Resolution Professional to conduct CIRP [Section 23] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Resolution Professional to conduct CIRP [ Section 23 ] T h e primary role and duty of RP is to conduct corporate insolvency resolution process and to preserve and protect the assets of the corporate debtor, including the continued business operations of the corporate debtor. RP to conduct entire CIRP [ Section 23(1) ] S ub j ec t t o section 27 , the RP shall conduct the entire CIRP and manage the operations of the corporate debtor during the corporate insolvency resolution process period. T h e proviso to this sub-section provides that the resolution professional shall continue to manage the operations of the corporate debtor after the expiry of the CIRP period, u nt i l an order approving the resolution plan under section 31(1) or a pp o i nt i n g a liquidator under section 34 i s passed by the Adjudicating Authority. Powers and duties of the RP [ Section 23(2) ] R P shall exercise powers and perform duties as are vested or conferred on the interim resolution professional under this Chapter. Appointment of new RP [ Section 23(3) ] I n case of any appointment of a resolution professional, the interim resolution professional shall provide all the information, documents and records pertaining to the corporate debtor in his possession and knowledge to the resolution professional.