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CS Professional · Corporate Restructuring, Valuation and Insolvency · Resolution Strategies

Under Section 16(5) read with Section 22, until when does the term of an interim resolution professional continue?

The IRP's term continues until the date the resolution professional is appointed under Section 22. The earlier fixed limit of thirty days from appointment was removed by the 2018 amendment, so the term is not tied to the first CoC meeting.

  1. AThirty days from the date of his appointment
  2. BUntil the first CoC meeting is held
  3. CUntil the date of appointment of the resolution professional under Section 22Correct
  4. DUntil the resolution plan is submitted to the Adjudicating Authority

Explanation

Section 16(5), as amended in 2018, says the IRP's term continues till the date of appointment of the RP under Section 22. The earlier thirty-day limit was substituted and no longer applies. Holding the first meeting alone does not end the term.

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