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CS Professional · Corporate Restructuring, Valuation and Insolvency · Role, Functions and Duties of IP, IRP and RP

During CIRP of Nair Polymers Ltd, the interim resolution professional, Ms. Iyer, is asked to list what she must do first. Which of the following is a duty of the interim resolution professional under the Code?

Receiving and collating all claims submitted by creditors after the public announcement is a statutory duty of the interim resolution professional. Approving the plan, appointing a liquidator and voting in the committee are not IRP duties; they belong to the committee of creditors or the Adjudicating Authority.

  1. AReceive and collate all claims submitted by creditors following the public announcementCorrect
  2. BApprove the resolution plan on behalf of creditors
  3. CAppoint the liquidator of the corporate debtor
  4. DVote as a member of the committee of creditors on behalf of operational creditors

Explanation

The IRP must receive and collate all claims submitted by creditors pursuant to the public announcement, among other duties such as constituting the committee of creditors and managing operations. Approving a plan is for the committee of creditors and Adjudicating Authority, and a liquidator is appointed by the Adjudicating Authority.

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