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of <h1>Interim Resolution Professional Takes Over Management of Corporate Debtor Under Insolvency and Bankruptcy Code, Section 2016</h1> From the appointment date, the interim resolution professional assumes control over the corporate debtor's management. The board of directors' powers are suspended and transferred to the interim resolution professional, who receives reports from the debtor's officers and managers. Financial institutions must follow the interim resolution professional's instructions regarding the debtor's accounts and provide necessary information. The interim resolution professional can execute documents on behalf of the debtor, access financial and electronic records, and ensure compliance with existing laws. These provisions were enacted under the Insolvency and Bankruptcy Code, 2016, effective from December 1, 2016, with amendments in 2018.
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