Interim Resolution Professional (IRP) and Resolution Professional (“RP”) is the key professionals and pillar under the Insolvency and bankruptcy code, 2016. These professionals are the whole and sole of the company after the insolvency application is approved by the adjudicating authority.
Interim Resolution Professional is appointed by the adjudicating authority (National Company Law Tribunal, or NCLT. Upon admission of any corporate debtor by NCLT for the Corporate Insolvency Resolution Process (“CIRP”), IRP is required to take over the entire management and operations of the Corporate Debtor and run the whole CIRP. Powers of the existing board of directors (or the partners in case of LLP) stand suspended and vests in IRP so appointed. Thus, the IRP steps into the shoe of the Director/ CEO of the company. IRP is at the centre of all actions and activities and, therefore, all challenges, suits, and sometimes even physical assaults are directed at him/her who has to perform in the face of all these.

Roles and Duties of Interim Resolution Professional / Resolution Professional

1. Protect and preserve the value of Corporate Debtor’s property and manage Corporate Debtor’s operations as a going concern
2. Take control and custody of any assets over which corporate debtor has ownership rights as per its balance sheet or information utility or depository
3. Gather all information pertaining to the corporate debtor’s assets, finances, and operations for determining its financial position.
4. Make a public announcement of the insolvency resolution process in respect of the corporate debtor;
5. Receive, verify and collate claims received from creditors in response to the public announcement;
6. Represent and act on behalf of the corporate debtor with third parties and exercise rights for the benefit of the corporate debtor in all proceedings – judicial, quasi-judicial, or arbitration till confirmation as Resolution Professional.

How do we help the Interim Resolution Professional

a. Assist IRP in taking control of the Corporate Debtor
b. Assist IRP in getting information pertaining to the Corporate Debtor’s assets, finances and operations.
c. Collate and examine claims received by the IRP and form the Committee of Creditors.
d. Assist IRP in completing the regulatory compliances of IBBI, IPA and NCLT.