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

Under Section 23, the committee of creditors of Kaveri Auto Ltd appoints Mr. Iyer as resolution professional in place of the interim resolution professional, Ms. Nair, under section 22(4). What must Ms. Nair do?

Ms. Nair must give Mr. Iyer all information, documents and records about the corporate debtor that she holds or knows of. Section 23(3) places this duty on the interim resolution professional when a resolution professional is appointed under section 22(4).

  1. ARetain the corporate debtor's records until the resolution plan is approved
  2. BHand over the records only on written request by the Adjudicating Authority
  3. CProvide all information, documents and records pertaining to the corporate debtor in her possession and knowledge to Mr. IyerCorrect
  4. DDestroy the records, since her role has ended

Explanation

Section 23(3) states that where a resolution professional is appointed under section 22(4), the interim resolution professional shall provide all information, documents and records pertaining to the corporate debtor in his possession and knowledge to the resolution professional. Retaining them or waiting for a request is not what the Code requires.

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