IBC-SECTION 17 TO SECTION 19

Section 17 Management of affairs of corporate debtor by interim resolution professional.

INSOLVENCY AND BANKRUPTCY CODE SECTION 17 MANAGEMENT OF AFFAIRS OF CORPORATE DEBTOR BY INTERIM RESOLUTION PROFESSIONAL

1. NCLT has appointed an IRP and IRP from the date of the appointment hold or shall vest the management of affairs of corporate debtors.
2. The Powers of Board of directors, Partners of the corporate debtors has suspended and all the powers exercised by IRP.
3. Mangers, officers of the corporate debtors shall report to the IRP then IRP to access the all information and documents or records of the corporate debtors.
4. IRP has given an instruction to the financial institutions for maintaining the accounts of the corporate debtors.
5. IRP vested with the management of the corporate debtors and IRP shall act and execute a work in the names and on the behalf of the corporate debtors.
6. IRP takes such actions on the respect of the  instruction or manners has been provided by the  board (IBBI).
7. IRP have authority to access through electronically all the records, documents, all information from the information utility having financial information of the corporate debtors and IRP has been responsible for complying all the works on the behalf of the corporate debtors under any laws for the time being in force.

SECTION 17 CHART

Section 18 Duties of Interim resolution professional 

INSOLVENCY AND BANKRUPTCY CODE SECTION 18 DUTIES OF INTERIM                RESOLUTION PROFESSIONAL

IRP shall perform the following duties:-

1. IRP Collect all information of the corporate debtors relating to assets, finances and operations and Business/ financial & operational payments for the previous 2 years and also list of assets and liabilities as at the intimation date and such others matters as may be specified for  determining the financial position of the corporate debtors.
2. IRP has Receive and collate all the claims submitted by the creditors.
3. Constitute a committee of creditors refer to section 21.
4. Committee of creditors is appointed an RP and RP has monitored and managed all the assets and operation of the corporate debtors.
5. IRP has collected file information from the information utility, if necessary.
6. Any Assets of the corporate debtors have ownership rights as recorded in the balance sheets/ information utility/ depository of securities and all others records take controls on the custody of the IRP.

SECTION 18 CHART

Section 19 Personnel to extend co-operation to interim resolution professional 

INSOLVENCY AND BANKRUPTCY CODE SECTION 19 PERSONNEL TO EXTEND CO-OPERATION TO INTERIM RESOLUTION PROFESSIONAL

• Promoters or any other person associated with the management of the corporate debtors to assist or corporate to the IRP.

• If doesn’t assist or corporate to the IRP then IRP may make an application to the NCLT for necessary directions. 

• From the date of receiving the application of the NCLT then NCLT shall by an order, such personnel or other person to comply with the instructions to corporate or assist to IRP.

SECTION 19 CHART