Roles and Duties of IRP and RP
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Insolvency and Bankruptcy Code 2016 — Insolvency and Bankruptcy Code 2016.
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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.
Under the IBC, who does the IRP have the authority to act as from the date of their appointment over the corporate debtor?
The IRP acts with the powers of the Board of Directors or partners of the corporate debtor, whose powers stand suspended during the CIRP.
Which section of the IBC provides that officers and managers of the corporate debtor must report to the IRP?
Section 17 of the IBC mandates this reporting obligation.
Does the Committee of Creditors (CoC) directly manage the operations of the corporate debtor during CIRP?
No, the CoC supervises and approves decisions but does not directly manage the operations of the corporate debtor; that responsibility rests with the IRP or RP.
Under Section 20(1) of the IBC, what is the primary mandate of the IRP regarding the corporate debtor's property?
To protect and preserve the value of the CD's property and manage it as a going concern.
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