Lawgist17Management of affairs of corporate debtor by interim resolution professional
(1) From the date of appointment of the interim resolution professional,—
(a) the management of the affairs of the corporate debtor shall vest in the interim resolution professional;
(b) the powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional;
(c) the officers and managers of the corporate debtor shall report to the interim resolution professional and provide access to such documents and records of the corporate debtor as may be required by the interim resolution professional;
(d) the financial institutions maintaining accounts of the corporate debtor shall act on the instructions of the interim resolution professional in relation to such accounts and furnish all information relating to the corporate debtor available with them to the interim resolution professional.
(2) The interim resolution professional vested with the management of the corporate debtor shall—
(a) act and execute in the name and on behalf of the corporate debtor all deeds, receipts, and other documents, if any;
(b) take such actions, in the manner and subject to such restrictions, as may be specified by the Board;
(c) have the authority to access the electronic records of corporate debtor from information utility having financial information of the corporate debtor;
(d) have the authority to access the books of account, records and other relevant documents of corporate debtor available with government authorities, statutory auditors, accountants and such other persons as 1 [may be specified; and].
2 [(e) be responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor.].
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1 Subs. by Act 26 of 2018, s. 13, for "may be specified" (w.e.f. 6-6-2018).
2 Ins. by s. 13, ibid. (w.e.f. 6-6-2018)
- 6 Persons who may initiate corporate insolvency resolution process
- 7 Initiation of corporate insolvency resolution process by financial creditor
- 8 Insolvency resolution by operational creditor
- 9 Application for initiation of corporate insolvency resolution process by operational creditor
- 10 Initiation of corporate insolvency resolution process by corporate applicant
- 11 Persons not entitled to make application
- 12 Time-limit for completion of insolvency resolution process
- 12A Withdrawal of application admitted under section 7, 9 or 10
- 13 Declaration of moratorium and public announcement
- 14 Moratorium
- 15 Public announcement of corporate insolvency resolution process
- 16 Appointment and tenure of interim resolution professional
- 17 Management of affairs of corporate debtor by interim resolution professional
- 18 Duties of interim resolution professional
- 19 Personnel to extend co-operation to interim resolution professional
- 20 Management of operations of corporate debtor as going concern
- 21 Committee of creditors
- 22 Appointment of resolution professional
- 23 Resolution professional to conduct corporate insolvency resolution process
- 24 Meeting of committee of creditors
- 25 Duties of resolution professional
- 25A Rights and duties of authorised representative of financial creditors
- 26 Application for avoidance of transactions not to affect proceedings
- 27 Replacement of resolution professional by committee of creditors
- 28 Approval of committee of creditors for certain actions
- 29 Preparation of information memorandum
- 30 Submission of resolution plan
- 31 Approval of resolution plan
- 32 Appeal
- 32A Liability for prior offences, etc
