Resolution professional to conduct corporate insolvency resolution process

73 Subs. by Act No. 26 of 2018, sec. 15(v) (w.e.f. 6-6-2018). Before substitution, sub-sections (7) and (8) stood as stated in the principal Act immediately before such substitution. 74 Ins. by Act No. 6 of 2026, sec. 13 (w.e.f. 26-05-2026). 75 Subs. by Act No. 26 of 2018, sec. 16(a), for the words “seventy-five” (w.e.f. 6-6-2018). 76 Words “subject to a written consent from the interim resolution professional in the specified form” ins. by Act No. 26 of 2018, sec. 16(b)(i) (w.e.f. 6-6- 2018). The remaining substituted portion is subs. by Act No. 6 of 2026, sec. 14 (w.e.f. 26-05-2026), for the words requiring communication to the interim resolution professional, corporate debtor and Adjudicating Authority. 77 Words beginning “along with a written consent” ins. by Act No. 26 of 2018, sec. 16(b)(ii) (w.e.f. 6-6-2018).

(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: Provided that the resolution professional shall continue to manage the operations of the corporate debtor after the expiry of the corporate insolvency resolution process period, until an order approving the resolution plan under sub-section (1) of section 31 or appointing a liquidator under section 34 is passed by the Adjudicating Authority.78 (2) The resolution professional shall exercise powers and perform duties as are vested or conferred on the interim resolution professional under this Chapter. (3) In case of any appointment of a resolution professional under sub-sections (4) of section 22, the interim resolution professional shall provide all the information, documents and records pertaining to the corporate debtor in his possession and knowledge to the resolution professional.