Interim Resolution Professional

An Interim Resolution Professional is the Insolvency Professional proposed by the Resolution applicant and appointed by Adjudicating Authority to manage the affairs of the Corporate Debtor. The Interim Resolution Professional is responsible for all such actions from the date of the appointment until appointment of a resolution professional by COC or Committee of Creditors.

Insolvency Resolution Professional

The interim resolution professional assists in the drafting as well as in the release of any public announcement in relation to the initiation of CIRP as directed by the Code. The IRP is also required to collect any information related to assets, liabilities and operations of the corporate debtor in an effort to determine the financial position of the corporate sector.

The interim resolution professional is also responsible to receive and accumulate all claims which have been submitted by creditors – financial, operational, workmen and employees. Under the same, the IRP will be responsible for

  1. Verification of all claims with corresponding proofs and documents
  2. To determine the value of all claims after verification of documents after presentation before the IRP
  3. To prepare a list of creditors and submit before the Adjudicating Authority.

The IRP is also required to constitute a committee of creditors and to conduct the first meeting with due notice, appropriate contents and manage voting. The IRP is also responsible to monitor the assets of corporate debtors and manage respective operations. The portfolio also includes to file information collected with information utility should it be necessary. It is also the duty of the IRP to take control and custody of all assets of corporate debtor.

The IRP can also call upon the promoters or any other management person of the corporate debtor in order to assist with information required to manage the affairs of the debtors.