Management of operations of corporate debtor as going concern [Section 20]

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..... rofessional shall make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern. Authority of IRP [ Section 20(2) ] F o r the purposes of section 20(1), the interim resolution professional shall have the authority- (a) t o appoint accountants, legal or other professi .....

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..... P during the CIRP period and such other debt as may be notified. The IBC allows an interim resolution professional (IRP)/ Resolution professional (RP) to raise interim finance in order to protect and preserve the value of the property of the Corporate Debtor and manage its operations as a going concern. Interim finance is a very useful device for the effective reorganization of a Corporate Debto .....

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..... It is an advance for payment of goods which the Corporate Debtor as a going concern may be manufacturing. Such amount received as an advance payment for the supply of goods during the CIRP would have to be treated as Corporate interim resolution professional (CIRP) cost. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanag .....

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