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of <h1>Understanding Interim Resolution Professional Appointment and Tenure in Corporate Insolvency Under Section 16 of IBC</h1> The appointment and tenure of an interim resolution professional (IRP) in a corporate insolvency resolution process (CIRP) are outlined under Section 16 of the Insolvency and Bankruptcy Code (IBC). Upon admission of an insolvency application, the Adjudicating Authority appoints an IRP. If initiated by a financial creditor or corporate debtor, the proposed resolution professional is appointed, provided no disciplinary actions are pending. For operational creditors, the Authority may seek recommendations from the Board. The IRP's term lasts until a resolution professional is appointed by the creditors' committee, which must decide within seven days of its formation. If unresolved, the IRP continues until the Board confirms a new appointment.
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