Lawgist25Duties of resolution professional
(1) It shall be the duty of the resolution professional to preserve and protect the assets of the corporate debtor, including the continued business operations of the corporate debtor.
(2) For the purposes of sub-section (1), the resolution professional shall undertake the following actions, namely:—
(a) take immediate custody and control of all the assets of the corporate debtor, including the business records of the corporate debtor;
(b) represent and act on behalf of the corporate debtor with third parties, exercise rights for the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings;
(c) raise interim finances subject to the approval of the committee of creditors under section 28;
(d) appoint accountants, legal or other professionals in the manner as specified by Board;
(e) maintain an updated list of claims;
(f) convene and attend all meetings of the committee of creditors;
(g) prepare the information memorandum in accordance with section 29;
1 [(h) invite prospective resolution applicants, who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans.].
(i) present all resolution plans at the meetings of the committee of creditors;
(j) file application for avoidance of transactions in accordance with Chapter III, if any; and
(k) such other actions as may be specified by the Board.
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1 Subs. by Act 8 of 2018, s. 4, for clause (h) (w.e.f. 23-11-2017).
- 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
