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TMI BlogManagement of affairs of corporate debtor by interim resolution professional [ Section 17 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... le continues if the IRP is confirmed as the RP and, if the Committee of Creditor resolves to replace the IRP, the role of the IRP continues till an RP is appointed. Management of affairs of corporate debtor by interim resolution professional [ Section 17(1) ] From the date of appointment of the interim resolution professional,- (a) the management of the affairs of the corporate debtor shall vest i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Process For Corporate Persons) Regulations, 2016 (1) Without prejudice to section 17(2)(d), the interim resolution professional or the resolution professional, as the case may be, may access the books of account, records and other relevant documents and information, to the extent relevant for discharging his duties under the Code, of the corporate debtor held with- (a) depositories of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtor from the last valuation report, stock statement, receivables statement, inspection reports of properties, audit report, stock audit report, title search report, technical officers report, bank account statement and such other information which shall assist the interim resolution professional or the resolution professional in preparing the information memorandum, getting valuation determin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other persons as may be specified; and (e) be responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor. Relevant Case Law Subasri Realty Pvt. Ltd. Vs. N. Subramanian Anr. [CA (AT) (Ins.) No. 290 of 2017] NCLAT order dt. 22.02.2018 To ensure that the CD remains a going concern, all the directors/employees are required to function an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with any specific power to sue any person on behalf of the CD. However, in case of such difficulty, it is always open to IRP to bring to the notice of the AA for appropriate order. Bohar Singh Dhillon Vs. Rohit Sehgal (IRP) Ors . NCLAT Dated 09.05.2019 RP is required to act in terms of section 17(2)(e) of the Code for complying with the requirements under SEBI and the Regulations framed thereunde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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