An Interim Resolution Professional (IRP) is appointed by the Debtor, Creditor, or NCLT under the Insolvency and Bankruptcy Code (IBC) 2016 to perform specific functions for the first 30 days after a case is admitted by NCLT. Following this period, a Resolution Professional, appointed by the Committee of Creditors, will take over. Either the IRP or another Insolvency Professional may be appointed as the Resolution Professional.
Our Interim Resolution Professional Services Include:
- Operational Management: Oversee and manage the operations of the Borrower/Corporate Debtor as a going concern.
- Affairs Management: Handle the day-to-day affairs of the Borrower/Corporate Debtor.
- Public Announcement: Arrange and oversee the publication of the Public Announcement.
- Professional Appointments: Appoint registered valuers, accountants, legal experts, and other necessary professionals.
- Creditor Claims: Verify creditor claims and finalize the list of creditors.
- Committee Formation: Form the Committee of Creditors (CoC).
- Information Memorandum: Prepare the Information Memorandum.
- First Meeting: Call and convene the first meeting of the Committee of Creditors.
- Reporting: Submit reports on the formation of the Committee of Creditors and minutes of the proceedings to NCLT.
- Additional Activities: Carry out other activities as directed by NCLT or required for the smooth conduct of the resolution process.
- Incidental Matters: Handle all matters incidental to the role of an Interim Resolution Professional.