Management of corporate debtor vests in Interim Resolution Professional, who must run it as a going concern with access to records. Management of the corporate debtor vests in the Interim Resolution Professional from appointment, suspending the board's powers while officers, managers and financial institutions must report to and act on the IRP's instructions. The IRP must maintain the debtor as a going concern, may execute deeds and comply with statutory obligations, and has authority to access books, records and relevant documents from depositories, advisors, information utilities, registries, promoters, counterparties and government authorities to prepare the information memorandum and conduct the CIRP.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Management of corporate debtor vests in Interim Resolution Professional, who must run it as a going concern with access to records.
Management of the corporate debtor vests in the Interim Resolution Professional from appointment, suspending the board's powers while officers, managers and financial institutions must report to and act on the IRP's instructions. The IRP must maintain the debtor as a going concern, may execute deeds and comply with statutory obligations, and has authority to access books, records and relevant documents from depositories, advisors, information utilities, registries, promoters, counterparties and government authorities to prepare the information memorandum and conduct the CIRP.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
