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

Meridian Steels Ltd is in CIRP. Its resolution professional wants to seek avoidance of certain suspected preferential transfers made earlier by the company. Which duty under section 25 of the Insolvency and Bankruptcy Code, 2016 covers this step?

The relevant duty is filing an application for avoidance of transactions in accordance with Chapter III. Section 25(2)(j) of the Code lists this among the resolution professional's actions, so the RP moves the adjudicating authority to challenge the suspected preferential transfers.

  1. AFiling an application for avoidance of transactions in accordance with Chapter III, if anyCorrect
  2. BRaising interim finances without any approval
  3. CPreparing the information memorandum under section 29
  4. DTaking custody of the assets of the corporate debtor

Explanation

Section 25(2)(j) lists filing an application for avoidance of transactions in accordance with Chapter III as an RP action. Interim finance needs committee approval under section 28, the information memorandum relates to section 29, and custody of assets is a separate duty.

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