A Virtual Data Room or VDR is having different kinds of work processes concerning the work being given however the common factor which is prevalent in every work process is the state of confidentiality and security of the information provided.
Likewise, there is one release of note which is generally called Disclaimer but in respect of Insolvency and Bankruptcy Board of India (IBBI) functioning, it is better known as Process Note where every confidential, proprietary, and/or legally privileged details are mentioned. It includes the undertakings signed by the prospective Resolution Applicant agreeing not to disclose any of the confidential information to anyone which is maintained under the virtual data room for Insolvency and Bankruptcy Board of India (IBBI) functioning.
The information is kept confidential by the Eligible Potential Resolution Applicant. The copy of acceptance of the Process Note by the prospective Resolution Applicant seems to be accepted by the access to the virtual data room in India. Here now the prospective Resolution Professional forms an integral part of this Process Note. But he is not supposed to use the information of the Process note or the contents of the virtual data room of IBBI.
The information provided in the Information Memorandum and the Virtual Data Room platform has been prepared and provided in good faith, based on the information given by personnel of the Company (as relevant), the Resolution Professional, and the members of the Committee of Creditors(CoC). If their professional advisors have not verified such information or are not ready to accept the liability incurred then the prospective Resolution Applicant is required to make its assessments and undertake independent diligence of the information provided in the Information Memorandum or the Virtual Data Room. While their professionals shall not accept any responsibility or liability, whatsoever, in respect of any statements or omissions herein, or the accuracy, correctness, completeness or reliability of the information provided, and shall incur no liability under any law, statute, rules, or regulations as to the accuracy, reliability, and completeness of the information provided, even if any loss or damage is caused to any of the Resolution Applicants by any act or omission on their part.
VDR for IBBI is maintained by the Resolution Professional or any person on his behalf, created for Resolution Applicant(s) to access information about the Company. So, the access to and usage of the information in the Data Room by the prospective Resolution Applicants shall as per the rules & conditions as set out, subject to verification of undertakings submitted. The virtual data room shall be opened subject to receipt of the Confidentiality Undertaking and shall be kept open for diligence till one day before the Resolution Plan Due Date (unless such access is extended at the discretion of the Resolution Professional/Committee of Creditors).
Any clarification uploaded in the Virtual Data Room platform will be binding on all the Resolution Applicants and will be considered to form part of this Process Note. No begging for alterations of the clarification will be entertained, in any case, the Resolution Professional, may, in a fit case and according to his discretion, issue modification to the clarification issued with the concurrence of the CoC, if required.
The Resolution Applicants ought to consistently visit the Virtual Data Room to keep themselves updated concerning clarifications/amendments/time extensions, assuming any, about the Resolution Plan Process. The Resolution Applicants are likewise informed to normally visit the site concerning the Company Resolution Applicant, accepting this Process Note and gaining access to the Virtual Data Room, confirms that the Resolution Applicant is consistent with the SEBI (Prohibition of Insider Trading) Regulations, 2015 and forgoes any right to claim that there was any contribution of the Resolution Professional and/or CoC in the Resolution Applicant's compliance or lack thereof with the SEBI (Prohibition of Insider Trading) Regulations, 2015.
You may find many Virtual Data Rooms (VDR) providers in India for IBBI but choosing the best among them is the most difficult task. FirmsData Virtual Data Room (VDR) for IBBI is one of the best VDR providers in India and it comes out clean with its client compliance & security features that eventually make it the most trusted VDR for IBBI.