Interim Resolution Professional (IRP)
When a company faces financial distress and insolvency proceedings are initiated under the Insolvency and Bankruptcy Code, 2016 (IBC), the Interim Resolution Professional (IRP) plays a key role in the initial stage of the Corporate Insolvency Resolution Process (CIRP). The IRP is appointed by the National Company Law Tribunal (NCLT) to take charge of the corporate debtor and ensure that the insolvency process begins in an orderly and transparent manner.
Once the IRP is appointed, the powers of the board of directors are suspended and the management of the company is transferred to the IRP. The professional is responsible for managing the company’s affairs, preserving its assets, and ensuring that the business continues as a going concern during the early phase of the insolvency process.
The IRP also invites and verifies claims from creditors and gathers all financial information relating to the corporate debtor. One of the most important responsibilities of the IRP is to constitute the Committee of Creditors (CoC) based on verified claims. After the CoC is formed, the committee decides whether the IRP will continue as the Resolution Professional (RP) or whether another professional will be appointed for the remainder of the insolvency resolution process.
Our Interim Resolution Professional Services
We provide comprehensive support and professional assistance during the Interim Resolution stage of insolvency proceedings. Our services are designed to ensure compliance with the Insolvency and Bankruptcy Code while protecting the interests of all stakeholders involved.
Appointment and Regulatory Compliance
Assistance with the appointment of an Interim Resolution Professional and ensuring compliance with the legal and procedural requirements under the Insolvency and Bankruptcy Code.
Public Announcement and Creditor Communication
Preparation and publication of the public announcement inviting claims from creditors and handling communication with financial and operational creditors.
Verification of Claims
Collection, examination, and verification of claims submitted by creditors in accordance with IBC regulations.
Management of Corporate Debtor
Taking control and custody of the company’s assets, financial records, and operational activities to maintain the company as a going concern during the insolvency process.
Formation of Committee of Creditors (CoC)
Verification of creditor claims and constitution of the Committee of Creditors as required under the CIRP framework.
Reporting and Documentation
Preparation and submission of reports, records, and filings to the NCLT and other regulatory authorities including the Insolvency and Bankruptcy Board of India (IBBI).
F.A.Q.
An Interim Resolution Professional is a licensed insolvency professional appointed by the NCLT to manage the affairs of a company during the initial stage of the Corporate Insolvency Resolution Process.
The Interim Resolution Professional is appointed by the National Company Law Tribunal when an insolvency application is admitted under the Insolvency and Bankruptcy Code.
The IRP takes control of the company’s management, collects financial information, verifies creditor claims, and forms the Committee of Creditors.
The IRP generally manages the company for up to 30 days until the Committee of Creditors is formed and a Resolution Professional is confirmed or replaced.
Yes. The Committee of Creditors may decide to appoint the same Interim Resolution Professional as the Resolution Professional for the remainder of the insolvency resolution process.
Once the IRP is appointed, the powers of the board of directors are suspended and the IRP takes control of the company’s management.
The IRP ensures that the insolvency process begins smoothly, protects the assets of the corporate debtor, and facilitates fair participation of all creditors in the resolution process.
