Prelims level : Banking Mains level : Indian Economy and Issues Relating to Planning, Mobilization of Resources, Growth, Development and Employment
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  • Section 16(1) of the Insolvency and Bankruptcy Code, 2016 requires Adjudicating Authority  to  appoint  an  interim  resolution  professional  (IRP)  within  fourteen days from the insolvency commencement date.
  • Section 18 of the Code prescribes Duties of Interim Resolution Professional as under:
  • The IRP shall have to collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor
  • The IRP shall receive and collate all the claims submitted by creditors to him pursuant to the public announcement made
  • IRP shall constitute a committee of creditors
  • Further, the IRP shall monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors
  • The IRP shall file the information collected with the information utility, if necessary; and The IRP shall take control and custody of any asset over which the corporate debtor has ownership rights as recorded in the balance sheet of the corporate debtor, or with information utility or the depository of securities or any other registry that records the ownership of assets.
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