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Roles and Duties of IRP and RP
Under Section 17 of the IBC, from the date of appointment of the IRP, in whom does the management of the affairs of the corporate debtor vest?
The management vests in the IRP, with the powers of the Board of Directors or partners standing suspended and exercised by the IRP.
Under Section 17 of the IBC, within how many days must the first meeting of the CoC be held after its constitution?
Within 7 days of constitution of the CoC.
What happens to the powers of the Board of Directors upon appointment of the IRP under Section 17 of the IBC?
The powers of the Board of Directors or partners stand suspended and are exercised by the IRP from the date of the IRP's appointment.
Under Section 22 of the IBC, what minimum voting share is required to appoint or replace the Resolution Professional?
Not less than 66% of the voting share of the CoC.
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