Rights and duties of authorised representative of financial creditors Section 25A: Rights and duties of authorised representative of financial creditors. 1[25A. (1) The authorised representative under sub-section (6) or sub-section (6A) of section 21 or sub-section (5) of section 24 shall have the right to participate and vote in meetings of the committee of creditors … Read more

Duties of resolution professional Section 25: Duties of resolution professional. *25. (1) It shall be the duty of the resolution professional to preserve and protect the assets of the corporate debtor, including the continued business operations of the corporate debtor. (2) For the purposes of sub-section (1), the resolution professional shall undertake the following actions, … Read more

Meeting of committee of creditors Section 24: Meeting of committee of creditors. *24. (1) The members of the committee of creditors may meet in person or by such electronic means as may be specified. (2) All meetings of the committee of creditors shall be conducted by the resolution professional. (3) The resolution professional shall give … Read more

Resolution professional to conduct corporate insolvency resolution process Section 23: Resolution professional to conduct corporate insolvency resolution process. *23. (1) Subject to section 27, the resolution professional shall conduct the entire corporate insolvency resolution process and manage the operations of the corporate debtor during the corporate insolvency resolution process period. 1[2[Provided that the resolution professional … Read more

Appointment of resolution professional Section 22: Appointment of resolution professional. *22. (1) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of creditors. (2) The committee of creditors, may, in the first meeting, by a majority vote of not less than 1[sixty-six] per cent. … Read more

Committee of creditors Section 21: Committee of creditors. *21. (1) The interim resolution professional shall after collation of all claims received against the corporate debtor and determination of the financial position of the corporate debtor, constitute a committee of creditors. (2) The committee of creditors shall comprise all financial creditors of the corporate debtor: Provided … Read more

Management of operations of corporate debtor as going concern Section 20: Management of operations of corporate debtor as going concern. *20. (1) The interim resolution professional 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. … Read more

Personnel to extend cooperation to interim resolution professional Section 19: Personnel to extend cooperation to interim resolution professional. *19. (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 … Read more

Duties of interim resolution professional Section 18: Duties of interim resolution professional. *18. The interim resolution professional shall perform the following dutiesJ1, 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 … Read more

Management of affairs of corporate debtor by interim resolution professional Section 17: Management of affairs of corporate debtor by interim resolution professional. *17. (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 … Read more