Personnel to extend co-operation to interim resolution professional (1) The personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor shall extend all assistance and cooperation to the interim resolution professional as may be required by him in managing the affairs of the corporate debtor. (2) Where any personnel of the corporate debtor, its promoter or any other person required to […]

Duties of interim resolution professional The interim resolution professional shall perform the following duties, namely: – (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to – (i) business operations for the previous two years; (ii) financial and operational payments for the previous two

Management of affairs of corporate debtor by interim resolution professional. (1) From the date of appointment of the interim resolution professional, – (a) the management of the affairs of the corporate debtor shall vest in the interim resolution professional; (b) the powers of the board of directors or the partners of the corporate debtor, as the case may be, shall

Appointment and tenure of interim resolution professional (1) The Adjudicating Authority shall appoint an interim resolution professional 1[on the insolvency commencement date]. (2) Where the application for corporate insolvency resolution process is made by a financial creditor or the corporate debtor, as the case may be, the resolution professional, as proposed respectively in the application under section 7 or section 10, shall be appointed as the interim resolution

Public announcement of corporate insolvency resolution process. (1) The public announcement of the corporate insolvency resolution process under the order referred to in section 13 shall contain the following information, namely: – (a) name and address of the corporate debtor under the corporate insolvency resolution process; (b) name of the authority with which the corporate debtor is incorporated or registered; (c)

Moratorium (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: – (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel

Declaration of moratorium and public announcement (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order – (a) declare a moratorium for the purposes referred to in section 14; (b) cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and