Room (VDR) company, has emerged as a stalwart in the realm of corporate insolvency, particularly within the ambit of Insolvency and Bankruptcy Board of India (IBBI) projects. Renowned for its cutting-edge solutions, Dcirrus has played a pivotal role in revolutionizing key processes like online claim management through projects such as Resolute, facilitating seamless and inclusive decision-making through E-Voting, and fortifying the secure handling and collaborative management of critical data via Virtual Data Rooms (VDRs). In a landmark collaboration, Dcirrus joined forces with the RP and Deloitte to navigate the complex CIRP. This partnership showcased the synergy between innovative technology and corporate resolution, setting new benchmarks for efficiency, transparency, and security in the intricate landscape of insolvency proceedings.

However, the journey did not end there. The challenge of engaging and soliciting votes from the vast pool of 15-18 lakh claimants emerged. Rising to the occasion, Dcirrus undertook a strategic redesign of the voting platform, introducing a user-friendly interface. This endeavour saw a remarkable achievement as around 160,000 individuals actively participated in the voting process, demonstrating the successful convergence of technology and resolution strategies in the face of insolvency challenges. This white paper delves into the intricacies of this groundbreaking journey, highlighting the innovative solutions that have set new benchmarks in the realm of corporate insolvency.

In the complex landscape of corporate insolvency, PCL finds itself navigating the challenging terrain of CIRP. Faced with financial intricacies and the need for a comprehensive resolution strategy, PCL duly represented by Mr. Seth as RP recognized the significance of forging a strategic alliance. This led to the pivotal collaboration with Dcirrus, a leading virtual data room (VDR) company, poised to be the cornerstone of PCL’s insolvency journey. The collaboration, outlined through four critical facets—Resolute for online claim management, Bulk E-Mailing for seamless communication, E-Voting for empowering stakeholders through digital participation, and VDRs for securing and managing critical data—unveils a dynamic partnership set to redefine the standards of efficiency and innovation in the realm of corporate resolution.

As the insolvency process unfolds, PCL’s reliance on Dcirrus signifies a forward-thinking approach in leveraging technology to address the intricate challenges of the CIRP. This alliance goes beyond conventional solutions, introducing the Resolute platform for streamlined online claim management, sophisticated Bulk E-Mailing systems for transparent communication, an overhauled E-Voting platform for inclusive stakeholder engagement, and secure VDRs for the meticulous organization and protection of critical data. Together, PCL and Dcirrus are poised to set new benchmarks in the insolvency landscape, blending technological prowess with strategic collaboration to navigate the complexities of the resolution process.

Unlocking the Power of Collaboration: Dcirrus as the Cornerstone in PCL’s Insolvency Journey

1. Resolute – Online Claim Management Portal:

A) Streamlined Insolvency with “Resolute” Portal:

In the intricate landscape of corporate insolvency, Dcirrus revolutionized its approach with the introduction of the “Resolute” online claim management portal. Developed by Dcirrus, this platform represented a pivotal advancement towards achieving a more streamlined and efficient resolution process. Serving as a user-friendly gateway for claimants, Resolute facilitated the submission of crucial details. One of its standout features was the issuance of a unique claim ID to each participant, ensuring not only the accuracy of the filing process but also establishing a comprehensive traceability system for future references. Beyond mere data collection, the portal emerged as a central hub, orchestrating the secure storage of vital documents, including certificates, ID proofs, claim forms, and bank statements. The innovative integration of secure Virtual Data Rooms (VDRs) elevated Resolute beyond a standard filing system, fostering a collaborative environment where stakeholders could seamlessly exchange information in a centralized and protected digital space.

B) The Role of VDRs in Collaboration and Information Security:

At the heart of PCL’s insolvency resolution stood the Virtual Data Rooms (VDRs) integrated within the Resolute platform. These VDRs served as fortified repositories, not merely storing documents but acting as guardians of sensitive information. Certificates, ID proofs, claim forms, and bank statements found a secure abode within these digital vaults. Beyond being a repository, VDRs played a pivotal role in facilitating collaboration among stakeholders. The centralized location of these VDRs became a nucleus for information exchange, ensuring that all parties involved had access to pertinent documents and data. This collaborative synergy not only streamlined communication but also fortified the security of critical information. The VDRs, as an integral part of Resolute, showcased a transformative approach to corporate insolvency resolution, where information management and collaboration converged to set new standards in efficiency and security.

• Bulk E-Mailing – Efficient Communication for CoC Meetings:

A) Navigating Communication Challenges through Bulk E-Mailing:

In the expansive realm of insolvency proceedings, effective communication stands as a cornerstone for success, and PCLadeptly addressed this challenge through the strategic utilization 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. These communications played a pivotal role in summoning claimants to participate in the crucial Committee of Creditors (CoC) meetings. Beyond mere summoning, the emails served as a conduit for transparent information dissemination, informing claimants of the meeting agenda and inviting them to validate their participation. 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. This pioneering bulk email strategy not only ensured efficient communication but also laid a robust foundation for a CoC meeting characterized by transparency, inclusivity, and active stakeholder participation.

B) A Transparent CoC Meeting Facilitated by Bulk E-Mailing:

The strategic integration of bulk e-mailing by Dcirrus played a pivotal role in shaping the narrative of the Committee of Creditors (CoC) meetings within the insolvency proceedings of PCL. As claimants received email notifications, they were not only informed of the impending meetings but also provided with a detailed agenda, thereby ensuring a comprehensive understanding of the matters at hand. The critical component of this communication strategy lay in its two-way nature, as claimants were actively encouraged to validate their participation. The complexity of managing information from Resolution Professionals (RPs) and their teams was met with a methodical approach, emphasizing the meticulous verification of data. In effect, the bulk email strategy became the linchpin in fostering transparency and inclusivity, setting the stage for CoC meetings characterized by well-informed participants and robust stakeholder engagement.

• E-Voting – Digitizing Decision-Making Through Dcirrus:

1. Revolutionizing Decision-Making with Dcirrus’s E-Voting System:

The digital transformation within the insolvency proceedings of PCLreached its zenith through the central role played by Dcirrus in digitizing the decision-making process. At the forefront of this transformation was Dcirrus’s innovative E-Voting system, a dynamic tool that revolutionized the traditional approach to decision-making. With the reception of the finalized meeting agenda, Dcirrus seamlessly executed the E-Voting process, harnessing the capabilities of its bulk email system to efficiently engage a substantial stakeholder base—comprising approximately 15 lakh claimants. 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. The user-friendly interface meticulously designed by Dcirrus played a pivotal role in shaping a seamless and inclusive E-Voting experience, contributing significantly to the overall success of the insolvency proceedings by fostering accessibility and engagement.

B) Fostering Inclusivity in the E-Voting Landscape:

Dcirrus’s involvement in digitizing decision-making extended beyond meretechnological innovation; it became a catalyst for fostering inclusivity within the E-Voting landscape. The intricate process involved in reaching out to a vast stakeholder base exemplified the robust capabilities of Dcirrus’s bulk email system. With a commitment to engaging approximately 15 lakh claimants, the E-Voting system transformed the decision-making process into an inclusive endeavour, providing a platform for every participant to actively contribute to the insolvency proceedings. Dcirrus’s user-friendly interface acted as a bridge, ensuring that stakeholders, regardless of their technical expertise, could seamlessly navigate and participate in the E-Voting process. As a result, the success of the insolvency proceedings was not merely technological but also marked a triumph in democratizing decision-making, setting a precedent for accessible and inclusive corporate resolution methodologies.

• VDRs – Securing and Managing Critical Data:

1. Fortified Data Security Through Dcirrus’s Virtual Data Rooms (VDRs):

The bedrock of security and efficiency within the insolvency proceedings of PCLwas established through the meticulous handling of critical data facilitated by Dcirrus’s Virtual Data Rooms (VDRs). These VDRs acted as impregnable fortresses, providing a secure repository for a myriad of sensitive documents including certificates, ID proofs, claim forms, and bank statements. More than just a digital storage solution, these VDRs became the guardians of compliance, ensuring adherence to regulatory requirements in the storage and handling of crucial information. In this digital haven, the VDRs played a pivotal role in fortifying the collaborative efforts between PANCARD Club, Mr. Rajendra Kumar Sethi, Deloitte, and other key stakeholders. The secure digital spaces not only safeguarded critical data but also laid the groundwork for enhanced collaboration, setting an industry benchmark for data security in the intricate landscape of corporate insolvency.

• Elevating Efficiency and Accessibility in Information Management:

Beyond its role as a secure repository, Dcirrus’s Virtual Data Rooms (VDRs) emerged as dynamic hubs that elevated the efficiency of data analysis and information management. Within the context of corporate insolvency, these digital sanctuaries provided a robust platform for storing and retrieving essential documents with unparalleled ease. This accessibility was not limited to a singular perspective but extended to collaborative endeavours, exemplified through the harmonious interaction between PANCARD Club, Mr. Rajendra Kumar Seth, Deloitte, and other stakeholders within the secure confines of the VDRs. As a result, the VDRs not only set a new standard for information management in the corporate insolvency landscape but also demonstrated how the fusion of security and accessibility could catalyse unprecedented efficiency in the critical processes that define the resolution journey.

Conclusion:

DCirrus innovating solution today forms the backbone of technology in insolvency matters. Resolutions professionals are using DCirrus technology to enhance their productivity and concluding their matters in time. Be it CIRP or liquidations, DCirrus solutions like Claim Management, E voting and Virtual data room are breaking the ground for resolution professionals’ success.

In conclusion, our partnership with resolution professionals (RPs) underscores our commitment to addressing the daily challenges they face in navigating insolvency matters. Throughout our journey, we have meticulously designed our systems with a focused approach, aiming to streamline processes and maximize efficiency. From claim management to e-voting and virtual data rooms, our solutions are tailored to empower RPs to achieve success with minimal effort.

By collaborating closely with RPs, we have gained valuable insights into their needs and pain points, allowing us to develop innovative solutions that meet their requirements effectively. Our technology serves as the backbone of insolvency proceedings, enabling RPs to enhance their productivity and conclude matters within stipulated timelines.

Whether it’s Corporate Insolvency Resolution Processes (CIRP) or liquidations, our solutions are at the forefront, revolutionizing the way insolvency matters are handled. Through platforms like Resolute, we provide RPs with the tools they need to manage claims efficiently, while our e-voting system empowers stakeholders to participate digitally in decision-making processes. Additionally, our virtual data rooms ensure the secure storage and management of critical information, fostering collaboration among all parties involved.

In essence, our focused approach aims to alleviate the complexities of insolvency proceedings, enabling RPs to navigate the process with confidence and achieve successful outcomes. As we continue to innovate and evolve, we remain committed to supporting RPs in their mission to drive efficiency and transparency in corporate resolution processes.