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CS Professional · Drafting, Pleadings and Appearances · Appearance before other Regulatory and Quasi-judicial Authorities

An RP of Narmada Foods Ltd has taken over the company in CIRP. Which of the following is among the RP's listed duties under section 25(2) of the Code?

Taking immediate custody and control of all the corporate debtor's assets, including its business records, is a listed duty under section 25(2)(a). The RP presents plans to the committee of creditors but does not approve them or appoint committee members.

  1. ATake immediate custody and control of all assets of the corporate debtor, including business recordsCorrect
  2. BApprove the resolution plan on behalf of the committee of creditors
  3. CFix the fees of the Adjudicating Authority
  4. DAppoint the members of the committee of creditors

Explanation

Section 25(2)(a) requires the RP to take immediate custody and control of all assets, including business records. The RP presents resolution plans at CoC meetings under clause (i) but does not approve them, and has no power to fix tribunal fees or appoint CoC members under this section.

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