The IBC has clearly outlined the powers and duties of the interim resolution professional that he can exercise during the insolvency resolution process. He is required to act according to the Code and follow it during the tenure of IRP. The IRP’s role in conducting the procedure is most important for the successful Resolution of a company under CIRP.
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Statutes for the same:
- Regulation 4 of IBBI- insolvency professional regulations, 2016 provides for eligibility criteria for becoming insolvency professional
- Section 16(2) of IBC, appointment of IRP- appointment of interim resolution professional:
The Code provides that the Adjudicating Authority shall appoint an IRP within fourteen days from the insolvency commencement date. The issue with regard to the appointment of an IRP is whether the appointment shall commence from the date of the admission i.e. the insolvency commencement date or from the date of knowledge of the IRP. It is apparent from the ongoing practice that IRPs consider the date of receipt of order as the date of the appointment.
- Section 16(5)- tenure if IRP is discussed under the Code
- Section 17 of IBC- management of affairs of corporate debtor by interim resolution professional
- Section 18- duties of interim resolution professional
It is important for the IRP to make certain disclosures, the board vide its circular no. IP/005/2018 has made it mandatory for the IRP or the RP to disclose certain information to the agency. The appointment can either be done by the parties involved or even the Court sometimes. The appointment procedure is important to adjudicate the claim properly.
