RP is appointed by the adjudicating authority (National Company Law Tribunal, or NCLT in short, in case of insolvency of corporates and Debt Recovery Tribunal in case of individuals and partnership firms). Upon admission of any corporate debtor by NCLT for corporate insolvency resolution process (“CIRP”). He is popularly known as Interim Resolution Professional (IRP)

IRP is required to be nominated by the financial creditor under section 7 or by the corporate debtor under section 10 of IBC. Such nominated insolvency professional takes over as IRP upon admission of application by NCLT unless he/she happens to have any disciplinary proceedings pending against him/her. In that case, NCLT appoints IRP recommended by IBBI. In case of operational creditor under section 9 of IBC, he/she may choose not to nominate an IP. If so, NCLT appoints one recommended by IBBI.

Resolution Professional (RP) is appointed by NCLT at the recommendations of the Committee of Creditors (“CoC”) constituted by IRP. IRP may continue as resolution professional if so, approved by the CoC.

Primary duties of a Resolution Professional:

1. Take control and custody of any assets over which corporate debtor has ownership rights as per its balance sheet or information utility or depository from the Interim Resolution Professional.
2. Receive, verify and collate claims received from creditors in response to the public announcement made by IRP, after his appointment.
3. Reconstitute the committee of creditors, update the claims and file application before Hon’ble NCLT.
4. Take custody and control of all assets including business records from IRP.
5. Represent and act on behalf of corporate debtor with third parties Exercise rights for the benefit of corporate debtor in all proceedings – judicial, quasi-judicial or arbitration.
6. Raise interim finance was needed for running the CIRP
7. Appoint professional as needed. Maintain updated list of claims.

1. Convene and attend all meetings of CoC.
2. Prepare information memorandum
3. Invite prospective resolution applicants
4. Present resolution plans at CoC meetings
5. File application for the avoidance of transaction where determined so. 

1. Maintain an update list of claims
2. Convene and attend all meetings of the Committee of Creditors.
3. Invite a resolution plan for the corporate debtor from prospective resolution applicants/ investors. Examine each resolution plan received so as to see whether the resolution plan meets the criteria enlisted under section 30 (2) and presenting the eligible resolution plans at the meetings of the committee of creditors; 
4. Conduct a Transaction Audit of the Corporate Debtor and file applications for the avoidance of preference/ undervalued/ extortionate/ fraudulent transactions, if any.
5. Submit the resolution plan approved by the committee of creditors to the adjudicating authority for approval.  
6. Placing the CoC-approved plan for approval of adjudicating authority.
7. ASC has a team of skilled insolvency resolution professional and interim resolution professional,
8. Good output and satisfied clients
9. Best value for the assets for realization and settling the debts, 
10. Powerful negotiating skills to ensure a good resolution plan to get approved in the CoC.

Taking the best interest of stakeholders into consideration