Duties of Resolution Professional preserve assets and administer CIRP under CoC oversight, including custody and claims verification. Duties of the Resolution Professional require preservation and protection of the corporate debtor's assets and business operations; the RP must take immediate custody and control of assets and records, represent the debtor in proceedings, raise interim finance with creditor committee approval, appoint prescribed professionals, maintain a list of claims, prepare the information memorandum, invite and present resolution plans, file avoidance applications where necessary, and otherwise act under the oversight of the Committee of Creditors and the Adjudicating Authority while limiting the RP to collating and verifying claims.
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.
Duties of Resolution Professional preserve assets and administer CIRP under CoC oversight, including custody and claims verification.
Duties of the Resolution Professional require preservation and protection of the corporate debtor's assets and business operations; the RP must take immediate custody and control of assets and records, represent the debtor in proceedings, raise interim finance with creditor committee approval, appoint prescribed professionals, maintain a list of claims, prepare the information memorandum, invite and present resolution plans, file avoidance applications where necessary, and otherwise act under the oversight of the Committee of Creditors and the Adjudicating Authority while limiting the RP to collating and verifying claims.
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